Grayscale Adds Ethena to DeFi Fund, Drops Aerodrome in Q1 Rebalance
The index-based reshuffle updates investor exposure to DeFi tokens under a rules-driven schedule.
Overview
- Grayscale's DeFi Fund replaced Aerodrome Finance with Ethena following the May 1 reweighting under its quarterly review.
- Ethena debuted at a 13.59% share, ranking fourth behind Uniswap at 35.22%, Aave at 21.36%, and Ondo at 19.83%.
- The Smart Contract Fund kept its roster and now holds Ether at 30.14%, Solana at 29.69%, and Cardano at 17.96%.
- A separate release of 171.88 million ENA tokens reported this week drew extra attention to the asset, independent of Grayscale’s rebalance.
- Neither fund generates income, so Grayscale periodically distributes components to pay expenses, which reduces the crypto represented by each share over time.