Grayscale rebalanced its DeFi Fund and Smart Contract Fund after the first quarter 2026 review, with changes taking effect on May 1, 2026, under CoinDesk index methodologies.
DeFi Fund: Aerodrome Out, Ethena In at 13.59%
The DeFi Fund sold Aerodrome Finance (AERO) and allocated proceeds to Ethena (ENA). Post-rebalance, Uniswap (UNI) remained the top holding at 35.22%, followed by Aave (AAVE) at 21.36% and Ondo (ONDO) at 19.83%. Ethena entered with a 13.59% allocation, while Curve (CRV) and Lido DAO (LDO) accounted for 5.27% and 4.73%, respectively. Grayscale did not explain the token swap beyond index requirements, shifting exposure from Aerodrome toward Ethena's synthetic dollar ecosystem.
Smart Contract Fund: Ethereum and Solana Nearly Tied
The Smart Contract Fund added no new assets; it only adjusted existing holdings to target weights. Ethereum led at 30.14%, narrowly ahead of Solana at 29.69% — a gap of just 0.45 percentage points. Cardano ranked third at 17.96%, while Avalanche, Hedera, and Sui each held between 7% and 8%. Both funds periodically sell components to cover expenses, gradually reducing digital assets per share.
The rebalance reflects sustained institutional interest in DeFi and blockchain infrastructure. The DeFi Fund remains concentrated in lending, tokenized assets, and liquidity protocols, while the Smart Contract Fund focuses on major smart contract platforms supporting dApps and onchain finance.