Grayscale Rebalances DeFi, Smart Contract, and AI Funds for Q2 2026

TLDR:

• Grayscale rebalanced its DeFi Fund, selling Uniswap and boosting Ondo to a 25.44% weighting.
• The Smart Contract Fund now holds BNB at 30.6%, surpassing both Ether and Solana positions.
• Grayscale’s AI Fund sold NEAR Protocol shares, redirecting proceeds into Bittensor and Render tokens.
• Both DEFG and GSC Funds distribute components to cover expenses, reducing per-share holdings over time.

Grayscale Investments has completed its second-quarter 2026 rebalancing across three multi-asset funds, adjusting component weightings for the DeFi Fund, Smart Contract Fund, and Decentralized AI Fund.

The Stamford, Connecticut-based firm confirmed the changes align with respective index methodologies.

Grayscale describes itself as the largest digital asset-focused investment platform by assets under management.

DEFG Fund and GSC Fund See Notable Shifts

Grayscale adjusted the Decentralized Finance Fund by selling Uniswap holdings entirely from its active purchase basket.

The proceeds were redirected toward other existing components based on their proportional weightings. Following the update, Uniswap remained the largest holding at 34.16%, trailed by Ondo at 25.44%.

Aave, Ethena, Curve, and Lido DAO rounded out the remaining allocation, each holding smaller shares.

The Smart Contract Fund underwent a different type of adjustment during the same review period. Grayscale sold portions of existing components proportionally and used the cash to buy BNB.

This move pushed BNB to the top position at 30.6% of the fund. Ether followed closely at 29.47%, with Solana nearly matching that figure at 29.15%.

Smaller allocations within the Smart Contract Fund included Cardano, Hedera, Avalanche, and Sui. These four assets combined represented less than 11% of total fund weighting.

The structure reflects the CoinDesk Smart Contract Platform Select Capped Index methodology that governs the fund. Grayscale reviews these compositions quarterly to reflect market conditions.

Both funds operate without generating income for shareholders, according to the announcement. Instead, they regularly distribute fund components to cover ongoing operational expenses.

This distribution process means the number of underlying assets represented by each share gradually declines. Investors should factor this expense structure into long-term holding decisions.

AI Fund Rebalancing Reflects Sector Focus

Grayscale’s Decentralized AI Fund also received quarterly adjustments following its own dedicated methodology.

The firm sold NEAR Protocol holdings and reinvested the proceeds across remaining fund components. Despite the sale, NEAR Protocol still led the fund with a 31.35% weighting after the transaction settled.

Bittensor claimed the second-largest position within the AI Fund at 29.15%. Render followed with a 21.59% allocation, while Filecoin rounded out the basket at 17.91%. These four assets now form the complete composition of Grayscale’s AI-focused investment vehicle.

Unlike the DeFi and Smart Contract funds, the AI Fund follows a methodology set directly by Grayscale as fund manager.

This structure allows the company flexibility in selecting or removing components each quarter. Holdings and weightings remain subject to change based on ongoing evaluation.

All weighting figures reflect end-of-day valuations recorded on August 3, 2026. Grayscale emphasized that investors cannot directly invest in the underlying indexes referenced. The company directed interested parties toward its official website for additional fund details.

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