Grayscale’s Smart Contract Fund Puts BNB at 30.6%
Grayscale allocated 30.6% of its Smart Contract Fund to BNB, ahead of Ether (29.47%) and Solana (29.15%) after its Q2 rebalancing completed Aug. 3.
Grayscale Investments completed its second-quarter review on Aug. 3 and reweighted the Smart Contract Fund to give BNB a 30.6% allocation. Ether and Solana held 29.47% and 29.15%, respectively.
The firm funded the BNB purchase by selling portions of the fund’s existing holdings. Remaining allocations were divided among Cardano, Hedera, Avalanche and Sui, each representing under 5% of the portfolio. BNB is now the largest single position in the product, which provides exposure to major smart contract platforms.
In the Decentralized Finance Fund, Grayscale reduced its Uniswap (UNI) stake but left UNI as the largest asset at 34.16%. Ondo accounted for 25.44%, Aave for 19.97% and Ethena for 12.19%, with Curve and Lido DAO the smallest positions. Proceeds from the UNI sales were redirected into the fund’s other holdings to align with target allocations.
The Decentralized AI Fund saw a partial sale of NEAR Protocol, with proceeds deployed into the fund’s existing assets. NEAR remained the largest position at 31.35%, Bittensor held 29.15%, Render 21.59% and Filecoin 17.91%.
Grayscale noted that its DeFi and Smart Contract funds do not generate income and periodically sell or distribute portions of their holdings to cover operating expenses. As a result, the amount of crypto represented by each share can decline over time when such sales occur.
The firm said it will revisit allocations in its next quarterly review, scheduled for Q3 2026.
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