Grayscale’s Q3 2025 Top 20 crypto list adds Avalanche and Morpho, excludes XRP and Cardano, focusing on DeFi and smart contract growth.
Grayscale’s Q3 crypto list has been released and is a mixed package. Avalanche and Morpho are included, while XRP and Cardano are excluded. The investment behemoth has revised its Top 20 crypto list for the quarter to account for changes in the crypto landscape and emerging opportunities. What is the reason for this persistent exclusion despite recent developments?
XRP and ADA Are Absent from Grayscale’s Q3 List: Astonishing Exclusions
On Friday, Grayscale Investments released the amended Q3 list of the Top 20 crypto assets. The company eliminated Lido DAO (LDO) and Optimism (OP) from its list to accommodate new additions, Morpho (MORPHO) and Avalanche (AVAX). Simultaneously, the investment behemoth has elected to preserve its decision to exclude prominent altcoins XRP and Cardano (ADA).
Notably, the omission of XRP, ADA, LDO, and OP is unexpected in light of their substantial growth potential and recent developments. Grayscale discovered that the sector remained relatively stable, with minimal growth or decline, even though AVAX and OP are smart contract protocols.
The increasing likelihood of ETFs for these assets further complicates Grayscale’s exclusion decision. According to Bloomberg analysts, the possibility of approval for XRP and Litecoin ETFs is 95%.
Grayscale’s Q3 crypto list is also significant in that it was released just before the SEC’s anticipated verdict on spot Avalanche and Cardano ETFs, which further emphasizes the importance of timing. The SEC’s decision, which was previously postponed by 45 days, is anticipated to be released on July 13.
In response to the asset manager’s crypto list release, the XRP and ADA prices experienced substantial declines of 4.8% and 2.9% in a single day. The tokens have declined by 9% and 26% over the past month.
In the third quarter, Grayscale comprises twenty tokens
Grayscale consistently updates its Top 20 crypto lists, as well as its Assets Under Consideration and other sector-specific evaluations. This is an intriguing development. It is important to note that the manager utilizes a multifaceted approach to assess its preferred altcoins, which includes monitoring sector performance and identifying market trends.
Notably, the Grayscale Q3 crypto list contains 20 tokens, including the recently added Morpho and Optimism. Although Morpho has experienced substantial growth in recent months, the investment behemoth believes that the token has the potential to surpass other significant crypto assets. Grayscale was observed.
This past month, Morpho announced Morpho V2, designed to bring DeFi to traditional financial institutions. Grayscale Research is optimistic about the future of on-chain lending activity, and Morpho seems well positioned to potentially capture a meaningful share of that growth.
Bitcoin, Ethereum, Solana, Hyperliquid, Sui, Chainlink, Avalanche, Uniswap, Aave, Bittensor, and other tokens are also included in the list.
