Grayscale Announces Fund Modifications
Grayscale Investments has announced modifications to its Grayscale Digital Large Cap Fund (GDLC), Grayscale DeFi Fund (DEFG), and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). The changes are based on evaluations conducted during the second quarter of 2024, considering market developments, indices, and other variables to rebalance the components and weightings of these funds.
Rebalancing of Major Funds
The primary funds affected by these changes are:
- Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund)
- Grayscale Digital Large Cap Fund (GDLC)
- Grayscale DeFi Fund (DEFG)
To restore equity to the GSCPxE Fund, Polygon (MATIC) has been removed from the fund’s composition.
Cautious Evaluations
Grayscale conducted cautious evaluations of crypto asset performance in the second quarter, leading to modifications in the GDLC, DEFG, and GSCPxE Fund. The components and weightings are rebalanced every three months, taking into account various market factors.
Grayscale Digital Large Cap Fund (GDLC)
The latest press release states that the GDLC did not add or withdraw any tokens. The current components and their weightings are:
- Bitcoin: 70.46%
- Ethereum: 23.51%
- Solana: 3.86%
- XRP: 1.54%
- Avalanche: 0.63%
It was previously announced that XRP and Avalanche (AVAX) were added in January, replacing Polygon (MATIC). Additionally, GDLC delisted Cardano (ADA) in April.
Grayscale DeFi Fund (DEFG)
There have been no changes to the Grayscale DeFi Fund (DEFG) components. The current weightings are:
- Aave: 10.58%
- Synthetix: 5.05%
- Uniswap: 53.75%
- MakerDAO: 17.94%
- Lido: 12.68%
Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund)
The GSCPxE Fund sold and removed Polygon (MATIC). The newly adjusted fund weightings are in line with the CoinDesk Smart Contract Platform Select ex ETH Index. The current components and their weightings are:
- Solana: 65.80%
- Cardano: 14.67%
- Avalanche: 10.70%
- Polkadot: 8.83%
SEC Influence on Polygon (MATIC)
Polygon (MATIC) has fallen to the twenty-first rank in terms of market cap, according to CoinMarketCap (CMC), due to its inclusion among cryptocurrency assets that the US Securities and Exchange Commission (SEC) views as securities.
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