Grayscale's Smart Contract Fund Swings to BNB in Surprise Rebalance

Grayscale's Smart Contract Fund has undergone a significant rebalance, with Binance's native token (BNB) taking the top spot at approximately 30.6% of the portfolio.

This marks a major shift from previous holdings, with Ethereum and Solana previously dominating the fund. The rebalance, which took effect on August 3, was driven by the CoinDesk Smart Contract Platform Select Capped Index's market-cap-weighted methodology.

BNB's surge to the top has been accompanied by proportional sales of existing holdings, with the fund's total assets under management remaining at approximately $1.56 million and a net asset value per share of $5.04 as of August 5.

The Grayscale Smart Contract Fund is one of several thematic crypto funds that have seen significant changes in recent weeks, with Grayscale actively reshuffling its portfolio to reflect shifts in market capitalization among layer-1 platforms.