Grayscale Removes AERO, Adds ENA at 13.59% in Q1 Rebalance

Grayscale Investments removed Aerodrome Finance (AERO) from the Grayscale Decentralized Finance (DeFi) Fund and added Ethena (ENA) at a 13.59% weighting as part of its Q1 2026 rebalancing. The firm financed the ENA purchase through proportional sales of existing holdings, including a full sale of AERO, which had a 5.36% weight after being added in Q3 2025 to replace MakerDAO (MKR).

Within the DeFi Fund, Ondo (ONDO) recorded the largest gain among retained components, rising to 19.83% from 14.10%. Uniswap (UNI) fell to 35.22% from 42.67% but remained the fund’s largest single holding. Aave (AAVE) declined to 21.36% from 26.23%.

In the Grayscale Smart Contract Fund (GSC), Ethereum (ETH) moved back to the top weighting at 30.14%, narrowly ahead of Solana (SOL) at 29.69%. In January, SOL held 29.55% and ETH was 29.00%; ETH gained about 1.14 percentage points over the quarter. Cardano (ADA) decreased to 17.96% from 18.55%, and Sui (SUI) fell to 7.11% from 8.55%.

Grayscale published the updated component weightings in a press release and a post on X on May 6, 2026. The firm noted it evaluates fund compositions every quarter under the index methodologies provided by its index provider and said that holdings and weightings are subject to change. The release added that investors cannot directly invest in an index.