TLDR
- Grayscale adds Ethena to DeFi Fund after Q1 2026 review
- Ethena joins Grayscale DeFi basket as Aerodrome exits fund
- Uniswap, Aave, and Ondo lead Grayscale’s updated DeFi Fund
- Ether and Solana keep top spots in Grayscale Smart Contract Fund
- Grayscale resets DeFi and Smart Contract Fund weights for Q1 2026
Grayscale updated two crypto funds after its Q1 2026 review, with Ethena entering its DeFi Fund. The review also removed Aerodrome Finance and reset fund weights under CoinDesk index methods. The update gives Ethena a new role in Grayscale’s decentralized finance basket.
Ethena Enters Grayscale DeFi Fund
Grayscale added Ethena to the Grayscale Decentralized Finance Fund after completing its quarterly review. The fund sold Aerodrome Finance and trimmed other holdings based on their existing weights. It then used the cash proceeds to buy ENA.
The change followed the CoinDesk DeFi Select Index method, which guides the fund’s quarterly composition. Grayscale listed Ethena at a 13.59% weighting after the May 1, 2026 adjustment. That made ENA the fourth-largest asset in the DeFi Fund.
Ethena joined a basket led by Uniswap, Aave, and Ondo. Uniswap held the largest share at 35.22%, while Aave followed with 21.36%. Ondo carried a 19.83% weighting, placing it ahead of Ethena.
Uniswap, Aave and Ondo Lead DeFi Basket
Grayscale kept Uniswap as the largest component in its DeFi Fund after the review. UNI accounted for more than one-third of the portfolio. The weighting showed its central position in the fund’s decentralized exchange exposure.
Aave remained the second-largest holding and represented 21.36% of the basket. The lending protocol kept a strong position within the fund after the rebalance. Ondo ranked third with a 19.83% share.
Curve and Lido DAO completed the DeFi Fund’s updated holdings. Curve held 5.27%, while Lido DAO carried 4.73%. The smaller components balanced the larger weights across lending, exchanges, and staking-linked DeFi assets.
Ether and Solana Stay Ahead in Smart Contract Fund
Grayscale also adjusted the Grayscale Smart Contract Fund after the Q1 2026 review. The fund did not add a new asset during the update. Instead, it sold and purchased existing components based on their weights.
Ether led the Smart Contract Fund with a 30.14% weighting after the May 1 review. Solana followed closely with a 29.69% allocation. Cardano ranked third and accounted for 17.96% of the fund.
Avalanche, Hedera, and Sui completed the remaining smart contract basket. Avalanche held 7.69%, Hedera carried 7.41%, and Sui stood at 7.11%. Grayscale said both funds do not generate income and use components to cover expenses.
Grayscale’s Q1 2026 review placed Ethena inside its DeFi Fund and removed Aerodrome Finance. The update also kept the Smart Contract Fund focused on its existing basket. Both products now reflect their latest CoinDesk index-based allocations.
