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Updates

State of Bittensor, Vol. 2

 is a new price‑based, market-capitalization-weighted performance benchmark designed to track the full universe of Bittensor subnets. Built using weightings that inform allocations in Yuma Asset Management’s subnet composite fund, YCX provides a single, real-time view of aggregate subnet market price performance by reflecting both token prices and circulating supply.


Modeled after the structure of the NASDAQ Composite for U.S. equities, YCX offers subnet token holders with a reference to track prices across the entire subnet ecosystem, rather than relying on fragmented metrics that may be prone to distortion. As markets mature, indexes become critical infrastructure, providing benchmarks for portfolio performance, foundations for new products, and reference points to assess market health.

Following the 2025 dTAO network upgrade, Bittensor’s network value can no longer be measured solely in TAO. As value has shifted into subnet tokens, the need for a dedicated subnet benchmark is clear.

While the Total Subnets Price (TSP) - the cumulative price of one token from each subnet - provides a concise insight into the value flow between TAO and subnet tokens, it spikes with each new subnet launch, limiting its effectiveness as a comprehensive market-wide indicator. YCX addresses this gap by tracking aggregate subnet price performance independently from TAO, accounting for both subnet token prices and tokens in circulation. The result is a more representative benchmark for understanding how value is evolving within the Bittensor ecosystem.


Comparison to the “NASDAQ Composite” is for illustrative purposes only and is intended merely to analogize to familiar index funds. It does not imply any relationship or connection to that index or any trademark holder thereof and is not intended to suggest any specific return or performance profile.

Introducing the Yuma Composite Index (YCX)

Fundamental Value Analysis for Bittensor Subnet Tokens

TAO Synergies Inc. (Nasdaq: TAOX), the first publicly traded company solely focused on the convergence of crypto and AI, has allocated a portion of its TAO-denominated corporate treasury to Yuma Asset Management’s investment funds.

This marks one of the first instances of a NASDAQ-listed company deploying capital directly into subnet tokens and reinforces Yuma Asset Management as a trusted institutional on-ramp for gaining access to Bittensor.

Yuma Asset Management provides investors like TAO Synergies with two flagship investment vehicles designed for access to Bittensor’s decentralized AI infrastructure:

 Similar to the “NASDAQ Composite” for subnet tokens, this fund is designed for market-cap weighted exposure across all active subnets

 Similar to the “Dow Jones Industrial Average” for subnet tokens, this fund is designed for targeted exposure to the top subnets.



As TAO Synergies deepens its alignment with the Bittensor ecosystem, this move highlights the growing role of managed, crypto-native vehicles in bridging public market capital with decentralized AI innovation.


Read more in the TAO Synergies announcement 

TAO Synergies Invests in Yuma Asset Management’s Bittensor Subnet Token Strategies 

The Incentive Layer captures the builders, ideas, and v

alues behind the rapidly growing Bittensor ecosystem.

Industry leaders, including subnet developers and founders, share their views on how Bittensor’s decentralized incentive design may be the key to building scalable AI. It explores how subnets compete to deliver value and how TAO enables open collaboration without centralized control.

Hear from a wide range of Bittensor voices, including Yuma Founder & CEO Barry Silbert and CRO Evan Malanga, on why they see TAO as the foundation for the future of AI.

The Incentive Layer

Connecticut Innovations, the state’s strategic venture capital arm, has invested in Yuma Asset Management’s subnet token strategies through its AI/Q Fund. The investment affirms growing institutional recognition of Bittensor’s role as the backbone of decentralized AI infrastructure and continues to position Connecticut as a state that supports emerging innovation.

Yuma Asset Management provides institutional investors like Connecticut Innovations with two flagship investment vehicles designed for access to Bittensor’s decentralized AI infrastructure:

The Yuma Subnet Composite Fund: Similar to the “NASDAQ Composite” for subnet tokens, this fund is designed for market-cap weighted exposure across all active subnets

The Yuma Large Cap Subnet Fund: Similar to the “Dow Jones Industrial Average” for subnet tokens, this fund is designed for targeted exposure to the top subnets.

These strategies offer exposure to Bittensor subnets, each representing a distinct protocol-driven market for developing AI models and related technology. Yuma Asset Management abstracts the complexity of investor access to decentralized AI infrastructure, enabling participation in a growing, permissionless ecosystem without the need for deep technical expertise.

Read more in the Connecticut Innovations announcement: 

https://www.prnewswire.com/news-releases/connecticut-innovations-aiq-fund-invests-in-two-frontier-ai-opportunities-yuma-asset-management-and-bexorg-302585671.html

Connecticut Innovations Invests in Bittensor Subnet Token Strategies Managed by Yuma Asset Management

— Yuma, a DCG company and leading builder on the decentralized artificial intelligence (deAI) network Bittensor, today announced the launch of Yuma Asset Management, a new line of business anchored by a $10 million investment from DCG. The launch expands Yuma’s role in the deAI ecosystem, establishing a bridge between traditional capital and Bittensor’s growing open-source AI economy.


Yuma Asset Management provides an innovative on-ramp to deAI, enabling institutional allocators and accredited investors to participate in the growth of open-source AI through managed investment strategies for subnet tokens, a new asset class native to Bittensor.


Bittensor, powered by its native token, TAO, is a leading decentralized network that rewards contributors for building and sharing useful AI. Serving as the “World Wide Web” of AI, it allows permissionless AI innovation where anyone can build, power, or access models through subnets – AI infrastructure enabled by small startup teams. Subnet networks compete and coordinate in real time across a diverse group of participants instead of relying on centralized infrastructure or corporate-owned AI resources.


“Subnet tokens are an emerging asset class, fueled by TAO, that provide investors with unprecedented exposure to a massive wave of AI innovation,” said Barry Silbert, Founder and CEO of Yuma and Founder and CEO of DCG. “The decentralized AI sector has the power to be as transformative as Bitcoin, and Yuma Asset Management is opening the door for investors to access it through Bittensor.”


Each subnet represents a decentralized AI service, from fraud detection to image recognition, powered by participants on the Bittensor network. These decentralized contributor networks utilize a protocol-native crypto asset called a subnet token, denominated in and traded with TAO. Network emissions, which incentivize and reward participants, are determined based on the value of each subnet token.


Just as Bitcoin monetizes hashpower, subnet tokens seek to monetize intelligence – creating a market-based incentive system for useful AI work. They offer sophisticated investors, including institutions, family offices, TAO treasury companies, and accredited individuals, a new way to gain exposure to the open-source infrastructure driving the next generation of AI development.


Yuma Asset Management simplifies subnet token investing via a managed, end-to-end gateway to diversified exposure. Previously, subnet token participation has been out of reach for institutional allocators due to steep technical barriers and the need for constant monitoring in a fast-moving blockchain ecosystem.


Yuma Asset Management offers two flagship strategies:


Similar to the “NASDAQ Composite” for subnet tokens, this fund is designed for market-cap weighted exposure across all active subnets;


Similar to the “Dow Jones Industrial Average” for subnet tokens, this fund is designed for targeted exposure to the top subnets.


These vehicles create new pathways for capital allocators and accredited investors to participate in the open-source AI movement through exposure to subnets launched by cutting-edge startups in the deAI sector.

This information is provided solely for informational purposes and does not constitute an offer to sell or the solicitation of an offer to purchase any securities, tokens, or other financial instruments. Any such offer or solicitation will be made only by means of definitive offering documents in compliance with applicable laws and only to investors who satisfy certain eligibility requirements. Neither the U.S. Securities and Exchange Commission nor any other federal, state or foreign agency has approved an investment in any Fund. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this information. No interests in any Fund have been registered under the U.S. Securities Act of 1933 or any state securities laws or the laws of any foreign jurisdiction. Yuma Investment Management, LLC is not registered as an investment advisor under the Investment Advisers Act of 1940 or any state securities laws or the laws of any foreign jurisdiction.

Investments in subnet tokens and other digital assets on the Bittensor network involve substantial risks, including but not limited to: extreme price volatility, liquidity constraints, potential technological failures, cybersecurity threats, network governance disputes, regulatory enforcement risks, and loss of principal. Tokens related to Bittensor subnets do not represent ownership in a legal entity and may lack traditional investor protections and disclosures. 

An investment in any Fund involves significant risk, volatility, and illiquidity. There is no guarantee that any Fund’s investment objective will be achieved. There is the possibility of loss, and all investment involves risk, including the loss of entire principal.

Comparison to the “NASDAQ Composite” and the “Dow Jones Industrial Average” are for illustrative purposes only and are intended merely to analogize to familiar index funds. It does not imply any relationship or connection to those indexes or any trademark holders thereof and is not intended to suggest any specific return or performance profile.


Yuma is a subsidiary of DCG focused on accelerating decentralized AI through the Bittensor network. Its mission is to create positive economic and societal change by connecting transformative ideas to decentralized intelligence. Yuma supports early-stage teams building on Bittensor, a decentralized network that rewards AI models for useful output, creating an open marketplace for machine intelligence. It provides capital, technical support, community access and long-term collaboration to help launch and grow subnets. Through its accelerator, incubator, validator, and mining roles, Yuma helps shape a more open and accessible future for AI. Learn more at 

Yuma Unveils ‘Yuma Asset Management,’ Creating a New Gateway to the Decentralized AI Sector for Institutional and Accredited Investors

 — Yuma, a DCG subsidiary dedicated to accelerating decentralized intelligence through the Bittensor network, today announced the expansion of its executive team with the appointments of Greg Schvey as Chief Operating Officer and Jeff Schvey as Chief Technology Officer. They are beginning their roles at a critical moment as Yuma scales its validator, mining, and subnet accelerator operations and prepares for the launch of an asset management business.

“Greg and Jeff are proven leaders who bring a rare blend of institutional infrastructure experience and startup grit, combined with hands-on experience in Bittensor,” said Barry Silbert, Founder and CEO of Yuma and Founder and CEO of DCG. “Their leadership will be pivotal as Yuma powers the next era of decentralized AI.”

Greg and Jeff, who began their careers in investment banking and missile defense, respectively, bring more than a decade of experience developing institutional-grade infrastructure that has shaped the crypto industry. Their website, The Genesis Block, was a leading voice in Bitcoin beginning in 2012. In 2013, they co-founded TradeBlock, the first institutional crypto portfolio management and data services platform, which was later acquired by DCG. Their most recent company, Axoni, built critical infrastructure for traditional financial markets, processing data for trillions of dollars of transactions annually, with their largest business unit acquired by the London Stock Exchange Group in 2024. DCG was an early investor in both ventures.

More recently, the Schveys have been active contributors to the Bittensor ecosystem, including the development of top-performing miners on various subnets, the technology for which will be incorporated into Yuma’s operations.

“Bittensor reminds me of the early days of Bitcoin – a relatively small group of passionate, brilliant people from around the world sprinting as fast as they can to develop a profoundly innovative network with the potential for massive impact,” said Yuma COO Greg Schvey. “My goal is to help empower this nascent ecosystem, and I couldn’t imagine a better place to do that than Yuma.”

“For the first time, we have an open network where people can freely compete to solve problems in machine intelligence and get immediately rewarded for their results. That unlocks a level of entrepreneurial freedom we’ve never seen,” said Yuma CTO Jeff Schvey. “Yuma is uniquely positioned to contribute to all aspects of the network, particularly as the need for institutional-grade infrastructure and products continues to grow.”

Since launching in November 2024, Yuma has emerged as a leading contributor to the Bittensor network through its subnet accelerator, validator operations, and in-house mining team. In 2025, Yuma onboarded eight institutional validator partners, including BitGo, Copper, and Crypto.com, and supported the launch of eight subnets from its accelerator program.

With the addition of the Schvey brothers, Yuma is strengthening its leadership to meet rising demand for technical depth and institutional-grade infrastructure on Bittensor. Their arrival underscores Yuma’s long-term commitment to shaping the future of decentralized intelligence.