Grayscale Changes DeFi Fund To Drop Bancor (BNT) And UMA

Major digital asset manager Grayscale has rebalanced the DeFi fund for the second time since its inception in July 2021.


Changes to the DeFi Fund

A January 3 announcement detailed the changes Grayscale has made to its two funds. AMP, the native collateral token of the Flexa payment network, has been added to the fund. Bancor’s (BNT) and Universal Market Access (UMA) have been removed from the fund.

Flexa uses the AMP token to collateralize crypto payments. The payment network charges them in fiat to recipients, making it easy for merchants to accept crypto.

However, the company has not changed The Grayscale Digital Large Cap Fund (GDLC) token list.


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Substantial increases for Grayscale

Grayscale’s DeFi Fund now consists of nine different crypto assets from the DeFi ecosystem. Uniswap (UNI) has the highest weighting in the fund at 42.33%, while the newly added AMP is at 7.39%. The changes in the fund mirror those in CoinDesk’s DeFi Index (DFX).

Currently, the DeFi Fund has a share price of $5.56. This means a gain of 11.2% since the opening price of $5 on July 14. The fund has $11.6 million in assets under management and 2.08 million shares outstanding.

Grayscale is best known for its Grayscale Bitcoin Trust which currently has $30.1 billion in assets under management. The shares are trading at $34.27. This is a 23% increase since July 14 and a 59.16% increase over the past 12 months.

Both the Grayscale DeFi Fund and its Bitcoin Trust have outperformed the DeFi Pulse Index (DPI), the largest retail DeFi index by market capitalization, since July 14. While DPI has higher trading volume, it is down 2% over the same period.

Grayscale had the largest increase in Bitcoin holdings among spot Bitcoin ETFs and corporations by 2021 adding 645,199 Bitcoin at the end of the year. This is 71% of the spot ETF and corporation markets BTC holdings.

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