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UNI Gray Investment includes BNB in smart contract funds, surpassing Ethereum and Solana
Gray Investment included BNB in its smart contract funds in the second quarter review. As of August 3, the token's weight in the portfolio exceeded Ethereum and Solana.
Summary
BNB entered the grayscale smart contract fund, accounting for 30.6% of the weight, surpassing Ethereum and Solana. Ethereum holds 29.47%, and Solana holds 29.15%, which is the result of Gray's second-quarter rebalancing on August 3. Uniswap remains the largest position in Grayscale DeFi funds, accounting for 34.16%, although the fund has reduced its exposure to UNI. NEAR leads the way among AI funds, accounting for 31.35%, even though Gray sold some positions. These funds are rebalanced quarterly based on index methodology, and weights announced after August 3 may change.
According to documents released on August 5, the U.S. asset management company allocated a weighting of 30.6% to BNB, compared with 29.47% for Ethereum and 29.15% for Solana. This change made BNB the largest holding component immediately after joining. However, this rebalancing follows the CoinDesk smart contract platform select cap index methodology. Gray did not describe the move as a subjective prediction that BNB would outperform Ethereum or Solana.
BNB becomes the largest position in the fund
In order to join BNB, Gray sold the existing components of the fund in proportion and used the proceeds to purchase the token. The remaining configurations are: Cardano 4.88%, Hedera 2.08%, Avalanche 1.92%, Sui 1.9%.
This change is larger than the review in the first quarter. As of May 1, the fund held 30.14%, Solana 29.69%, Cardano 17.96%, Avalanche 7.69%, Hedera 7.41%, Sui 7.11%. BNB was not in the basket at the time. After its addition, the weights of Ethereum and Solana were close to previous levels, while the weights of smaller positions were significantly reduced. As previously reported in fund rebalancing reports, Ethereum and Solana led smart contract funds after the May review, with Cardano being the third largest position at the time, and BNB entered the basket.
Index rules are more important than directional judgments
Smart contract funds track an index that is weighted based on market capitalization and has a single position cap. Eligible assets must meet the index provider's trading and custody requirements and fall within its smart contract platform classification. Grayscale represents that component weights change daily and are announced around 4 p.m. New York time. Therefore, the 30.6% BNB allocation is a point-in-time portfolio snapshot rather than a fixed target. Funds are reviewed quarterly, and price changes may change weights between formal reviews. Investors cannot directly invest in the underlying index.
This product is different from exchange-traded funds. Gray indicates secondary market quotations that are interested in seeking GSC shares, but there is uncertainty about approval. Gray warned that there was "no guarantee" that these shares would be approved by secondary market quotes. The manager also stated that the product was not registered under the Investment Company Act of 1940. As a result, investors may face different protection and liquidity conditions than registered mutual funds.
After Grayscale's reduction, UNI and NEAR remained the leaders.
Grayscale also sold some of its Uniswap positions in DeFi funds and allocated the proceeds to existing components in a pro rata manner. Uniswap still ranks first with 34.16%, followed by Ondo with 25.44%, Aave with 19.97%, Ethena with 12.19%, Curve with 4.42%, and Lido DAO with 3.82%. In the basket in the previous quarter, Uniswap accounted for 35.22%, and Ondo accounted for 19.83%. As a result, the latest weighting shows a slight decrease in UNI, while an increase in ONDO share. The first quarter review removed Aerodrome Finance and joined Ethena.
A similar pattern appears in decentralized AI funds. Gray sold NEAR and used the proceeds proportionately to purchase the remaining ingredients, but NEAR still remained the largest with a weight of 31.35%. Bittensor followed closely with 29.15%, Render with 21.59%, and Filecoin with 17.91%. The sale should not be interpreted as a complete exit from NEAR. The configuration announced by Gray confirmed that the token still accounted for nearly one-third of the portfolio after the transaction. In related NEAR ETF application reports, Gray is also seeking to launch an independent U.S. product that directly holds NEAR, but the registration is still pending regulatory review.
The inclusion of BNB helps grayscale American product layout
The rebalancing of the fund comes as Gradium is also seeking approval of a spot BNB ETF. A June 3 filing with the U.S. Securities and Exchange Commission showed that the proposed Nasdaq code is GBNB. The registration statement is still in preliminary form and states that shares cannot be sold before it takes effect. According to previous reports, the revised document lists BitGo as the custodian and Bank of New York Mellon as the manager and transfer agent. The document did not state the management fee, nor did it confirm whether pledge would be used. The allocation of smart contract funds is a different product from the proposed ETF. The inclusion of BNB in a multi-asset fund does not mean that the U.S. Securities and Exchange Commission approves a separate GBNB registration application.
What investors should focus on next
Gray will continue to adjust DeFi and smart contract funds based on their respective index methodologies. The next formal review is expected after the next quarter, but daily market fluctuations may change the announced weights before the review. Gray scale indicates that all components and configurations may change. Investors should also consider fund fees. Gray said that DeFi and smart contract funds do not generate revenue and regularly allocate cryptocurrency components to cover ongoing costs. As a result, the number of each asset represented by fund shares will gradually decrease over time. The latest rebalancing gives BNB lead weight, but this does not guarantee higher returns. Future adjustments will depend on asset prices, index eligibility, custody conditions and planned reviews. Gray did not release verified market reaction data in the announcement, so it is impossible to determine traders 'valuation of the news based on portfolio changes alone.
