Grayscale Boosts Ethena Weight to 13.6% and Keeps GSC Fund Allocations
Grayscale’s DEFG Fund sold Aerodrome Finance and boosted Ethena to 13.6%, creating a portfolio of Uniswap 35.2%, Aave 21.4%, Ondo 19.8%, Ethena 13.6%, Curve 5.3% and Lido DAO 4.7%. The GSC Fund held Ether 30.1%, Solana 29.7%, Cardano 18.0%, Avalanche 7.7%, Hedera 7.4% and Sui 7.1%.
1. Quarterly Rebalance Execution
Grayscale completed its first-quarter review of the DEFG and GSC Funds, applying index methodologies to adjust component weightings based on market capitalization and liquidity criteria.
2. DEFG Fund Changes
The Decentralized Finance Fund sold Aerodrome Finance and used proceeds to raise Ethena’s allocation to 13.6%, resulting in a portfolio weighted 35.2% Uniswap, 21.4% Aave, 19.8% Ondo, 13.6% Ethena, 5.3% Curve and 4.7% Lido DAO.
3. GSC Fund Stability
The Smart Contract Fund maintained its existing allocations at Ether 30.1%, Solana 29.7%, Cardano 18.0%, Avalanche 7.7%, Hedera 7.4% and Sui 7.1%, with no additions or removals in this quarter’s rebalance.
4. Implications for Investors
Rebalance actions may shift trading volumes and liquidity for affected tokens, potentially impacting fund premiums or discounts to net asset values, while ongoing expense distributions continue to slightly reduce holdings over time.