BNB has become the largest asset in Grayscale's smart contract fund, surpassing ETH and SOL.
Grayscale Investments conducted its scheduled rebalancing of its multi-asset smart contract fund, and the results for the second quarter of 2026 proved significant: the BNB token took the dominant position for the first time, displacing Ethereum (ETH) and Solana (SOL) from the leading spots. The new portfolio structure takes effect on August 3.
Analyzing the fresh data, I see a clear signal: BNB's share rose to 30.6%, while ETH fell to 29.47% and SOL to 29.15%. In the previous version of the portfolio, which had been in effect since May, ETH led with 30.14%, followed by SOL at 29.69%, with Cardano (ADA) in third place at nearly 18%. Now, the picture has changed dramatically.
To increase BNB's weight, Grayscale had to significantly cut positions in several other assets. The most dramatic reduction hit ADA: its share plummeted from 17.96% to a modest 4.88%. The weights of Hedera (HBAR), Avalanche (AVAX), and Sui (SUI) also noticeably decreased—each of these tokens now holds a share no higher than 2.1%.
What lies behind the shift in power
The Grayscale Smart Contract Platform fund provides investors with access to leading blockchain platforms through a diversified portfolio, where the weight of each asset depends on its market capitalization. For shares with limited circulation, a special cap applies to the maximum weight. The portfolio is reviewed quarterly according to the index methodology, and the current changes reflect not only market trends but also the strategic vision of the managers.
Notably, the rebalancing affected not only the smart contract fund. In decentralized finance (DeFi), the Ondo (ONDO) token increased its share from 19.83% to 25.44%, surpassing Aave (AAVE) and taking second place after Uniswap (UNI), which retained its lead with 34.16%. Meanwhile, in the decentralized AI protocols fund, Near Protocol (NEAR) now leads with 31.35%, followed by Bittensor (TAO) at 29.15%, as well as Render (RENDER) and Filecoin (FIL).
In my view, BNB's rise to the top position is not just a technical adjustment but an important marker of the maturity of the BNB Chain ecosystem. Grayscale, as an institutional giant, is voting with its money for networks that demonstrate real user activity and resilience. Investors should view this signal as confirmation that BNB has ceased to be a "exchange token" and has transformed into a full-fledged smart contract hub capable of competing with Ethereum and Solana on equal footing.