Grayscale Investments added ADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund.
The digital-asset manager has sold some existing constituents of the fund and used the proceeds to buy ADA, within an official announcement earlier on Friday.
The addition comes as a part of Grayscale’s quarterly rebalancing of the fund. Earlier in April, this saw the addition of Chainlink’s LINK [+0.22%] token.
Cardano is a proof-of-stake blockchain that aims to surpass the scalability and efficiency of Ethereum.
ADA has risen over 600% year so far and is sitting at $1.36 USD, up 1.81% within the last 24 hours at the reporting time.