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...