Grayscale Investments reshuffled its DeFi Fund as part of its quarterly rebalancing, effective May 1, 2026. The asset manager removed Aerodrome Finance (AERO) and added Ethena (ENA), a yield-focused synthetic dollar protocol. The move followed the CoinDesk DeFi Select Index methodology and immediately impacted ENA’s price, which rose 4.33% in the 24 hours following the announcement.
After the rebalance, the DeFi Fund’s top holdings are Uniswap (UNI) at 35.22%, Aave (AAVE) at 21.36%, Ondo (ONDO) at 19.83%, Ethena (ENA) at 13.59%, Curve (CRV) at 5.27%, and Lido DAO (LDO) at 4.73%. Grayscale also adjusted weightings in its Smart Contract Platform Fund without adding or removing assets, maintaining allocations like Ethereum (ETH) at 30.14% and Solana (SOL) at 29.69%.
The rebalance signals institutional confidence in DeFi protocols oriented toward stablecoins, yield generation, and tokenized assets. Ethena’s inclusion validates its synthetic dollar model and growing traction in on-chain infrastructure, while Aerodrome’s exit suggests a shift away from assets not meeting Grayscale’s performance or liquidity criteria. The move may influence broader capital flows into similar DeFi projects as investors monitor quarterly fund updates for trends in digital asset allocation.
