Grayscale Investments completed its Q2 2025 quarterly rebalancing on July 3, implementing significant changes to its multi-asset funds. The DeFi Fund added Ondo Finance (ONDO) at 18.22% of the portfolio, funded by proportional reductions in existing holdings. Uniswap (UNI) and Aave (AAVE) retained top positions at 34.01% and 30.74% respectively.
In the Smart Contract Fund, Polkadot (DOT) was removed entirely and replaced with Hedera (HBAR). Ethereum (ETH) and Solana (SOL) maintained dominant allocations near 30% each, with Cardano (ADA) at 18.57%. The rebalancing required selling portions of existing assets to fund new purchases.
The Decentralized AI Fund saw no token additions or removals but adjusted weightings, keeping Bittensor (TAO) and NEAR Protocol (NEAR) as primary holdings. These non-income generating funds provide sector-specific exposure without direct asset management by investors. Grayscale covers operational costs through periodic asset sales, gradually reducing tokens per share.
Separately, Grayscale's Digital Large Cap ETF remains delayed as the SEC reviews its July 1 approval decision, pausing the planned inclusion of Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA).