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AVAX Slips 2% As Grayscale Dumps Avalanche From Large Cap Fund

The Avalanche network’s AVAX token was down around 2% Friday morning after the Grayscale Digital Large Cap Fund dumped its holdings.

Grayscale disclosed the portfolio rebalancing in a Securities and Exchange Commission (SEC) report on Friday morning, saying it had “adjusted the fund’s portfolio by selling Avalanche (“AVAX”) and using the cash proceeds to purchase the existing fund components in proportion to their respective weightings.”

The company noted the change in a thread on Twitter, saying that it also rebalanced its DeFi Fund to add Synthetix (SNX) and Smart Contract Platform Ex-Ethereum Fund to remove Algorand (ALGO).

(By Stacy Elliott)

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