Grayscale reshaped two crypto investment products after its Q1 2026 review, and grayscale defi now includes Ethena. The move followed a rebalance tied to the CoinDesk DeFi Select Index and removed Aerodrome Finance.
Summary
DeFi fund changes after the May 1 rebalance
After the 1 May 2026 rebalance, Grayscale assigned Ethena a weight of 13,59%, making ENA the fourth-largest asset in the DeFi portfolio. The new lineup places it alongside Uniswap, Aave, and Ondo.
Uniswap remains the largest holding at 35,22%, while Aave stands at 21,36%. Moreover, Ondo holds third place at 19,83%, just ahead of Ethena. The structure shows a clear concentration in the top names.
Uniswap still accounts for more than a third of the fund because of its role in decentralized exchange exposure. Aave supports the lending sleeve, while Ondo rounds out the core trio. In that context, the portfolio keeps a strong DeFi bias.
Curve and Lido DAO complete the remaining allocation with 5,27% and 4,73%. However, their smaller weights still help diversify the portfolio across lending, trading, and liquid staking infrastructure.
Smart Contract Fund stays within the same lineup
Grayscale also recalibrated the Grayscale Smart Contract Fund during its Q1 2026 review. No new assets entered the vehicle. Instead, the rebalance used sales and repurchases of the same holdings to match target weights.
Ethereum leads that fund with 30,14%, followed by Solana at 29,69%. Cardano ranks third with 17,96%. Moreover, the rest of the portfolio includes Avalanche at 7,69%, Hedera at 7,41%, and Sui at 7,11%.
According to Grayscale, both products operate without generating revenue and use their underlying components to cover operating expenses. That said, the revisions mainly adjusted exposures rather than changing each fund’s investable universe.
In short, the Q1 2026 review brought Ethena into the DeFi portfolio, removed Aerodrome Finance, and aligned the remaining weights with the CoinDesk DeFi Select Index. The Smart Contract Fund kept the same tokens while updating its internal mix.
