Grayscale AI Portfolio Breakdown: NEAR, TAO, RENDER & FIL Holdings
2026-09-25
Grayscale’s Decentralized AI Fund has become an important portfolio to watch for investors tracking the intersection of artificial intelligence and blockchain.
Its latest officially confirmed rebalance, dated 3 August 2026, contained four assets: NEAR Protocol (NEAR), Bittensor (TAO), Render (RENDER), and Filecoin (FIL).
NEAR and TAO accounted for more than 60% of the portfolio at that point. A newer 24 September report suggests the allocation has become even more concentrated around NEAR.
Key Takeaways
NEAR is the largest holding, accounting for 31.35% in the latest official 3 August rebalance.
TAO, RENDER and FIL remain important parts of Grayscale’s decentralised AI exposure.
A 24 September 2026 reported allocation puts NEAR at 43.54%, although this figure should be distinguished from the latest official Grayscale filing.
Grayscale AI Fund Holdings: The Latest Confirmed Allocation
source by AI
Grayscale launched its Decentralized AI Fund in 2024 to provide exposure to crypto protocols operating at the intersection of blockchain and artificial intelligence.
The fund was designed around areas such as decentralised computing, data, AI infrastructure and related blockchain-based applications.
The latest official Q2 2026 rebalance was announced by Grayscale following its review on 3 August 2026. At the end of that day, the fund consisted of four assets:
These four percentages total 100%, showing that the portfolio had consolidated into a relatively focused basket. NEAR and TAO together represented 60.50% of the fund, meaning that more than half of its allocation was concentrated in just two assets.
Grayscale stated that, under the AI Fund methodology, it sold part of its NEAR position and used the proceeds to purchase existing fund components according to their respective weightings.
This is an important detail because quarterly rebalancing does not necessarily mean that the underlying AI thesis has changed; allocations can shift as part of the methodology.
Why NEAR Matters
NEAR Protocol is particularly notable because it has consistently appeared among the fund’s major positions. The blockchain has positioned itself around scalable infrastructure and applications, while Grayscale’s own AI-sector educational material identifies NEAR and TAO among the crypto assets associated with the AI sector.
The 31.35% allocation therefore makes NEAR the largest component of the latest officially confirmed portfolio.
September 2026 Update: Has NEAR Become Even More Dominant?
source by X Chain Link
A reported update circulating on 24 September 2026 gives a substantially different picture:
If this reported composition is accurate, NEAR weighting has increased by more than 12 percentage points compared with the 3 August official allocation. At 43.54%, NEAR would account for almost half of the reported portfolio by itself.
However, there is an important distinction for readers. The 43.54% figure is currently supported by a widely circulated market-community report rather than the latest official Grayscale rebalancing announcement that can be independently verified.
Therefore, it is more accurate to describe the September figures as a reported or observed allocation rather than presenting them as a new official quarterly rebalance.
If the allocation is subsequently confirmed by Grayscale, the change would indicate a considerably more concentrated portfolio. NEAR would become the clear leading position, while TAO, RENDER and FIL would occupy progressively smaller shares.
That would also represent a notable change from earlier versions of the AI Fund.
NEAR, TAO, RENDER and FIL: What Each Asset Brings
The four assets represent different parts of the broader decentralised AI infrastructure narrative.
NEAR Protocol (NEAR) provides blockchain infrastructure and has increasingly been associated with AI applications and agents. Its large allocation makes it the central asset in the latest portfolio composition.
Bittensor (TAO) focuses on a decentralised network for machine intelligence. Rather than simply providing blockchain infrastructure, Bittensor's model is closely linked to decentralised machine-learning networks and incentive mechanisms.
Render (RENDER) is associated with decentralised GPU computing and rendering infrastructure. This gives it a different role from blockchain networks focused primarily on applications or data.
Filecoin (FIL) focuses on decentralised data storage. Storage is another important component of the wider AI infrastructure stack because AI systems require substantial quantities of data and computing resources.
Together, the four assets provide exposure to different elements of the decentralised AI ecosystem: blockchain infrastructure, machine intelligence, computing and data storage.
The Portfolio Has Changed Over Time
The current four-asset structure is not necessarily permanent. Grayscale's AI Fund has previously held a broader selection of crypto assets.
For example, the fund's October 2024 composition included NEAR, TAO, FIL, RENDER and The Graph (GRT).
By October 2025, the portfolio included six assets: NEAR, TAO, Story (IP), RENDER, FIL and GRT.
This history demonstrates why investors should not assume that today's allocation will remain unchanged. Grayscale reviews the fund periodically, and its components can be added or removed according to the relevant methodology.
The January 2026 rebalance also showed a broader portfolio that included TAO, RENDER, FIL, Story and The Graph alongside NEAR.
The move towards four assets in August 2026 therefore represents a meaningful consolidation compared with some previous versions of the fund.
Conclusion
Grayscale’s Decentralized AI Fund currently provides a useful snapshot of how major crypto assets are being positioned within the decentralised AI narrative.
The latest official August 2026 rebalance confirmed NEAR, TAO, RENDER and FIL as the fund’s four components, with NEAR and TAO together representing 60.50%.
A September 24 report suggests that NEAR’s allocation may have risen further to 43.54%, although readers should wait for official confirmation before treating that figure as a definitive Grayscale filing.
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FAQ
What is the Grayscale AI Portfolio?
The Grayscale AI Portfolio refers to the Grayscale Decentralized AI Fund, a fund designed to provide exposure to crypto protocols connected to decentralised artificial intelligence and related infrastructure.
What are Grayscale AI Fund’s latest confirmed holdings?
According to Grayscale's 3 August 2026 official rebalance, the fund held NEAR at 31.35%, TAO at 29.15%, RENDER at 21.59% and FIL at 17.91%.
Is NEAR the largest Grayscale AI Fund holding?
Yes. NEAR was the largest component in the latest officially confirmed August 2026 allocation, at 31.35%. A separate September 24 report puts NEAR at 43.54%, but that newer figure has not been verified against an official Grayscale filing in the sources reviewed.
Why does Grayscale hold TAO, RENDER and FIL?
The three assets represent different areas of decentralised AI infrastructure. TAO is associated with decentralised machine intelligence, RENDER with decentralised computing and rendering, and FIL with decentralised data storage.
Does Grayscale's AI Fund allocation stay the same?
No. Grayscale periodically reviews and rebalances its funds, meaning components and weightings can change over time. Previous AI Fund rebalances have included assets such as The Graph, Story and Livepeer.
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