Grayscale Rebalances Q1 Funds, Lifts Ether to 30.14%, Adds Ethena
Grayscale’s Smart Contract Fund raised its Ether allocation to 30.14% and set Solana at 29.69%, Cardano at 17.96%, Avalanche at 7.69% and Hedera at 7.41%. The DeFi Fund sold Aerodrome Finance to fund a 13.59% Ethena position, retaining 35.22% Uniswap, 21.36% Aave and 19.83% Ondo.
1. Smart Contract Fund Q1 2026 Adjustments
Grayscale adjusted the Smart Contract Fund by selling existing components and repurchasing in proportion to weightings. As of May 1, 2026, the fund’s portfolio comprises Ether at 30.14%, Solana 29.69%, Cardano 17.96%, Avalanche 7.69%, Hedera 7.41% and Sui 7.11%.
2. DeFi Fund Q1 2026 Rebalance
In line with the CoinDesk DeFi Select Index methodology, the Decentralized Finance Fund sold Aerodrome Finance and other holdings and used proceeds to purchase Ethena. The resulting DEFG Fund weightings are Uniswap 35.22%, Aave 21.36%, Ondo 19.83%, Ethena 13.59%, Curve 5.27% and Lido DAO 4.73%.
3. Ongoing Distribution and Expense Policy
Neither the Smart Contract Fund nor the DeFi Fund generate income; both distribute components to cover ongoing expenses. Consequently, the fund components represented by each share gradually decrease over time, and compositions are subject to quarterly review and change.