Grayscale Drops AERO, Adds 13.6% Allocation to ENA

Grayscale removed Aerodrome Finance (AERO) from its Decentralized Finance (DeFi) Fund as part of its Q1 2026 rebalance and gave Ethena (ENA) a 13.59% weight. The asset manager said it funded the ENA purchase by selling AERO and other existing components of the DeFi Fund proportionally.

AERO had a 5.36% weighting before its full removal. The token was added to the DeFi Fund in the Q3 2025 rebalance when it replaced MakerDAO (MKR).

Among retained DeFi Fund holdings, Ondo (ONDO) recorded the largest gain, rising from 14.10% to 19.83%. Uniswap (UNI) fell from 42.67% to 35.22% but remained the single largest holding. Aave (AAVE) declined from 26.23% to 21.36% over the quarter.

In Grayscale’s Smart Contract Fund, Ethereum (ETH) regained the top weighting at 30.14%, narrowly overtaking Solana (SOL) at 29.69%. In January, SOL was at 29.55% and ETH at 29.00%; ETH’s share rose by about 1.14 percentage points during the quarter.

Other GSC movements included Cardano (ADA) slipping from 18.55% to 17.96% and Sui (SUI) falling from 8.55% to 7.11%, the largest drop among Smart Contract Fund components.

In its press release, Grayscale wrote, “The compositions of DEFG Fund and GSC Fund are evaluated on a quarterly basis to remove existing Fund Components or to include new Fund Components, in accordance with the index methodologies established by the Index Provider.” The firm also reminded investors that “Investors cannot directly invest in an index.”

Grayscale published the rebalance details and the new component weightings in a press release and a company post on X on May 6, 2026. The firm said holdings and weightings remain subject to change under the index methodologies used for the funds.