Announcing Unsupervised Capital: A Liquid Fund Dedicated to Bittensor
Today, I'm thrilled to announce the launch of Unsupervised Capital, a liquid token fund focused entirely on the Bittensor ecosystem. At a time when many in crypto are questioning what’s next and conviction feels scarce, I find myself experiencing unprecedented optimism, clarity, and unshakable conviction about dedicating the next chapter of my journey to a single thesis: Bittensor.
Having Crucible Labs as our anchor investor gives us a decisive advantage right out of the gate. Their deep expertise, resources, and conviction in our vision give us an unmatched foundation for what we are building.
My Journey to Bittensor
My path to founding this fund has been anything but linear. Four years ago, I was designing aircraft engines as an aerospace engineer. The work was interesting on paper, but I was just going through the motions. In the sterile fluorescence of cubicle farms, I found myself thinking about my dad, who fled civil war-torn Syria at 18 with nothing but determination, came to America, and built something meaningful from scratch. That entrepreneurial fire—the drive to create something authentic and impactful—was missing in my life.
Investing has fascinated me since college. I earned my unofficial finance degree on r/wallstreetbets, where diamond hands and vibe assessments substituted for actual strategy until the pandemic shattered that illusion. Market chaos exposed how little I actually understood about markets. I had so many questions, so I went looking for answers. I went into learning overdrive, eventually stumbling into Bitcoin. The rabbit hole opened—I devoured everything crypto, speedran a Bitcoin maxi phase, and emerged with a broader perspective that would shape everything to come.
By 2021, I was moonlighting as an analyst for Messari—burning the midnight oil writing analysis pieces. When they offered me a full-time role a few months later, I jumped at it. That leap changed everything. Messari gave me a blank check for my curiosity, and I promptly cashed it exploring the intersection of physical hardware and crypto incentives—Helium, Filecoin, Akash. It was a natural collision with my engineering roots. I went all in, coined the term "DePIN," and got to work shaping the category.
Then came the ChatGPT moment in late 2022. I immediately saw how these DePIN networks could power AI infrastructure. Another rabbit hole, another obsession. I chased every crypto-AI angle imaginable, and every path kept circling back to one space: Bittensor.
In early 2024, I met Joseph Jacks, founder of OSS Capital, who saw the same signal through the noise. Joseph’s one of the most brilliant people I've encountered, and when he offered to bring me on as a Partner at OSS and mentor me in the art of investing while diving deep into Bittensor, it was an obvious yes.
Six months ago, David Lawee—founder of CapitalG, Alphabet’s growth fund—and Ala Shabana, co-founder of Bittensor, approached me about what they were building with Crucible Labs: a company laser-focused on incubating, accelerating, and investing in the Bittensor ecosystem. It was everything I’d been chasing, distilled into one mandate. Right place, right obsession, right time.
At Crucible, I was reunited with Seth Bloomberg—an old Messari ally and fellow crypto AI-obsessive. We’d kept in touch, mostly me flooding his Telegram with Bittsenor takes. He was initially skeptical, as any self-respecting researcher should be. But, eventually the models aligned and he saw the architecture I couldn’t stop talking about. He joined the mission, and together we built Crucible Lab's research and investment strategy.
From day one, David and Ala believed in our vision for a dedicated Bittensor fund. This move isn’t a departure—it’s the plan we’ve been building toward from the start. With Crucible’s backing and incubation, Seth and I are now going all in—again—with our biggest bet to date: a liquid fund focused entirely on Bittensor.
My journey over the past year may read like a scattershot movement, but there's been a consistent objective I've been working towards: managing my own investment firm focused on the most consequential technology of our generation. The opportunity has arrived, and we’re executing.
The Fund’s Thesis
The single most powerful idea I've encountered in markets is deceptively simple: aligned incentives and open competition produce superior outcomes.
Cryptoeconomic protocols are the perfect implementation of this principle, creating systems that relentlessly optimize themselves—constantly driving toward more efficient resource coordination and performance.
Producing superior AI hinges on two critical challenges:
orchestrating brilliant minds and computing resources at global scale; and
optimizing every layer of the stack—from model architecture to training efficiency to inference speed—faster than competitors.
At their core, cryptoeconomic protocols are coordination and optimization machines, reframing how intelligence is discovered, aligned, and scaled.
We believe this will be the most significant application of crypto since Bitcoin created a non-sovereign store of value.
Cryptoeconomic protocols will outperform centralized organizations in building intelligence through four key mechanisms:
Ownership: Token incentives transform contributors into owners, creating skin-in-the-game motivation that no salary can replicate.
Competitive Arenas: Development becomes a global competition where talented individuals and teams constantly push each other to excel, accelerating innovation at speeds that make traditional R&D appear glacial.
Specialized Knowledge Networks: Unlocking contributions from domain experts with specialized knowledge, uncovering optimization opportunities that remain invisible to even the most forward-thinking centralized teams.
Frictionless Resource Allocation: By eliminating bureaucratic inefficiencies, corporate politics, and geographic limitations, expertise and computing resources flow naturally to where they create the most value, without organizational barriers.
Bittensor: The Perfect Expression
Bittensor is the definitive implementation of cryptoeconomic protocols for AI development. In a little under a year and a half, the ecosystem has spawned over 90 specialized subnets—each functioning as a hyper-specialized market—addressing distinct challenges across the AI spectrum, from foundational model training to inference acceleration to creative content generation to scientific research applications.
Not since the formative days of Bitcoin and Ethereum have we witnessed a grassroots movement with this combination of vision and execution—where a diverse, globally distributed network of builders converge around a shared mission. The caliber of talent flowing into these subnets is extraordinary, resulting in remarkable achievements. Perhaps most telling: these subnets are already generating outputs that surpass those from centralized organizations wielding exponentially greater resources and institutional backing.
Investment Strategy
The Dynamic TAO upgrade, implemented in February 2025, was a watershed moment for Bittensor. By introducing individual tokens for each subnet, it created a mechanism for investors to allocate capital with precision—directly backing the specific teams and technologies they believe will create the most value. This structural change unlocks the investment opportunity we've been positioning for, and we're uniquely equipped to capitalize on it.
Three enormous tailwinds are propelling our strategy:
Capital migration is inevitable: Currently, 68% of circulating TAO sits in passive staking on the Root network—a massive reservoir of capital poised for reallocation. As yield mechanisms rapidly shift to favor subnet token stakers over the next year, we anticipate a substantial migration of capital from Root into the broader subnet ecosystem. We're strategically positioning ahead of this capital tidal wave.
Early compounding creates exponential returns: Subnet staking is generating triple-digit APYs for early participants. By identifying the most promising subnet teams and compounding these returns over extended periods, we're building ownership positions that can grow exponentially, creating significant value capture opportunities unavailable to later entrants.
First-mover advantage in an uncrowded market: There's a striking lack of sophisticated players in the ecosystem, creating significant mispricing opportunities that will disappear once institutional capital enters the market.
We've designed our investment approach to capture and maximize these advantages. Our liquid venture strategy marries the best elements of venture investing with public market flexibility. We're taking long-term, high-conviction positions in subnet teams we believe will create outsized value, positioning for multi-year compounding that drives venture-scale returns. But unlike traditional venture, we maintain the liquidity to adjust our allocations as the ecosystem evolves and new opportunities emerge. This approach is perfectly calibrated for capturing the significant capital flows we anticipate in the coming years.
Our fund is denominated in TAO, and our mission is singular: accumulate more TAO for our LPs than they could through passive staking or simple indexing.
Every investment decision, every position sizing calculation, every subnet analysis serves this single objective. The elegance of this opportunity lies in its clarity and focus. Bittensor has created the most powerful AI development engine on the planet—we're simply identifying which components of that engine will generate the greatest value and securing meaningful ownership first.
New Markets, New Beginnings
Unsupervised learning is a type of machine learning where an algorithm explores raw, unlabeled data to find patterns on its own—without being told what to look for. This approach mirrors first principles thinking, where we strip away assumptions, break problems down to their fundamental truths, and rebuild solutions from the ground up. It's the intellectual equivalent of forgetting the map and rediscovering navigation.
Bittensor has created something unprecedented: a radically new market structure for intelligence that renders conventional investing frameworks obsolete. Traditional models simply weren't designed for a world where intelligence becomes tokenized, tradable assets in an open marketplace.
This is exactly why we named our fund Unsupervised Capital—because true discovery doesn’t happen under supervision. It happens when you’re free to explore without guardrails, without assumptions, and without someone labeling what’s worth paying attention to. Like an unsupervised algorithm, we move through uncharted territory with no predefined map—finding structure where others see noise, and unlocking value long before the crowd even knows where to look. Supervision plays it safe. We play to find what’s never been found.
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Unsupervised Capital is open exclusively to accredited investors. Investing in cryptocurrency and digital assets involves significant risk including the possible loss of principal. This post is for informational purposes only and does not constitute an offer to sell securities.
For more information about the fund, please contact Contact@unsupervised.capital.
