Grayscale is making another push towards leading the way in the AI crypto space. The asset manager just officially opened its Decentralized AI fund to investors. This fund comprises AI coins, including RENDER, TAO, NEAR, FIL, and GRT.
Grayscale Unveils Decentralized AI Fund To Eligible Investors
In an X post, the asset manager announced that the Decentralized AI Fund is now open to eligible accredited investors. Grayscale noted that this fund enables investors to get diversified exposure to the intersection of AI and crypto with the AI coins that it holds. As of May 29, this closed-end fund is currently trading at $5.64 NAV per Share.
As CoinGape reported, Grayscale initially revealed this AI fund when it unveiled its “AI Crypto Sector,” which comprises decentralized AI projects. The asset manager highlighted how this sector had already witnessed a 4.5x growth.
As part of its investment objective, the company noted that the AI Fund is one of the first investment vehicles to invest in and derive value from the prices of native tokens of decentralized protocols. The shares will reflect the values of the Fund components, which will be based on their respective Digital Asset reference Rates and Weightings, less fees and expenses.
Bittensor (TAO) holds the most weight in the fund (30.89%). Meanwhile, Near Protocol (NEAR), Render (RENDER), Filecoin (FIL), and The Graph (GRT) account for 25.86%, 18.91%, 15.39%, and 8.95% of the fund, respectively.
How These Coins Have Performed Since The Unveiling
The TAO price surged to as high as $475, following Grayscale’s unveiling of the Decentralized AI Fund two days ago. However, the AI coin has now corrected to around $400 as part of a broader crypto correction.
The NEAR price surged to almost $3 on the back of the fund’s launch. The FIL price and GRT price also recorded significant gains. However, these AI coins have corrected alongside the Bitcoin price following the recent setback in the ongoing US-China trade war.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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