Grayscale, which offers institutional investors access to cryptocurrencies, has increased its allocation to a popular altcoin. This altcoin, which will experience a significant development in June, may continue to rise in the short term. More institutional inflows are expected in the cryptocurrency, which has given its investors money even in the fall.

Cardano witnessed an impressive rally last year after a major update. Cryptocurrency investment giant Grayscale has added ADA to its digital capital investment fund. The firm purchased the token as part of its quarterly rebalancing. Grayscale aims to bring proof-of-stake (PoS) blockchain to more institutional investors.

Grayscale has increased its allocation to Cardano by 32.33% in its smart contract platform Ex-Ethereum fund. The latest distribution shared by CryptoCapital Venture CEO Dan Gambardello is as follows:

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It is very important that Grayscale chose Cardano as the number one. This development shows that the platform trusts ADA in terms of volume. Thanks to the excitement surrounding the upcoming Vasil Hard Fork, ADA has gained 20% over the past week as one of the top-performing cryptocurrencies. Vasil hard fork will be released at the end of June. The update, which aims to improve the performance of the network and make it easier for developers to use the Cardano network to build applications, is at least as important as the Alonzo hard fork.

Competing with Ethereum since the Alonzo update, the Cardano (ADA) network has been steadily rising since then. Currently, there are over 1,000 projects on the network. The increase in developer activity also feeds the positive outlook of the ADA price. Cardano outperformed leading cryptocurrencies like Bitcoin and Ethereum with a 24-hour volume of $10.71 billion.

As with its performance so far, ADA seems to have shifted gears in favor of a bullish recovery in June. The ADA price, which has slackened by 6% due to the recent decline in the markets, may turn down again after the update. As a matter of fact, a similar situation was experienced in the rising price in anticipation of Alonzo.