Yuma's new fund lets institutions bet on 128 AI subnets without picking favorites 🧠

Yuma, a Digital Currency Group-backed investment company, launched a fund on Thursday that gives institutional investors diversified exposure to the Bittensor ecosystem, as asset managers expand products tied to decentralized AI. The Yuma Total Market Fund provides exposure to Bittensor's native TAO token and a basket of AI-focused subnets through a single investment vehicle, simplifying access to the broader network without requiring investors to select individual subnet tokens. The fund launched with seed capital from an undisclosed anchor investor.

Bittensor is a decentralized network that supports the development of AI infrastructure and applications through specialized subnets spanning areas such as compute, marketplaces and identity. According to Yuma, the network's 128 subnets represent more than $900 million in combined value. Data from network tracker Taostats puts the combined subnet value closer to $300 million. TAO, the native token of the Bittensor ecosystem, has a market capitalization of nearly $2.4 billion, according to CoinMarketCap.

Institutional interest in Bittensor has grown alongside the network's expanding subnet economy. In April, Grayscale increased TAO's weighting in its Grayscale Decentralized AI Fund to 43% during the fund's quarterly rebalance. TAO's allocation has since fallen to about 20%, with Near Protocol's NEAR now comprising the fund's largest holding at roughly 44%. Asset managers are also seeking to broaden investor access to TAO. Bitwise filed for a TAO Strategy ETF with the US Securities and Exchange Commission in April, while Grayscale submitted an amended registration statement to convert its existing Bittensor Trust into a spot TAO exchange-traded fund that would list on NYSE Arca if approved.

The case for decentralized AI gained renewed attention after the US Commerce Department suspended public access to Anthropic's Fable 5 and Mythos 5 models over national security and export control concerns. Grayscale head of research Zach Pandl said the restrictions underscored the risks of relying on centralized AI providers. The government order limiting access to Anthropic's Fable 5 and Mythos 5 "highlights the risks of centralized control of AI," Pandl said, adding that "we expect demand for decentralized AI, like Bittensor and its TAO token, to rise as investors seek alternatives." The Commerce Department restored access to Mythos 5 on Friday, and Axios reported Saturday that the Trump administration is expected to allow Anthropic to resume public access.