Today, Artificial Intelligence is controlled by 4 companies —
Google, Microsoft, Anthropic and OpenAI.
The Bittensor Network is the biggest & most established open alternative
— and it’s investable.
The Open Network for Intelligence
For qualified investors & institutional allocators
02 / 06
The Opportunity
$840 Billion vs. $1.9 Billion.
Same Market. One Is Closed. One Is Open.
OpenAI is valued at $840B — but private and closed. The Bittensor Network does the same thing, decentralized, open and permissionless — valued at $1.9B.
Who builds the AI?One company
Who controls it?Sam Altman & Board of Directors
Publicly investable?No — private only
Valuation$840 Billion
SupplyUnlimited equity dilution
VS
Who builds the AI?Thousands worldwide
Who controls it?Nobody & Open Protocol
Publicly investable?Yes
Valuation~$1.9 Billion
SupplyHard-capped at 21M
Think of it like the Gutenberg moment for Intelligence
Before the Printing Press
The Church controlled the flow of information — and therefore intelligence.
Knowledge was closed, permissioned, and gatekept by a single institution. Today, OpenAI & Co. play the same role for Intelligence.
VS
After the Printing Press
Gutenberg democratized information — and it became open and permissionless.
The Bittensor Network does the same for Intelligence. An open network where anyone can contribute intelligence — and the best wins.
03 / 06
How It Works
One Network. Hundreds of AI Use Cases. All Open.
Bittensor is the base layer — like TCP/IP (Internet Protocol) for intelligence.
Subnets are specialized Networks with specific usecases, built on top.
Applications
AI Agents, Chatbots, Tools
What users interact with
Intelligence Layer
AI Models Compete
Best models get rewarded by Bittensor tokens
Subnet Layer
256 Specialized Networks (Subnets)
Text, Image, Code, Biotech & more
Base Protocol
The Bittensor Network
The foundation — since 2021
The Base Layer
One Open Network for All AI
Think of it like the internet — one protocol that everything runs on. TAO is the native currency that powers the entire ecosystem.
Example: Subnet 64 — Decentralized Compute
Why Decentralized Compute Wins
Subnet 64 aggregates GPU power from thousands of providers worldwide — no single data center, no single point of failure. Cheaper than AWS, more resilient than any cloud provider, and permissionless: anyone can contribute compute and earn TAO.
How It Earns
Compete. Score. Earn.
AI developers submit models to subnets. Validators score their work on-chain. The best models earn TAO. No gatekeepers — quality always wins.
04 / 06
Investment Thesis
The Market Missed Bitcoin at $1. It Missed OpenAI at $14B.
This Is That Moment Again — at $1.9B.
Centralized AI Performance vs. Decentralized AI Performance
Decentralized AI (20x p.a.)
Source: Epoch AI, “Decentralized Training” (2025) — Jack Clark, Anthropic co-founder.
The Window
Performance Parity by ~2030
At 20x vs 4x annual growth, the 1000x gap closes in ~5 years.
Efficiency Gain
1.5x More Efficient
Decentralized training achieves 1.5x efficiency over isolated data centers.
2026 — Inflection Point
Critical Mass Reached
Decentralized compute power crosses the threshold where network effects become exponential.
Open-Source Always Wins
Open systems always win to closed ones. Every time.
Internet > CompuServe. Linux > Windows Server. Android > BlackBerry. Wikipedia > Britannica.
05 / 06
Scenario Analysis — 2031
What Could $1.9 Billion Become?
Four scenarios based on adoption trajectory.
For reference: OpenAI returned 60x in five years. Anthropic returned 380x in four.
Bear Case
Niche Project
$1B
~0.5x from today
Bittensor remains a niche project driven by tech enthusiasts and never achieves mainstream adoption. Limited commercial traction, no institutional interest.
Probability: ~10%
Base Case
AI Infrastructure Standard
$30B
~15x from today
Bittensor establishes itself as the go-to decentralized AI layer. Enterprise adoption accelerates, subnet revenue grows exponentially.
Probability: ~35%
Bull Case
Decentralized Anthropic
$200B
~100x from today
Bittensor reaches a scale comparable to today’s Anthropic ($380B). Institutional capital flows in via ETFs, hundreds of high-revenue subnets drive massive TAO demand.
Probability: ~30%
Super Bull Case
The Decentralized OpenAI
$500B+
~250x from today
TAO becomes the reserve asset for decentralized intelligence — the “Bitcoin of AI.” Bittensor rivals OpenAI’s scale ($840B) as the global open-source alternative.
Probability: ~10%
06 / 06
Fund Terms & Team
Your Partner for the AI Infrastructure Decade.
The Base Layer Investment
60–80% Bittensor (Core) Exposure
High-Conviction Use Cases
20–40% Subnet (Alpha) Exposure
Deep Ecosystem Access
Technical Due Diligence
Constant on-chain analytics and deep technical protocol-level monitoring. Every position is technically vetted.
Downside Protection
Active Risk Management
Dynamic rebalancing between FIAT, Bittensor and subnet positions based on on-chain signals and constant technical monitoring.
Tax-Neutral Rebalancing
Optimize Without Tax Events
Our structure (GmbH & Co. KG) allows rebalancing between Bittensor and Subnets without triggering capital gains for our LPs.
Staking Yield
Passive Income from Day 1
Bittensor staking generates min. 3% APY — covering all fund operations. Zero management fee for investors.
| Parameter | Details |
|---|
| Structure | GmbH & Co. KG |
| Tax Optimization | Fund: ~25% CGT | LP: 0% |
| Management Fee | 0% |
| Carry / Super Carry | 20% | 30% at 20x |
| High-Water Mark | ✓ Yes |
| Fund Admin | Tokenstreet GmbH |
Johannes de Waal
General Partner
Investor since 2015 with deep understanding of game theory, decentralized systems & cryptographic networks. Transitioned from private investor to Solo GP. Strong network of researchers & engineers providing direct ecosystem access.
To be announced
Senior Software Engineer & Advisor
Fr. Senior Software Engineer @ Greenfield Capital, Europe’s largest Crypto VC | Fr. Senior Software Engineer @ Coinbase | Fr. Head of Engineer @ TokenAnalyst | Researcher in the Computational Intelligence Group | Master of Science in Software Engineering
To Be Announced
