Grayscale Shuffles Its Crypto Bets, Dumping Uniswap as Ondo Jumps to Top Holding

Grayscale just made some aggressive moves across three of its flagship funds, and the shifts tell a story about where big institutional money thinks the market is headed. The DeFi Fund dumped a chunk of Uniswap to pump up Ondo Finance, which now claims 25.44% of the portfolio. That's not a tweak. That's a reweighting.

Smart Contracts Fund Gets a New Anchor

BNB has become the dominant position in the Smart Contract Fund, now sitting at 30.6% of holdings. That's bigger than either Ether or Solana, two names you'd expect to lead any smart contract play. The move signals Grayscale sees more upside in Binance's chain than in the usual suspects. Ethereum trails at a smaller weighting, and Solana sits even further back in the lineup.

AI Tokens Get a Reshuffle

The AI Fund took a different path. Grayscale cut its NEAR Protocol position and moved those proceeds into Bittensor and Render tokens instead. Both play into the artificial intelligence infrastructure bet, but in different lanes. Bittensor runs a distributed machine learning network, while Render focuses on GPU compute for rendering and AI workloads. The sale signals some conviction that these two will outpace NEAR in the AI narrative.

Distribution Month Means Adjustments

Both the DeFi Fund and the Smart Contract Fund are distributing components this quarter to cover ongoing expenses. That's typical for these vehicles, but it also means some positions get trimmed to fund operations. The rebalancing happens as Q2 2026 kicks off, a period when institutional capital often reassesses its positioning for the quarter ahead.

Grayscale's moves matter because the firm manages billions in crypto exposure for investors who might not trade these assets directly. When a fund this size rotates out of a blue-chip token like Uniswap and into something like Ondo, it signals that conviction about DeFi's evolution is shifting. The same goes for elevating BNB above Ethereum in a smart contract fund. These aren't random portfolio tweaks.

This material is informational only and should not be construed as financial advice or investment guidance. Always conduct your own research before making investment decisions.