WuBlockchain
Grayscale completed its Q1 2026 rebalancing of the DeFi Fund and Smart Contract Fund, with the DeFi Fund removing Aerodrome Finance (AERO) and adding Ethena (ENA). Holdings as of May 1, 2026 include UNI, AAVE, ONDO, ENA, CRV, and LDO.
Why it matters
The DeFi Fund roster is a useful read on what Grayscale's product team considers investable DeFi exposure. The ENA addition puts a synthetic-dollar / real-yield protocol on the list for the first time, while AERO — the leading Base-native DEX — drops off after a single quarter. The Smart Contract Fund was rebalanced by weighting rather than constituent change, holding ETH, SOL, ADA, AVAX, HBAR, and SUI.
Market impact
ENA entered the fund at a moment when synthetic-dollar demand is climbing, and the addition gives the protocol a regulated product wrapper on the back of a major allocator's recognition. AERO's exit, by contrast, is a single quarter's rebalance rather than a structural verdict, but it removes a near-term bid for the Base DEX token from Grayscale's passive allocation.
Source: [Grayscale Investments® Announces Rebalancing of Multi-Asset Funds for First Quarter 2026 — GlobeNewswire](https://www.globenewswire.com/news-release/2026/05/06/3289386/0/en/grayscale-investments-announces-rebalancing-of-multi-asset-funds-for-first-quarter-2026.html)
Frequently asked questions
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What changed in Grayscale's DeFi Fund this quarter?
Grayscale removed Aerodrome Finance (AERO) and added Ethena (ENA). Holdings as of May 1, 2026 include UNI, AAVE, ONDO, ENA, CRV, and LDO.
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Was the Smart Contract Fund rebalanced too?
Yes. The Smart Contract Fund was rebalanced based on existing component weightings, with no constituent changes. Holdings include ETH, SOL, ADA, AVAX, HBAR, and SUI.
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Why was Ethena (ENA) added to the DeFi Fund?
Grayscale did not publish a specific rationale, but the addition puts a synthetic-dollar / real-yield protocol into a regulated product wrapper, reflecting the product team's view of investable DeFi exposure.
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Does AERO's removal mean Grayscale is bearish on Aerodrome?
Not necessarily. AERO exits after a single quarter in the fund, which is a routine rebalance rather than a structural verdict. The token simply did not make the cut this cycle.
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When did the Q1 2026 rebalancing take effect?
Holdings are listed as of May 1, 2026, with the rebalance announced on May 6, 2026 via a Grayscale press release on GlobeNewswire.
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