- Grayscale added Ethena to its DeFi Fund and removed Aerodrome Finance during quarterly portfolio rebalance.
- Uniswap and Aave remain top DeFi Fund holdings, while Ethena entered with a 13.59% allocation.
- Smart Contract Fund kept all assets, with Ethereum and Solana maintaining the largest portfolio weightings.
Grayscale has rebalanced its crypto investment products after completing the first quarter 2026 review of its DeFi and Smart Contract funds. The asset manager removed Aerodrome Finance from its DeFi Fund and added Ethena, while also adjusting weightings across its Smart Contract Fund. The updated allocations took effect on May 1, 2026, under CoinDesk index methodologies used by both products.
ENA Enters Grayscale DeFi Portfolio
According to Grayscale, the Decentralized Finance Fund sold Aerodrome Finance and reallocated proceeds into Ethena. The rebalance followed the CoinDesk DeFi Select Index methodology used by the fund.
After the adjustment, Uniswap held the largest allocation at 35.22%. Aave followed with 21.36%, while Ondo accounted for 19.83% of the portfolio.
Meanwhile, Ethena entered the fund with a 13.59% weighting. Curve and Lido DAO rounded out the remaining allocations at 5.27% and 4.73%, respectively.
Notably, Grayscale did not explain the specific reasoning behind the token replacement beyond index requirements. However, the update shifts exposure away from Aerodrome Finance and toward Ethena’s growing synthetic dollar ecosystem.
Ethereum and Solana Lead Smart Contract Fund
Alongside the DeFi changes, Grayscale also rebalanced its Smart Contract Fund during the quarterly review. Unlike the DeFi product, the Smart Contract Fund did not add or remove assets.
Instead, the fund adjusted holdings back to target weightings using existing components. Ethereum maintained the top allocation with 30.14%, narrowly ahead of Solana at 29.69%.
Cardano ranked third with 17.96%. Avalanche, Hedera, and Sui followed with allocations between 7% and 8%.
The close gap between Ethereum and Solana continues drawing attention as institutions track activity across major smart contract ecosystems.
Quarterly Reviews Reshape Fund Allocations
Grayscale said both products regularly distribute fund components to cover operational expenses. As a result, the amount of digital assets tied to each share gradually declines over time.
The latest rebalance also highlights continued institutional focus on decentralized finance and blockchain infrastructure. DeFi exposure inside the portfolio remains concentrated around lending, tokenized assets, and liquidity protocols.
Meanwhile, the Smart Contract Fund continues emphasizing large blockchain networks supporting decentralized applications and onchain financial activity.
