Charles Hoskinson reacts after announcement about Cardano’s removal from GDLC

Charles Hoskinson, founder of Cardano (ADA), reacted following investment manager Grayscale Investments’ recent announcement about adjustments to its cryptocurrency portfolios, which included the decision to remove Cardano (ADA) from the Grayscale Digital Large Cap Fund (GDLC) .

In its official announcement, Grayscale said it has adjusted GDLC’s portfolio by selling Cardano (ADA) and using the cash proceeds to purchase existing fund components in proportion to their respective weightings. According to the company’s justification, as a result of the rebalancing, Cardano was removed from the GDLC. Grayscale highlighted that the conduct of the comprehensive review followed the CoinDesk Large Cap Select Index methodology.

Hoskinson commented on the removal by sharing the announcement on his official X platform account on April 4. The founder of Cardano wrote in the publication: “Wall Street gives; Wall Street takes it.” A member of the Cardano community commented on the post, stating: “this seems personal, man”. Hoskinson then responded: “Return to Ethereum Classic.”

Wall Street give; Wall Street take https://t.co/dkyrhHW4WS

— Charles Hoskinson (@IOHK_Charles) April 5, 2024

Following the measure, the company shared that, as of the end of April 3, 2024, the GDLC Fund Components were a basket of the following assets and weightings: Bitcoin (BTC), 70.96%; Ethereum (ETH), 21.84%; Solana (SUN); 4.52%; XRP, 1.73%; Avalanche (AVAX) 0.95%.

Additionally, according to the CoinDesk Smart Contract Platform Select ex ETH Index, “Grayscale adjusted GSCPxE’s portfolio by selling Cosmos (ATOM) and using the cash proceeds to purchase existing fund components in proportion to their respective weights. As a result of the rebalance, Cosmos (ATOM) has been removed from GSCPxE.”

As of the end of April 3, 2024, the GSCPxE Fund Components were a basket of the following assets and weightings: Solana (SOL), 58.41%; Cardano (ADA), 14.56%; Avalanche (AVAX), 12.25%; Polkadot (DOT), 8.53%; Polygon (MATIC), 6.25%.

At the time of publication, the price of Cardano was quoted at US$0.563, down 3.2% in the last 24 hours.

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