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The digital assets management firm has increased its DLC fund’s weightings of Bitcoin and Ethereum, at the cost of XRP, Bitcoin Cash and Litecoin.
In brief
Digital assets management firm Grayscale has increased the weighting of Bitcoin and Ethereum in its Digital Large-Cap investment fund.
The change in composition comes at the expense of major altcoins including XRP, Bitcoin Cash and Litecoin.
In the two weeks following Bitcoin’s halving in May 2020, Grayscale’s rate of Bitcoin acquisition increased to 153% of all BTC mined.
Digital assets management firm Grayscale has increased the weighting of Bitcoin and Ethereum in its Digital Large-Cap (DLC) investment fund—at the expense of other major altcoins.
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Grayscale announced in a Twitter thread on July 12 that the composition of its DLC fund had shifted moving into Q2 of 2020. Between March and June, the percentage of Bitcoin in the fund increased from 81% to 81.5%, while Ethereum’s weighting in the fund increased from 9.6% to 11.7%.
The presence of three other major altcoins in the fund was reduced in the same time period. XRP’s (XRP) weighting dropped from 5% to 3.6%; Bitcoin Cash fell from 2.8% to 2%; and Litecoin’s presence decreased from 1.6% to 1.2%.
Grayscale’s single-asset investment funds for Bitcoin and Ethereum are the largest under the firm’s management, totalling $3.5 billion and $410 million respectively. Comparatively, the single-asset funds for Bitcoin Cash, Litecoin and XRP total less than $12 million between them.
Grayscale’s appetite for Bitcoin
The world’s largest crypto-investment firm signaled a renewed thirst for Bitcoin throughout most of 2020. Prior to the Bitcoin halving event, Grayscale was estimated to be purchasing the equivalent of around half of all Bitcoin mined. In the two weeks after Bitcoin’s halving, Grayscale’s rate of Bitcoin acquisition increased to 153% of all BTC mined in that period.
It’s conceivable that Grayscale’s re-evaluation of its DLC fund is a reaction to market conditions. Since March 31, the global market dominance of Ethereum increased from 8.17%, to over 9.8% at time of writing. In the same time period, XRP’s market dominance fell from 4.21% to 3.28%. Bitcoin Cash’s dominance decreased from 2.27% to 1.6%. Likewise, Litecoin’s dominance dropped from 1.4% to 1.07%, according to CoinMarketCap.
The only exception to this trend is Bitcoin, the market dominance of which fell from 65.78% from March 31, to 62.46% at time of writing. This could be a result of the recent block reward halving, which resulted in half as many BTC being produced by Bitcoin miners.
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In a time of economic uncertainty, Brian Brooks, the Chief Legal Officer of Coinbase, has publicly stepped down from the company and is now moving on to serve the U.S. government as the Chief Operating Officer and First Deputy Comptroller of the OCC.
According to the Office of the Comptroller of the Currency (OCC), Brooks’ new position will become effective as of April 1st, 2020. The designation was made by the OCC’s current Secretary of the Treasury, Steven T. Mnuchin, stating that Brooks, “is a strong leader with extensive experience in the financial services sector,”
As part of his extensive experience, Brooks has served at the Chief Legal Officer at Coinbase since September 2018, and previously held the position of Executive Vice President, General Counsel, and Corporate Secretary of the U.S. Federal National Mortgage Association, often referred to as Fannie Mae.
According to Comptroller of the Currency, Joseph M. Otting, Brooks is a visionary thinker. With his experience, he already has a thorough understanding of how the financial industry works in conjunction with the prosperity of the nation.
On top of this, Brooks also holds a law degree from the University of Chicago, as well as a bachelor’s degree in government from Harvard. This, combined with his past experience, causes Otting to believe that “[The OCC] are fortunate to attract such an experienced and talented individual to join our federal agency.”
According to Comptroller of the Currency, Joseph M. Otting, Brooks is a visionary thinker. With his experience, he already has a thorough understanding of how the financial industry works in conjunction with the prosperity of the nation.
On top of this, Brooks also holds a law degree from the University of Chicago, as well as a bachelor’s degree in government from Harvard. This, combined with his past experience, causes Otting to believe that “[The OCC] are fortunate to attract such an experienced and talented individual to join our federal agency.”
A Fresh Perspective On Digital Currency
In the past, Brooks has advocated that the United States’ government needs to design its digital currency, similar to Bitcoin. This has left many wondering if a new, U.S.-based cryptocurrency could be on the horizon in the near future.
Regardless, Brooks’ new designation comes at a time when the U.S. economy could use any help it can get.
And according to Steven T. Mnuchin, “I look forward to working with him to ensure the stability of our financial system and its ability to foster greater economic growth for the benefit of all Americans.”
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