Grayscale Investments has made significant changes to its crypto portfolio as part of its first-quarter rebalancing for 2026. The company delisted Aerodrome Finance from its Decentralized Finance Fund and added Ethena in its place. Following Grayscale's announcement, Ethena's native token, ENA, gained over 6% in the last 24 hours. Ethena (ENA) is currently trading at $0.121, up 6.85% in the last 24 hours. The token's daily trading range is between $0.1134 and $0.1258, and the short-term recovery is reflected in its 7-day performance; ENA has gained 17.40% in the last week and 49.21% in the last 30 days. Despite this, the chart shows that the price remains well below the highs seen in 2024 and 2025.
Aerodrome Finance Removed from Fund: Largest Weighting in UNI
The biggest change in Grayscale's DeFi fund was the complete removal of Aerodrome Finance. The company sold its AERO position and some of its existing fund components, according to the CoinDesk DeFi Select Index methodology, and acquired Ethereum. Aerodrome had previously been included in the fund in the third quarter of 2025, replacing MakerDAO. However, with the latest update, AERO's presence in the fund has completely ended.
According to the new allocation, Uniswap remains the largest component in the Grayscale DeFi Fund. UNI continues to be the largest component of the fund with 35.22%. However, Uniswap's weighting decreased from 42.67% in the previous period. Aave also fell from 26.23% to 21.36%. In contrast, Ondo increased from 14.10% to 19.83%, taking third place in the fund.
Ethereum entered the fund with a weighting of 13.59%. This is considered a remarkable starting level for a newly added asset. Curve holds 5.27% and Lido DAO holds 4.73% of the remaining assets. This shows that Grayscale is giving more space to themes related to yield, stablecoin infrastructure, and real-world assets on the DeFi side, not just decentralized exchanges and lending protocols. The addition of Ethereum also aligns with the recent increase in interest in yield-focused products in the DeFi market. The project is known in the crypto ecosystem for its stablecoin-like products and yield mechanisms.
No new assets were added or removed from Grayscale's Smart Contract Fund. However, a notable change occurred in the fund's weightings. Ethereum once again surpassed Solana with a 30.14% share, becoming the largest component of the fund. Solana's weighting remained at 29.69%. Thus, the difference between the two major smart contract networks narrowed to less than half a point. In January, Solana held the top spot with 29.55%, while Ethereum was at 29%. This balance shifted in favor of Ethereum in the last quarter. Other components of the fund included Cardano with 17.96%, Avalanche with 7.69%, Hedera with 7.41%, and Sui with 7.11%. Sui, having fallen from its previous level of 8.55%, was one of the assets that lost the most weight within the fund.
