Grayscale Investments, the world’s largest digital asset investment manager, has rebalanced three of its crypto-focused funds as part of its third-quarter 2025 portfolio review, introducing new assets to its DeFi and AI funds while maintaining broad exposure across major blockchain networks.
DeFi Fund Adds Aerodrome, Drops MakerDAO
Grayscale’s Decentralized Finance (DeFi) Fund (OTCQB: DEFG) underwent the most notable adjustment, removing MakerDAO (MKR) and adding Aerodrome Finance (AERO) in line with the CoinDesk DeFi Select Index methodology. The changes took effect at the close of trading on Oct. 3.
Following the rebalance, the DeFi Fund’s six-component portfolio includes Uniswap (UNI) at 32.32%, Aave (AAVE) at 28.07%, Ondo (ONDO) at 19.07%, Lido (LDO) at 7.02%, Curve (CRV) at 6.92%, and Aerodrome Finance (AERO) at 6.60%.
Grayscale said the adjustments reflect the index’s methodology, which periodically updates its composition to better represent the decentralized finance market. The DeFi Fund, launched to track emerging DeFi protocols, continues to distribute components periodically to cover fund expenses.
Smart Contract Fund Retains Core Holdings
The Grayscale Smart Contract Platform Fund (GSC Fund) kept its existing assets but modified their weightings. The portfolio’s top holdings remain Solana (SOL) at 30.97% and Ether (ETH) at 30.32%, followed by Cardano (ADA) at 18.29%, Avalanche (AVAX) at 7.57%, Sui (SUI) at 7.35%, and Hedera (HBAR) at 5.50%. These updates align with the CoinDesk Smart Contract Platform Select Capped Index, which seeks to balance exposure among major blockchain networks competing for decentralized application development.
AI Fund Adds Story Token to Portfolio
Grayscale’s Decentralized AI Fund (AI Fund) added Story (IP) to its holdings, marking a diversification into decentralized artificial intelligence infrastructure projects. The addition came through a proportional rebalance of existing assets, consistent with the fund’s index methodology.
As of Oct. 3, the AI Fund’s updated portfolio consists of NEAR Protocol (NEAR) at 25.81%, Bittensor (TAO) at 22.15%, Story (IP) at 21.53%, Render (RENDER) at 12.91%, Filecoin (FIL) at 11.39%, and The Graph (GRT) at 6.21%. Grayscale noted that none of the funds generate income and each periodically distributes underlying assets to pay for operational costs, leading to a gradual decline in the number of components represented per share.
