Grayscale Swaps AERO for ENA in Q1 2026 DeFi Fund Rebalance.

Grayscale completed its Q1 2026 rebalancing of both its DeFi Fund and Smart Contract Fund, with the headline change being the removal of Aerodrome Finance (AERO) and the addition of Ethena (ENA) to the DeFi Fund. As of May 1, 2026, the DeFi Fund holds UNI, AAVE, ONDO, ENA, CRV, and LDO.

The Smart Contract Fund saw no component changes, with its rebalance adjusting existing weightings across ETH, SOL, ADA, AVAX, HBAR, and SUI.

For ENA, inclusion in a Grayscale product carries meaningful signal — it broadens the token's institutional visibility and adds a passive bid through the fund's ongoing management. AERO's removal reflects Aerodrome's relative weight loss in the DeFi landscape since the prior rebalance.