Grayscale Adds Ondo, Hedera to Funds as Bitcoin Dominance Rises to 64.1%

Grayscale Investments, a prominent global crypto asset manager, has made significant adjustments to its major fund lineup in the second quarter of 2025. The firm added Ondo (ONDO) to its DeFi Fund (DEFG) while removing Polkadot (DOT) from its Smart Contract Fund (GSC). Additionally, Grayscale increased its holdings in Cardano (ADA) and introduced Hedera (HBAR) to its portfolio for the first time.

These strategic moves by Grayscale come at a time when Bitcoin's dominance in the market is on the rise, currently standing at around 64.1%. Ethereum, the largest altcoin, accounts for 9.4% of the market share. The global digital assets market has seen a marginal increase, reaching $3.38 trillion.

Grayscale's decision to include ONDO in its DeFi Fund is a significant endorsement of the token's potential. ONDO now constitutes over 18% of the DeFi fund, joining other major holdings such as Uniswap (UNI) at 34.01% and Aave (AAVE) at 30.74%. The DEFG also includes Maker, Curve, and Lido. This move indicates that Grayscale is bullish on ONDO's tokenized treasury offerings and its narrative around real-world assets.

In the Smart Contract Fund, Grayscale retired Polkadot and added Hedera, with HBAR now holding 5.8% of the fund's weight. Ethereum (ETH) and Solana (SOL) remain the top holdings with 30% and 29% respectively. Cardano's share has also increased, now standing as the third-largest position with 18.5% weightage. This shift suggests that Grayscale is optimistic about the future of these smart contract platforms.

Grayscale's Bitcoin fund, under the ticker GBTC, has experienced a significant outflow, losing $23.34 billion since its launch. Despite this, the fund still holds $20.03 billion worth of BTC. The investment firm also manages the Ethereum Trust (ETHE) and Ethereum Mini Trust (ETH), which recorded inflows of $7.78 million and $9.35 million respectively in the last trading session. ETHE has seen a net outflow of $4.29 billion since its listing, while ETH has posted an inflow of $759 billion.

Grayscale's strategic reshuffling of its funds reflects a broader trend in the crypto market, where investors are increasingly diversifying their portfolios to include a mix of established and emerging digital assets. The firm's moves indicate a strong belief in the potential of ONDO, HBAR, and Cardano, positioning them for future growth in the rapidly evolving digital asset landscape.