Cryptocurrency fund FD7 to sell $750 million worth of Bitcoin and increase holdings in ADA and DOT, two popular public chains.

The Dubai-based cryptocurrency investment fund FD7 Ventures announced today that it plans to sell its Bitcoin assets within the next 30 days to increase the company's positions in Cardano (ADA) and Polkadot (DOT).

Portfolio Overhaul

According to a report by Business Wire, FD7 Ventures has announced that its investors are looking to diversify their portfolio in the rapidly growing cryptocurrency space. As a result, the company will be selling $750 million worth of Bitcoin assets and increasing its holdings in Cardano (ADA), Polkadot (DOT), and Ethereum (ETH). According to information disclosed on February 12th,the company manages assets of around $1 billion, making the sale of $750 million worth of Bitcoin a significant change for its portfolio.

The company stated that the increase in positions in these smart contract public chains will better serve the needs of FD7 investors. Prakash Chand, Managing Director of FD7 Ventures, stated:

"Beyond the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless. In contrast, projects like Cardano, Polkadot, and Ethereum are the foundation of the next generation of the internet and Web 3.0."

FD7 Ventures revealed that the transition of positions is expected to be completed between mid-March and the end of March.

Top Two Hottest Public Chains

Specifically, Cardano aims to develop a blockchain solution to address the financial services needs of hundreds of millions of unbanked individuals in Africa and other countries, with recent significant technical updates driving the token's surge. Meanwhile, Polkadot continues to build an ecosystem of scalable, heterogeneous, and multi-chain architecture to create a Web3 application platform for users and DApp development teams.

The founders of Cardano, Charles Hoskinson, and Polkadot, Gavin Wood, are widely regarded as iconic figures in the cryptocurrency space today, both being among the original seven co-founders of Ethereum. Prakash Chand stated:

"I've been lucky to spend a lot of time studying cryptocurrencies with some of the smartest people in the space, and I would bet that Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin in the coming years."