Grayscale adjusted allocations across its crypto funds, adding ENA from Ethena to its DeFi Fund and fully exiting AERO positions.

DeFi Fund changes

The company’s update left the largest weightings in the DeFi portfolio concentrated in a small group of tokens after the rebalance.

• UNI
• AAVE
• ONDO
• ENA (added from Ethena)

Grayscale’s allocation shift reflects a reweighting toward established decentralized finance protocols, while removing exposure to AERO entirely.

Smart Contract Fund composition

Following the rebalance, the Smart Contract Fund shows near-equal exposure to ETH and SOL, indicating a balanced stance between the two platform ecosystems.

The firm did not disclose additional transactional details or timing, and did not provide further commentary alongside the portfolio update.

Context and implications

Rebalancing across spot and thematic crypto funds can change passive exposure for investors who track these products, as token weights shift with asset flows.

Market participants tracking Grayscale’s funds should note the inclusion of ENA and the removal of AERO when assessing fund compositions and index approximations.