Grayscale Rebalances Funds: DeFi Fund Adds 13.59% Ethena, Smart Contract Fund Holds 29.69% Solana
Grayscale rebalanced its DeFi Fund for Q1 2026 by selling Aerodrome Finance and other assets to establish a 13.59% position in Ethena. The Smart Contract Fund now holds Ether at 30.14%, Solana at 29.69%, Cardano at 17.96%, Avalanche at 7.69%, Hedera at 7.41% and Sui at 7.11%.
1. DeFi Fund Rebalance
The Decentralized Finance Fund sold Aerodrome Finance and other existing components in proportion to their weightings and used the proceeds to purchase Ethena, resulting in a 13.59% ENA allocation as of May 1, 2026. Remaining DEFG holdings include Uniswap at 35.22%, Aave at 21.36%, Ondo at 19.83%, Curve at 5.27% and Lido DAO at 4.73%.
2. Smart Contract Fund Allocation
The Smart Contract Fund’s portfolio was adjusted to a market cap-weighted basket capped by methodology, ending April with 30.14% in Ether, 29.69% in Solana, 17.96% in Cardano, 7.69% in Avalanche, 7.41% in Hedera and 7.11% in Sui. Weightings are reviewed quarterly and may change daily around NY-time publication.
3. Distribution Mechanics
Neither fund generates cash income; both distribute digital asset components to cover ongoing expenses. These distributions gradually reduce the amount of underlying assets represented by each share over time, potentially widening the gap between net asset value and trading price.