Grayscale adds ENA and removes AERO in Q1 fund rebalance

Grayscale completed its Q1 2026 rebalances: it removed Aerodrome Finance (AERO) from the DeFi Fund and added Ethena (ENA), which entered as the fund’s fourth-largest holding at 13.59%. Uniswap (35.22%) and Aave (21.36%) remain the DeFi Fund’s largest positions. The Smart Contract Fund saw no additions or removals, with Ether (30.14%) and Solana (29.69%) the top weights and Cardano third (17.96%). The DeFi Fund’s shift increases exposure to DEXs, lending, tokenized assets and synthetic-dollar infrastructure, potentially boosting institutional demand for ENA after Grayscale bought ENA with proceeds from AERO sales. Market-watchers may also track ENA’s upcoming token unlock (171.88M tokens, ~$17.28M), which could affect supply dynamics. Overall the changes are a tactical index-driven rebalance and represent neutral-to-moderately positive institutional demand for ENA while leaving broader smart-contract exposure intact.