Bitrabo Editorial
Grayscale, a leading Bitcoin ETF issuer and crypto asset manager, has launched the Decentralized AI Fund to tap into the potential of decentralized artificial intelligence (AI). The fund aims to expose investors to AI protocols within the crypto ecosystem and is rebalanced quarterly. Currently, it includes Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
Overview of Grayscale’s Latest Fund
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, is optimistic about the new AI fund. They believe it offers investors early-stage investment opportunities in decentralized AI by aligning with key principles of decentralization, accessibility, and transparency.
The fund is structured to include three main categories of decentralized AI assets: protocols building AI services, solutions to centralized AI issues, and infrastructure resources vital for AI technology development.
As of July 16, 2024, the fund’s component assets and their weightings are Bittensor at 2.92%, Filecoin at 30.59%, Livepeer at 8.64%, Near at 32.99%, and Render at 24.86%.
Impact on Market Prices
Following the announcement, the native tokens of the protocols experienced price movements. Notably, Bittensor’s TAO token surged by 9%, reaching $323, continuing its uptrend. Filecoin’s FIL token increased by nearly 8% to $4.76, trading significantly below its all-time high.
Livepeer saw the highest surge at over 12% to $16.53, Render’s RNDR token rose by 3.2% to $6.81, while Near’s NEAR token was the only one to decline by 1.2% after the announcement.
The market reaction indicates a positive response to Grayscale’s Decentralized AI Fund launch.