Grayscale Investments completed its Q1 2026 review of the Grayscale Decentralized Finance Fund and the Grayscale Smart Contract Fund.
Summary
- Grayscale added ENA to its DeFi Fund after removing AERO in the latest quarterly rebalance.
- UNI and AAVE remain the fund’s largest holdings, while ENA entered as fourth-largest component overall.
- Smart Contract Fund kept ETH and SOL leading its basket, with ADA holding third place.
The update changed the DeFi Fund’s holdings and adjusted the Smart Contract Fund based on its existing basket.
The DeFi Fund removed Aerodrome Finance and added Ethena. Grayscale said it sold AERO and other fund components in line with their weights, then used the proceeds to buy ENA. The change followed the CoinDesk DeFi Select Index method.
UNI and AAVE remain top holdings
As of May 1, the DeFi Fund held Uniswap at 35.22%, Aave at 21.36%, Ondo at 19.83%, Ethena at 13.59%, Curve at 5.27%, and Lido DAO at 4.73%. ENA entered the fund as its fourth-largest holding.
The fund now gives larger weight to decentralized exchanges, lending, tokenized assets, and synthetic dollar infrastructure. Ethena is known for USDe, its synthetic dollar product, while Ondo gives the fund exposure to tokenized finance through its existing allocation.
Crypto.news recently reported that ENA will unlock 171.88 million tokens worth about $17.28 million. The release equals 2.12% of adjusted released supply, making ENA one of the watched tokens for the week.
That supply event is separate from Grayscale’s rebalance. Still, it gives traders another reason to watch ENA after its addition to the DeFi Fund.
Smart Contract Fund keeps existing basket
Grayscale also rebalanced its Smart Contract Fund without adding or removing assets. The fund held 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% as of May 1.
The fund remained centered on major networks that support decentralized applications and smart contracts. Ethereum and Solana stayed almost evenly weighted, while Cardano held the third-largest share.
As previously reported, Grayscale’s Q2 2025 rebalance added ONDO to the DeFi Fund and replaced Polkadot with HBAR in the Smart Contract Fund. That earlier change showed how the manager updates baskets as index components change.
As reported by Crypto.news, Grayscale launched a Sui staking ETF in February 2026. That product gave investors direct SUI exposure with staking rewards reflected through net asset value.
Moreover, Grayscale said neither the DeFi Fund nor the Smart Contract Fund generates income. Both funds regularly distribute components to pay expenses, which means the amount of crypto represented by each share decreases over time.
