Grayscale adds Ethena to DeFi Fund, keeps ETH and SOL leading Smart Contract Fund in Q1 2026 rebalance

Grayscale Investments updated its Q1 2026 portfolios by adding Ethena (ENA) to the Decentralized Finance (DeFi) Fund while removing Aerodrome Finance (AERO). UNI and AAVE remain the largest holdings in the DeFi Fund, with ENA becoming the fourth-largest component. The Smart Contract Fund maintained its existing assets, led by Ethereum (ETH), Solana (SOL), and Cardano (ADA). These changes reflect Grayscale's adherence to the CoinDesk DeFi Select Index methodology and aim to balance exposure across decentralized exchanges, lending, tokenized assets, and synthetic dollar infrastructure. Neither fund generates income, and both distribute components to cover expenses, which reduces the crypto amount per share over time.