Grayscale Investments has completed its latest quarterly review of two of its major crypto funds — the DeFi Fund and the Smart Contract Fund — and made some noticeable changes.
In the Grayscale Decentralized Finance Fund, the biggest update was a swap: Aerodrome Finance (AERO) was removed and Ethena (ENA) was added.
After the rebalance, the fund now looks like this:
- Uniswap (UNI): ~35%
- Aave (AAVE): ~21%
- Ondo: ~20%
- Ethena (ENA): ~13%
- Curve: ~5%
- Lido DAO: ~5%
UNI and AAVE remain the largest holdings, meaning the fund is still heavily focused on decentralized trading and lending.
The addition of ENA is important because it brings exposure to synthetic dollar systems through Ethena’s USDe model, while Ondo continues to represent tokenized real-world assets.
At the same time, ENA has also been in the spotlight because of an upcoming token unlock event, which could increase supply in the market — something traders are watching closely.
Grayscale also updated its Grayscale Smart Contract Fund, but this time it did not add or remove any assets.
The basket stayed the same:
- Ethereum (ETH): ~30%
- Solana (SOL): ~30%
- Cardano (ADA): ~18%
- Avalanche (AVAX): ~8%
- Hedera (HBAR): ~7%
- Sui: ~7%
ETH and SOL continue to dominate, showing that major smart contract networks are still at the center of institutional exposure.
This stability is interesting because earlier rebalances had included changes like adding ONDO and replacing older assets. This time, Grayscale chose to keep things steady.
Overall, the message from this review is pretty clear:
- DeFi exposure is shifting toward newer infrastructure like Ethena
- Smart contract exposure is staying focused on major chains like Ethereum and Solana
- Institutional portfolios are still evolving, but in a controlled and index-based way
In short, Grayscale is quietly adjusting its crypto baskets to follow where it sees the next wave of DeFi and blockchain growth — while still keeping core assets at the center.
