Want exposure to decentralized AI without picking individual tokens? Yuma, an investment firm backed by Digital Currency Group, launched a fund that bundles Bittensor’s TAO token and a basket of AI-focused subnets into a single vehicle.
The Yuma Total Market Fund gives institutional investors a simpler way to get broad exposure to the Bittensor ecosystem. It launched with seed capital from an undisclosed anchor investor.
Bittensor runs specialized subnets spanning compute, marketplaces, and identity. The network’s 128 subnets represent a combined value that Yuma puts at over $900 million, though tracker Taostats shows closer to $300 million. TAO itself has a market cap of nearly $2.4 billion.
The timing isn’t accidental. The US Commerce Department recently suspended public access to Anthropic’s Fable 5 and Mythos 5 models over national security concerns, renewing interest in decentralized AI alternatives. Grayscale increased TAO’s weighting in its Decentralized AI Fund to 43% in April, though it’s since fallen to about 20%.
Other asset managers are moving too. Bitwise filed for a TAO Strategy ETF with the SEC in April, and Grayscale submitted paperwork to convert its Bittensor Trust into a spot ETF on NYSE Arca.
The Commerce Department restored access to Mythos 5 on Friday, and reports suggest Fable 5 could get approval as soon as next week.
