Grayscale Adds Solana and Uniswap to $495M Investment Fund

Crypto investment house Grayscale has added Solana and Uniswap to the $495 million Digital Large Cap Fund in its latest quarterly rebalancing. The allocations mark the first time the New York-based company has added Solana to an investment vehicle.
As of the end of yesterday, Solana made up 3.24% of the Digital Large Cap Fund, and UNI another 1.06%. Bitcoin dominates the fund, making up 62%, and Ethereum is the next largest coin, making up 26%. Cardano, Chainlink, Litecoin and Bitcoin Cash make up the rest.
The fund bought Solana and Uniswap by selling some of the other assets in the fund. Grayscale has decreased its Bitcoin allocation by about 5% since the last rebalancing. Other holdings changed by small amounts. The fund’s ADA holding, only introduced last quarter, has increased from 4.26% to 5.11%.

The rebalancing emphasizes how Solana has become a favorite of the crypto market. The Solana blockchain functions as a high-speed, low-cost competitor to blockchains like Ethereum, and a rival to Cardano, Polkadot and Binance Smart Chain.
The rebalancing also shows how Bitcoin’s dominance has given way to altcoins. In April, Bitcoin made up 79.8% Bitcoin of the fund, and the fund allocated just 17% to Ethereum. Bitcoin’s dominance by market cap has also fallen, from 69% in April to 42% today.

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