BNB Surges Past Ethereum and Solana in Grayscale's Smart Contract Fund

Grayscale Investments has made significant changes to its Smart Contract Fund, affecting the weightings of several major smart contract platforms. In the second-quarter rebalance, effective August 3, BNB (BNB) took the top spot with a 30.6% weighting, pushing Ethereum (ETH) and Solana (SOL) out of the top position. Grayscale trimmed existing holdings to fund this new position.

The Smart Contract Fund aims to provide exposure to major smart contract platforms through a market capitalization-weighted portfolio subject to a weightings cap. The Q2 review saw BNB enter at 30.6%, edging ETH to 29.47% and SOL to 29.15%. Cardano (ADA) absorbed the sharpest cut, with its weighting falling from 17.96% in May to 4.88% in August.

Grayscale also reshaped the Decentralized Finance (DeFi) Fund, with Ondo (ONDO) climbing from 19.83% to 25.44%, lifting it past Aave (AAVE) into the second-largest position. In the Smart Contract Fund rebalance, Grayscale sold Uniswap (UNI), yet the token held the top spot at 34.16%. The firm spread the proceeds across the funds other components.