Grayscale digital assets management company has expanded its Digital Large Cap (DLC) resource’s weightings of Bitcoin and Ethereum, at the expense of significant altcoins such as Ripple’s XRP, Bitcoin Cash and Litecoin.
The crypto assets firm revealed through a Twitter thread on July 12 that its structure of DLC had changed, moving into Q2 of this year. From March to June 2020, the percentage of Bitcoin in Grayscale’s capital fund surged from 81 percent to 81.5 percent, while Ethereum rose from 9.6 percent to 11.7 percent.
Major altcoins impacted as Bitcoin and Ethereum get a boost
On the other hand, the existence of three other significant altcoins in the fund was negatively impacted. Within the same time frame, the weighting of XRP reduced by 1.4 percent to reach 3.6 percent. While Bitcoin Cash dropped by 0.8 percent to 2 percent, and Litecoin decreased from 1.6 percent to 1.2 percent.
1/ Following the Quarterly Review (6/30/20), we are pleased to announce the updated weightings for Grayscale Digital Large Cap Fund (“DLC Fund”)
— Grayscale (@Grayscale) July 6, 2020
Currently, under the digital assets management firm, Bitcoin and Ethereum are the biggest amounting to $3.5 billion and $410 million in each asset. Compared to the other altcoins, the individual asset funds for Bitcoin Cash, Litecoin, and XRP added together are less than $12 million.
Grayscale’s lust for Bitcoin
Indeed, Grayscale is the largest crypto asset investment company all over the world. The giant investment firm gestured a fresh appetite for Bitcoin throughout the majority of this year. Grayscale was approximately purchasing equally half the amount of all the mined Bitcoin before this year’s Bitcoin block-reward halving event.
Furthermore, 14 days after the Bitcoin halving event, Grayscale accelerated its Bitcoin purchase to 153 percent of all the Bitcoins mined over that period. On the other hand, the cryptocurrency investments firm was also estimated to be acquiring equally 50 percent of all the Ethereum mined in 2020. However, the figure plummeted to 1.1 percent of ETH’s circulating supply in due course.