[Digital Today reporter Chi-gyu Hwang (황치규)] Uma, backed by Digital Currency Group, has launched an institutional Bittensor investment fund called the "Uma Total Market Fund."

A recent Cointelegraph report said the fund is designed to invest in Bittensor’s native token TAO and AI-focused subnets in one product. It is structured to let institutions diversify across the broader Bittensor ecosystem without directly picking individual subnet tokens.

Bittensor is a decentralised network that supports AI infrastructure and application development through sector-specific subnets such as computing, marketplaces and identity. Uma said the combined value of 128 subnets exceeds $900 million.

Institutional interest is also rising along with the expansion of Bittensor-related investment products. Grayscale raised TAO’s weighting to 43 percent in a quarterly rebalancing in April for the "Grayscale Decentralized AI Fund." TAO’s weighting later fell to about 20 percent, and Near Protocol’s NEAR is currently the largest holding at about 44 percent.

Asset managers are also expanding TAO-linked products. Bitwise filed with the U.S. Securities and Exchange Commission in April for a TAO strategy ETF. Grayscale submitted an amended registration statement to convert its existing Bittensor Trust into a spot TAO exchange-traded fund. If approved, the ETF will list on NYSE Arca.