Digital asset manager Grayscale Investments rebalanced its Q1 2026 DeFi Fund, adding Ethena (ENA) and removing Aerodrome Finance (AERO). The company also adjusted its Smart Contract Fund holdings proportionally. Uniswap remains the largest holding in the DeFi Fund, while Ethereum and Solana continue to lead the Smart Contract Fund portfolio.
Grayscale Investments announced major portfolio adjustments for its decentralized finance and smart contract platform funds. The company revealed that the rebalance followed the CoinDesk DeFi Select Index framework.
During the process, Grayscale proportionally sold existing holdings, including AERO, before reallocating capital into ENA. Uniswap remained the largest allocation within the DeFi Fund, maintaining a dominant share.
After the changes, Uniswap is the leading holding in the DeFi Fund with an allocation of 35.22%. Aave takes 21.36%, while Ondo comes third with an allocation of 19.83%.
ENA, which joins the fund for the first time, comes in fourth with a weighting of 13.59%. Other holdings include Curve DAO (5.27%) and Lido DAO (4.73%).
The fund includes digital assets meeting specific liquidity, custody, and trading requirements. Component weightings are updated daily and published around 4:00 p.m. New York time.
The Grayscale Smart Contract Fund also went through a quarterly rebalance using CoinDesk Smart Contract Platform Select Capped Index guidelines. Unlike the DeFi Fund, the Smart Contract Fund did not add or remove assets.
Grayscale rebalanced existing holdings proportionally using proceeds generated from selling and repurchasing current portfolio components. Ethereum retains 30.14% weight of the Smart Contract Fund portfolio.
Solana follows close behind in second place with a weight of 29.69%. Cardano (ADA) comes third with a 17.96% weighting in the portfolio.
