Grayscale Investments has announced how much of each asset will be held in its multi-asset funds following a rebalancing scheduled for the first quarter of 2026.
The asset manager has completely replaced Aerodrome Finance (AERO) with Ethena (ENA) in its DeFi Fund, allocating 13.59% of the fund to Ethena.
Grayscale Drops AERO From DeFi Fund, Adds ENA in Q1 Rebalance
Grayscale paid for the ENA purchase by selling off some of its holdings in AERO and other assets, reducing each proportionally.
AERO previously made up 5.36% of Grayscale’s DeFi fund, but has now been completely removed. It was initially included in the fund during a rebalancing in the third quarter of 2025, taking the place of MakerDAO (MKR).
As an analyst, I regularly review the holdings of both the DEFG and GSC Funds – typically each quarter. This process involves removing investments that no longer fit our strategy and adding new ones, all based on the rules set by the index provider. It’s important to remember that these funds are designed to track an index, not be directly invested in themselves – investors purchase shares of the fund, not the index directly. The specific holdings and how much of each we hold are always subject to change as we rebalance the portfolio.
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We adjust the holdings in our multi-asset funds – Grayscale Decentralized Finance (DeFi) Fund and Grayscale Smart Contract Fund – every three months. Here are the updates for the third quarter. 🧵⬇️
— Grayscale (@Grayscale) May 6, 2026
Ondo (ONDO) saw the largest increase in value among the assets we continue to hold, rising from 14.10% to 19.83%. Uniswap (UNI), however, became a smaller part of our portfolio during the last three months.
UNI decreased from 42.67% to 35.22% of the fund’s holdings, but it’s still the largest single investment. Aave (AAVE) also saw a decrease, going from 26.23% to 21.36%.
Ethereum Reclaims Top Spot in Smart Contract Fund
Grayscale’s Smart Contract Fund recently adjusted its holdings, increasing its investment in Ethereum (ETH) to 30.14% and slightly decreasing its investment in Solana (SOL) to 29.69%, making ETH the fund’s largest holding.
In January, Solana (SOL) led with 29.55% of the market, closely followed by Ethereum (ETH) at 29.00%. Over the next three months, Ethereum gained about 1.14 percentage points, surpassing Solana.
Most of the larger cryptocurrencies experienced minor changes. Cardano (ADA) decreased slightly, going from 18.55% to 17.96%. Sui (SUI) saw the biggest decline, falling from 8.55% to 7.11%.
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2026-05-07 08:33