Grayscale’s Smart Contract Fund ranks BNB as top holding at 31%

BNB just did something it’s never done before in Grayscale’s Smart Contract Fund: it claimed the top spot. After the fund’s Q2 2026 rebalance, effective August 3, Binance’s native token now accounts for roughly 30.6% of the portfolio, edging out Ethereum at 29.5% and Solana at 29.2%.

BNB wasn’t even in the fund before this rebalance. Going from zero allocation to the single largest holding in one quarterly adjustment is the kind of move that makes you do a double take.

How the rebalance shook out

The Grayscale Smart Contract Fund, known as the GSC Fund, tracks the CoinDesk Smart Contract Platform Select Capped Index. That index uses a market-cap-weighted methodology, which means the rebalance isn’t Grayscale’s portfolio managers picking favorites. It’s math following the market.

The top three holdings are now remarkably close. BNB leads at 30.6%, ETH sits at 29.5%, and SOL rounds out the trio at 29.2%. The remaining allocation is spread across four other assets, making seven distinct holdings total in the fund.

To make room for BNB, Grayscale conducted proportional sales of existing holdings. The fund itself has total assets under management of approximately $1.56 million and a net asset value per share of $5.04 as of August 5. The expense ratio sits at 2.50%.

Context: Grayscale’s broader portfolio moves

The BNB addition didn’t happen in isolation. Grayscale has been actively reshuffling several of its thematic crypto funds simultaneously. The firm trimmed its Uniswap (UNI) holdings in its Decentralized Finance Fund. It also removed Near Protocol’s NEAR entirely from its Decentralized AI Fund.

The GSC Fund has been around since March 16, 2022. For most of its existence, Ethereum and Solana have dominated the portfolio. The fact that BNB has now surpassed both in allocation reflects shifts in relative market capitalization among layer-1 platforms as captured by the CoinDesk Smart Contract Platform Select Capped Index.

What this means for investors

At roughly $1.56 million in AUM, the GSC Fund is a minnow compared to Grayscale’s flagship Bitcoin and Ethereum products. The near-equal weighting among the top three holdings, with less than two percentage points separating first from third, also suggests this ranking could easily flip again at the next quarterly rebalance.

The 2.50% expense ratio remains a consideration for anyone evaluating the fund as an investment vehicle. In a world where Bitcoin ETFs now charge a fraction of that, paying 250 basis points for exposure to a basket of smart contract tokens is a meaningful drag on returns that compounds over time.

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