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UNI TLDR: The quarterly adjustments of the three major funds of Gray have been completed
DEFG funds and GSC funds have been significantly adjusted, and AI funds have adjusted positions to focus on the track.
Gray has adjusted its DeFi fund, sold Uniswap, and increased Ondo's weight to 25.44%.
Smart contract funds currently hold BNB, accounting for 30.6%, exceeding the positions held by Ethereum and Solana.
Gray's AI funds sold shares of NEAR Protocol and transferred funds to Bittensor and Render tokens.
Both DEFG and GSC funds pay operating expenses by allocating constituent funds, resulting in a decrease in positions per share over time.
Gray Investment Company has completed its adjustments to three multi-asset funds in the second quarter of 2026, involving component weight adjustments for DeFi funds, smart contract funds and decentralized AI funds. The Stamford, Connecticut-based company confirmed that the adjustment is consistent with the funds 'index compilation methodology. Gray claims to be the largest digital asset investment platform with assets under management.
DEFG Funds and GSC Funds Show Significant Adjustment
Gray adjusted its decentralized financial funds and sold all Uniswap positions in its active buying basket. The proceeds are reallocated proportionately to other existing constituent funds. After adjustment, Uniswap still ranks as the largest position with 34.16%, followed by Ondo with 25.44%. Aave, Ethena, Curve and Lido DAO make up the remaining configuration, each accounting for a small share.
Smart contract funds made different types of adjustments during the same adjustment period. Gray sold some of its existing constituent funds on a pro rata basis and used the proceeds to buy BNB. This move made BNB jump to the top spot in the fund, accounting for 30.6%. Ethereum followed closely, accounting for 29.47%, while Solana's share was almost flat at 29.15%. Smaller allocations in smart contract funds include Cardano, Hedera, Avalanche and Sui. The combined proportion of these four assets is less than 11% of the total weight of the fund. The structure reflects the method used by CoinDesk smart contract platform that manages the fund to select cap indices. Gray reviews these combinations quarterly to reflect market conditions.
According to the announcement, neither fund generates shareholder income. Instead, they regularly allocate fund components to cover ongoing operating expenses. This allocation process means that the number of underlying assets represented by each share will gradually decrease. Investors should consider this fee structure in long-term holding decisions.
AI fund adjustment reflects track focus
Gray's decentralized AI funds have also been adjusted quarterly according to their exclusive methods. The company sold its NEAR Protocol position and reinvested the proceeds in the remaining fund components. Despite the sale, NEAR Protocol led the fund with a weight of 31.35% after the transaction closed. Bittensor holds the second largest position in AI funds, accounting for 29.15%. Render followed closely with 21.59%, while Filecoin made up the rest of the portfolio with 17.91%. These four assets have now become the entire composition of grayscale AI-themed investment tools.
Unlike DeFi funds and smart contract funds, AI funds follow a method directly set by Gray as the fund manager. This structure gives the company flexibility in selecting or eliminating constituent funds each quarter. Positions and weights will change based on the results of ongoing evaluation. All weighting data are based on the current day's closing valuation recorded on August 3, 2026. Gray emphasizes that investors cannot directly invest in the quoted underlying index.
