Crypto
Grayscale Smart Contract Fund: BNB Leads With 30.6% Share
Grayscale's latest fund rebalance made BNB the largest asset in its Smart Contract Fund, ahead of ETH and SOL, updating its DeFi and AI portfolios.
13h ago 4,280
BLOCKINSIDERLoadingGrayscale's latest fund rebalance made BNB the largest asset in its Smart Contract Fund, ahead of ETH and SOL, updating its DeFi and AI portfolios.
Grayscale Investments has made a major change in its crypto investment strategy. As per its latest portfolio update, BNB now holds the largest allocation in the Grayscale Smart Contract Fund for the first time. The move pushed Ethereum and Solana down to the second and third place respectively.
The move also highlights growing institutional confidence in the BNB Chain ecosystem as rising contender among Layer-1 blockchains.
Grayscale Investments announced the results of its second-quarter portfolio review across several crypto investment funds.
The biggest change came in the Grayscale Smart Contract Fund, where BNB was added with a 30.6% allocation, making it the fund's largest holding. Ethereum now accounts for 29.47%, while Solana holds 29.15%.
Grayscale’s Smart Contract Fund gives investors exposure to smart contract blockchains including Ethereum and Solana. The institutional giant’s website describes the fund as a market-cap-weighted portfolio tracking the CoinDesk Smart Contract Platform Select Ex ETH Index (SPCPX).
To make room for BNB, Grayscale reduced the weight of its existing holdings instead of adding new capital. The updated portfolio now includes:
The rebalance follows the methodology of the CoinDesk Smart Contract Platform Select Capped Index, which Grayscale uses to manage the fund.
While BNB gained a leading position, several other smart contract networks saw their allocations reduced.
Cardano, which previously held a much larger share of the portfolio, now represents less than 5% of the fund. Avalanche, Hedera, and Sui also received smaller allocations after Grayscale sold part of their holdings to finance the new BNB position.
Although Grayscale did not explain why BNB received the largest allocation, the decision comes as the BNB Chain continues expanding its ecosystem with higher on-chain activity, growing institutional interest, and increasing tokenized asset projects.
The rebalance suggests Grayscale sees BNB as one of the strongest smart contract platforms alongside Ethereum and Solana.
The Smart Contract Fund was not the only portfolio that was restructerd. In its Decentralized Finance (DeFi) Fund, Grayscale reduced its Uniswap (UNI) holdings and redistributed the proceeds across the remaining assets.
Even after the adjustment, Uniswap remained the fund's largest holding at 34.16%.
The updated DeFi Fund includes Uniswap with 34.16%, Ondo with 25.44%, Aave with 19.97%, Ethena with 12.19%, Curve with 4.42%, and Lido DAO with 3.82%. The changes increased Ondo’s portfolio weight, reflecting growing institutional interest in tokenized real-world assets.
Grayscale also updated its Decentralized AI Fund by reducing its NEAR Protocol allocation and redistributing the proceeds among the remaining assets.
Despite the sale, NEAR remained the fund's largest holding at 31.35%, followed by Bittensor (29.15%), Render (21.59%), and Filecoin (17.91%).
Grayscale's recent rebalance is another sign that institutional investors are paying closer attention to the BNB Chain ecosystem.
Grayscale adjusts its portfolios using index methodologies designed to reflect changes across the digital asset market. Becoming the largest holding in the Smart Contract Fund could increase BNB's visibility among institutional investors looking for diversified crypto exposure.
The move also comes as BNB Chain continues expanding beyond decentralized trading into areas such as real-world asset tokenization, stablecoins, payments, and enterprise blockchain applications.
Although Ethereum remains the largest smart contract network by total value locked and developer activity, Grayscale's latest allocation shows that institutions are increasingly increasing exposure across multiple blockchain ecosystems rather than relying on a single network.
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