Grayscale launches new fund indexed to five AI tokens
Fund targets protocols building AI services, solutions to centralized AI problems, and critical infrastructure for AI development.
Key Takeaways
- Grayscale's new fund includes five Decentralized AI crypto protocols with quarterly rebalancing.
- The fund focuses on AI services, solutions to centralized AI problems, and critical AI infrastructure.
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Grayscale Investments has launched the Grayscale Decentralized AI Fund LLC to expose investors to protocols combining artificial intelligence (AI) and decentralization. The fund includes a basket of five AI-related tokens: Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
As of July 16, 2024, the fund components and weightings were: Near (NEAR) at 32.99%, Filecoin (FIL) at 30.59%, Render (RNDR) at 24.86%, Livepeer (LPT) at 8.64%, and Bittensor (TAO) at 2.92%.
“The rise of disruptive technologies has created compelling opportunities for Grayscale’s investors since our 2013 inception, and we believe the launch of the Grayscale Decentralized AI Fund provides an opportunity to invest in Decentralized AI at its earliest phase,” stated Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research.
The fund focuses on three primary categories of Decentralized AI assets: protocols building decentralized AI services, protocols addressing centralized AI-related problems, and infrastructure critical to AI technology development.
As the crypto market rebounds, the AI narrative picks up steam, leaping 24.2% over the past seven days, according to data aggregator DefiLlama. The average growth of AI tokens outshined Bitcoin and Ethereum by more than 10%, and Solana by 9%.
Notably, AI is currently a strong narrative as a whole, with Nvidia shares hitting an all-time high in price on June 14th. Additionally, AI-related startups broke a record in fundraising during 2024’s first semester after capturing $33 billion from funds.
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