According to Grayscale Investments' official news release for the 2026 Q1 fund rebalancing, its decentralized finance fund (DEFG) has fully removed Aerodrome Finance (AERO) and first added Ethena (ENA) with an initial weighting of 13.59%.
DEFG Fund Adjustment: AERO Completely Removed, ENA First Included
According to Grayscale’s official announcement, this adjustment is carried out by selling AERO and other existing components proportionally to provide funding for the acquisition of ENA. Before AERO was fully removed, it held 5.36% of the fund’s weighting, having been selected at the time of the 2025 Q3 rebalancing, when it replaced MakerDAO (MKR).
Grayscale said in its official statement: “The composition of the constituent shares of the DEFG and GSC funds is evaluated on a quarterly basis in accordance with the index construction methodology established by the index provider, excluding existing fund constituent shares or adding new fund constituent shares. The holdings and weightings of each fund may change.”
DEFG Fund 2026 Q1 Latest Constituent Weightings
According to Grayscale’s official news release, the DEFG fund’s major adjusted constituent holdings and weightings for 2026 Q1 are as follows:
Uniswap (UNI): 42.67% → 35.22% (the largest decline, still the largest single holding)
AAVE (AAVE): 26.23% → 21.36%
Ondo (ONDO): 14.10% → 19.83% (the largest increase, rising to the third-largest position)
Ethena (ENA): Newly added, 13.59% (first included)
Aerodrome Finance (AERO): 5.36% → Fully removed
GSC Fund: ETH Retakes the Top Holding, SOL Drops to Second
According to Grayscale’s official news release, following the 2026 Q1 adjustment, ETH surpassed SOL with a weighting of 30.14% versus SOL’s 29.69%, reclaiming the top holding position in the GSC fund. Previously, in January 2026, SOL led at 29.55% while ETH was 29.00%; ETH’s weighting increased by about 1.14 percentage points this quarter.
Regarding other changes in GSC constituent stocks, Cardano (ADA) edged down from 18.55% to 17.96%; Sui (SUI) fell from 8.55% to 7.11%, the largest decline among this quarter’s GSC constituents.
FAQ
Why did Grayscale remove AERO and add ENA?
According to Grayscale’s official news release, the DEFG fund’s constituent shares are adjusted on a quarterly basis according to the index construction methodology set by the index provider. The announcement does not provide specific reasons for removing AERO, only stating that the adjustment is carried out according to the established methodology and that funding for the acquisition of ENA is provided by selling AERO and other existing components proportionally.
What is ENA’s initial weighting in Grayscale’s DEFG fund?
According to Grayscale’s official Q1 2026 rebalancing announcement, ENA was first included in the DEFG fund with an initial weighting of 13.59%, and the acquisition funding comes from the proportional sale of AERO and other existing constituent shares.
What are the latest weightings of ETH and SOL in Grayscale’s GSC fund?
According to Grayscale’s official announcement for the first quarter of 2026, ETH currently has a weighting of 30.14% in the GSC fund, while SOL is 29.69%. In the prior quarter (January 2026), SOL led at 29.55% and ETH was 29.00%.
