Yuma Launches Bittensor Total Market Fund Offering Institutional Exposure to TAO and AI Subnets

Yuma, an investment company backed by Digital Currency Group, has launched a new fund designed to give institutional investors diversified exposure to the Bittensor ecosystem as asset managers expand products tied to decentralized artificial intelligence. According to Cointelegraph, the Yuma Total Market Fund offers exposure to Bittensor’s native TAO token alongside a basket of AI-focused subnets through a single investment vehicle, aiming to simplify access without requiring investors to choose individual subnet tokens. The fund launched with seed capital from an undisclosed anchor investor.

Bittensor is a decentralized network that supports AI infrastructure and applications through specialized subnets spanning areas such as compute, marketplaces, and identity. Yuma said the network’s 128 subnets represent more than $900 million in combined value, though network tracker Taostats places the combined subnet value closer to $300 million. Institutional interest has increased alongside the subnet economy’s growth. In April, Grayscale raised TAO’s weighting in its Grayscale Decentralized AI Fund to 43% during a quarterly rebalance, though TAO’s allocation has since declined to about 20% while Near Protocol’s NEAR became the fund’s largest holding at roughly 44%. Asset managers have also pursued additional routes for investor access: Bitwise filed for a TAO Strategy ETF with the US Securities and Exchange Commission in April, and Grayscale submitted an amended registration statement to convert its Bittensor Trust into a spot TAO exchange-traded fund that would list on NYSE Arca if approved. Separately, attention on decentralized AI intensified 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 move highlighted risks tied to centralized AI providers and added that demand for decentralized AI such as Bittensor and TAO could rise as investors seek alternatives. The restrictions appear to be easing: the Commerce Department restored access to Mythos 5 on Friday, and Axios reported Saturday that the Trump administration under U.S. President Donald Trump is expected to allow Anthropic to resume public access to Fable 5 as soon as next week.