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Grayscale Launches New Five-Token AI Index Fund
Key points
- 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 that combine 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’s 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 exciting opportunities for Grayscale investors since our founding in 2013, and we believe the launch of the Grayscale Decentralized AI Fund provides an opportunity to invest in early-stage decentralized AI,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
The fund focuses on three main categories of decentralized AI assets: protocols that build decentralized AI services, protocols that address centralized AI-related problems, and infrastructure that is critical to the development of AI technology.
As the cryptocurrency market rebounds, the AI narrative takes hold, jumping 24.2% in the last seven days, second to data aggregator DefiLlama. The average growth of AI tokens has outpaced Bitcoin and Ethereum by more than 10% and Solana by 9%.
In particular, AI is currently a strong narrative overall, with Nvidia stock hitting an all-time high on June 14. Additionally, AI-related startups have set a record in fundraising during the first half of 2024 after capturing $33 billion from the funds.
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