Ethena (ENA) rose 4 percent after Grayscale Investments added the synthetic dollar protocol to its Decentralized Finance (DeFi) Fund in a quarterly rebalancing that removed Aerodrome Finance (AERO). The new allocation gives ENA a 13.59 percent weighting within the product.
In an official announcement on May 6, 2026, Grayscale confirmed the portfolio adjustment was made in accordance with the CoinDesk DeFi Select Index methodology. The firm sold its position in AERO and reallocated the proceeds to purchase ENA, establishing it as the fund's fourth-largest holding.
Following the rebalance on May 1, the DeFi fund's largest component remains Uniswap (UNI) at 35.22 percent, followed by Aave (AAVE) at 21.36 percent and Ondo (ONDO) at 19.83 percent. The portfolio is rounded out by Curve (CRV) and Lido DAO (LDO) with weightings of 5.27 percent and 4.73 percent, respectively, according to data from Grayscale.
The inclusion in a major institutional product provides a significant signal for Ethena, whose USDe token has grown rapidly. The move highlights a broader trend of asset managers diversifying into newer DeFi protocols and tokenized real-world assets, evidenced by Ondo Finance's nearly 20 percent share of the fund. Investors watch Grayscale's rebalancing as a barometer for institutional-grade asset selection in the crypto market.
Grayscale also adjusted its Smart Contract Fund, though no new assets were added or removed. The rebalancing saw Ethereum (ETH) regain its top position with a 30.14 percent allocation, narrowly surpassing Solana (SOL) at 29.69 percent.
The shift reverses a trend from the previous quarter where Solana had briefly held the top spot. Other major holdings in the smart contract portfolio include Cardano (ADA) at 17.96 percent, Avalanche (AVAX) at 7.69 percent, and Sui (SUI) at 7.11 percent. The close weighting between Ethereum and Solana continues to be a key data point for investors tracking the competition between leading Layer-1 blockchains.
This article is for informational purposes only and does not constitute investment advice.
