Grayscale’s DEFG Fund Adds 13.6% Ethena, Rebalances to 35.2% Uniswap; GSC Fund Holds 30.1% ETH, 29.7% SOL
ETHE•Grayscale has rebalanced its DEFG Fund by selling Aerodrome Finance and other assets to allocate 13.59% to Ethena, with Uniswap now the largest holding at 35.22%. The firm also updated its GSC Fund to weight Ether at 30.14%, Solana 29.69%, Cardano 17.96%, Avalanche 7.69%, Hedera 7.41% and Sui 7.11%.
1. First Quarter Rebalance Methodology
Grayscale conducted its quarterly review of the DEFG and GSC funds following the CoinDesk DeFi Select Index and Smart Contract Platform Select Capped Index methodologies, executing proportional selling and buying to align with updated market cap weightings.
2. DEFG Fund Portfolio Changes
For the DEFG Fund, the manager sold Aerodrome Finance and other positions and used proceeds to acquire Ethena, resulting in a 13.59% weighting for Ethena and a 35.22% weight for Uniswap as of May 1, 2026.
3. GSC Fund Portfolio Updates
In the GSC Fund, the portfolio now comprises 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%, with each component adjusted proportionally to reflect the index composition.
4. Fund Mechanics and Investor Impact
Neither fund generates income and both distribute assets to cover expenses, causing share representations to decline over time, while the DEFG Fund has historically traded at varying premiums and discounts to net asset value and the GSC Fund faces uncertainties around secondary market listing and smart contract volatility.
