Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds

Crypto asset manager Grayscale Investments announced updated component weightings of crypto assets in its key funds based on the second quarter 2024 reviews. The key funds are Grayscale Digital Large Cap Fund (GDLC), Grayscale DeFi Fund (DEFG), and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). It has removed Polygon (MATIC) from GSCPxE Fund as part of rebalancing.

Grayscale Announces Updated Fund Component Weightings

After prudent reviews of crypto asset performance in the second quarter, Grayscale announced changes in GDLC, DEFG, and GSCPxE Fund. The components and weightings are rebalanced quarterly according to market events, indexes, and other factors.

According to the latest press release, no new tokens were added or removed from Grayscale Digital Large Cap Fund (GDLC). The component weightings are Bitcoin (70.46%), Ethereum (23.51%), Solana (3.86%), XRP (1.54%) and Avalanche (0.63%).

As CoinGape reported, XRP and AVAX were added earlier in January to replace Polygon (MATIC). Also, Cardano (ADA) was removed from GDLC in April.

Meanwhile, the Grayscale DeFi Fund (DEFG) components remained the same. However, weightings have changed to Uniswap (53.75%), MakerDAO (17.94%), Lido (12.68%), Aave (10.58%), and Synthetix (5.05%).

In addition, Polygon (MATIC) was removed and sold from Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). The fund weightings are now rebalanced as per CoinDesk Smart Contract Platform Select ex ETH Index. The basket of the assets and weightings are Solana (65.80%), Cardano (14.67%), Avalanche (10.70%), and Polkadot (8.83%). Cash proceeds were used to purchase these crypto assets.

Also Read: Spot Bitcoin ETFs See $143 Million Inflows on Friday, Institutions Buying The Dips?

Polygon (MATIC) Price Performance and Outlook

Polygon (MATIC) has dropped to 21 rank after the U.S. Securities and Exchange Commission (SEC) listed MATIC among crypto assets the agency considers as securities.

MATIC price has dropped 34% in a month as the crypto market crashed due to panic selling by investors. The price has rebounded more than 7% over the last 24 hours after new jobs data confirmed two rate cuts by the U.S. Federal Reserve. The 24-hour low and high are $0.4305 and $0.4796, respectively. However, trading volumes saw a 38% drop over the last day.

As earlier reported by CoinGape, Polygon (MATIC) price hit a two-year low after a 20% loss over the week. The price outlook remains weak despite being among the most popular blockchain networks, Polygon’s position in the market has continuously declined since last year.

Also Read: House Gears Up for Crucial Vote on Biden’s Veto of SAB 121 Crypto Rule

The post Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds appeared first on CoinGape.