- Grayscale removed Cardano from GDLC and added Binance Coin during the quarterly rebalance.
- Binance Coin gains stronger institutional exposure through inclusion in a major crypto ETF.
- Cardano faces growing challenges securing future ETF visibility and institutional demand.
Grayscale has quietly made a move that caught many Cardano — ADA, supporters off guard. Cardano no longer sits inside one of the most visible institutional crypto products. Binance Coin now holds that position after a quarterly portfolio reshuffle. The decision signals a shift in how large asset managers assess relevance among major digital assets. For ADA holders tracking ETF progress, the change introduces uncertainty and renewed debate.
Grayscale Reshapes the GDLC Portfolio
Grayscale replaced Cardano with Binance Coin during the latest GDLC rebalance. The firm aligned the update with the CoinDesk Large Cap Select Index methodology. Market capitalization and liquidity metrics drove the decision. Binance Coin performed more strongly across those measures during the review window. The revised portfolio now includes Bitcoin, Ethereum, Solana, XRP, and Binance Coin.
Bitcoin dominates the fund with a 74.21% allocation. Ethereum follows with 13.34%. Binance Coin enters with a 4.97% weighting. XRP holds 4.68%, while Solana accounts for 2.80% of the basket. This rebalance removes Cardano entirely from the ETF lineup. Binance Coin appears inside the GDLC product for the first time. The inclusion offers institutional investors regulated exposure to a token linked to a major exchange.
Many traditional funds previously avoided exchange-based assets due to compliance concerns. Grayscale’s move changes that perception. The decision also mirrors broader market trends. Binance Coin maintains deep liquidity across global trading venues. Network usage and ecosystem demand remain steady. These qualities often influence index adjustments during scheduled reviews.
What This Means for Cardano and ETF Hopes
Cardano’s removal delivers a challenging signal for long term supporters. Large asset managers now show reduced confidence in ADA’s institutional positioning. ETF inclusion depends heavily on sustained demand and trading depth. Grayscale’s decision suggests ADA currently falls short under those criteria. The timing further strengthens Binance Coin’s position. Grayscale previously filed an S-1 registration for a spot Binance Coin ETF. VanEck submitted a similar application earlier.
These filings reflect growing interest in BNB-focused investment products. Cardano lacks comparable ETF momentum at this stage. Momentum also continues outside the United States. Swedish asset manager Virtune AB announced plans to launch a Binance Coin ETF on Nasdaq Stockholm. The product offers physical backing with full token exposure. European markets appear more willing to support Binance Coin within regulated structures.
For Cardano, the road ahead looks more complex. ETF visibility often shapes institutional narratives. Losing a place inside GDLC reduces passive exposure opportunities tied to index strategies. That shift may influence future capital flows. Market conditions can change quickly, but Grayscale’s decision currently places Binance Coin ahead in the ETF race.
