Grayscale Grabs BNB, Dethroning Ethereum and Solana
Grayscale Investments has made significant changes to its Smart Contract Fund by adding Binance's native token, BNB. The fund now holds 30.6% of its assets in BNB, surpassing Ethereum and Solana, which hold 29.47% and 29.15%, respectively.
The decision to increase BNB's allocation was likely due to the rapid growth of the Binance Chain, which has seen an influx of tokenized assets, decentralized finance (DeFi) activity, and enterprise blockchain adoption. Market data shows that BNB Chain has recorded over $80 million in tokenized ETF-related growth.
Grayscale made this change by selling portions of its existing holdings and using the proceeds to add BNB. The asset manager also updated two other investment products, including its DeFi Fund and Decentralized AI Fund.