TheDinarian
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The Art of False Defeat in The Housing Market
November 14, 2024
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Have you ever been in a sports league or played on a rec team? You wake up in the morning thinking about the big game coming and psyching yourself up for the big win. Nothing is going to stop you – you are pumped!

You think about all of the best players on your team, both offense and defense, then you start assessing the players on the other team and how you are going to out-maneuver them. Your team has built a solid strategy, run plays exceptionally together, you’ve won countless games and you know you got this in the bag. You are heading for the playoffs!

But then the coaches on the other team are informing everyone that they’ve already won, the news is spinning the same tale, and everyone is telling you that your team has lost even before the game began. People aren’t even planning on going to the game because they know the other team has already won – it’s all the buzz. Even your sponsors dropped you. People aren’t interested in cheering for the underdog because they are so distracted by the winners flooding them with information on how they beat everyone. You may as well not even play for there is no chance of winning – you will never make it to the playoffs – so you are told.

Suddenly you find yourself in doubt and start sizing up the players for defensive moves, and you feel drenched in defeat before the game even begins. Do you think you are going to win that game?

This is how the “you will own nothing and be happy” camp pump out their PR and marketing to serve their private equity and hedge fund masters. The art of false defeat is a powerful social engineering tool, and they use it well. They play both offense and defense. Team offense pushes out the fear-mongering and propaganda to get everyone worked up, in a panic, and believing they are totally defeated, while the private equity and hedge fund masters play defense, claiming none of it is true. Of course, no one is going to believe them so they hedge their bets on team offense. And, once this goes on long enough, team offense is no longer needed because the sheer defeat felt by people will naturally propagate more defeat while sounding the alarm and essentially becoming the “free-of-charge” marketing arm for the camp. We have all fed into this.

Similarly, the same camp manufactures both sides of catastrophes – swooping in to save the day. They are always playing both offense and defense with the goal of making people feel defeated.

This is what’s happening in the U.S. housing market. They want everyone to feel defeated, as though people already “own nothing and will be happy.” It’s a PR stunt that’s been ingrained in everyone’s head and widely used by the masses.

But the reality is, when it comes to the U.S. housing market, homeowners and small mom-and-pop investors are actually killing it! Everyone was told that BlackRock was buying up all of the homes in America, that the big institutional investors own it all, and there is no hope for our future, but this isn’t the case. This doesn’t mean that private equity firms aren’t pulling out all the tricks and trying to gobble up the housing market, or that you should take your eye off the ball, but it’s important to understand the true reality versus hyperbole.

After publishing my 42-page comprehensive report on “Who Really Owns The U.S. Housing Market? The Complete Roadmap” packed with hundreds of data points and charts, I ran 8 polls across social media platforms to see what people believed to be true. I already suspected the outcomes in advance, which is why I wanted to run these polls to make a point.

Between all 8 polls, across 3 social media platforms, 83-95% of people got every single one wrong.

This is what false defeat looks like.

 

Poll Results:

1) Who do you think owns the most single-family homes in the U.S.?

Homeowners 10%
Mom-and-Pop Investors 3%
Institutional Investors 87%

90% got it wrong

The correct answer is Homeowners, then mom-and-pop investors, and last is institutional investors. The institutional investors account for those who own 100+ single-family homes. Mom-and-pop investors own between 1-19 homes and that includes the 6.5 million second-homeowners. The mid-size investors own between 20-99 homes and only account for 5% of purchases of existing single-family homes while the institutional investors only account for 2%. Mom-and-pops sit at 18% of purchases. See my full report for details on who owns what, how many, and an endless trail of other statistics.

 

2) What percentage of American homeowners own their home outright and are mortgage-free?

10 – 19% – 69%
20 – 29% – 18%
30 – 40% – 13%

87% got it wrong

As of 2022, 39.28% of homeowners owned their home outright, mortgage-free, with no liens. This is an increase of 6.5% since 2010. That’s nearly 40%!

 
 

3) How many single-family homes do you believe BlackRock has purchased?

0 – 2,500 – 5%
2,501 – 5,000 – 5%
5,001 – 10,000 – 90%

95% got it wrong (and possibly more)

The answer is zero. BlackRock hasn’t purchased any homes. They do not purchase single-family homes. Instead, they invest for their clients in the build-to-rent single family communities, in building companies, building material companies, multifamily properties, and mortgage securities. They’ve invested $120 billion into U.S. residential real estate. That said, they are the top shareholder in companies covering nearly every sector of the housing industry which gives them powerful voting rights and control to dictate the operations of a company, which gives them a monopoly and everyone can agree on, is not good. To see who IS buying up single-family homes to rent, read the full report.

 
 

4) From which foreign country do you think individuals & investors have purchased the most U.S. residential properties over the past 14 years?

India – 11%
China – 81%
Canada – 8%

92% got it wrong

The correct answer is Canada. The top five are Canada, China, Mexico, India, and the UK. Other investors are from Colombia, Brazil, Germany, Cuba, and Israel.

 
 

5) There are over 43,000 manufactured & mobile home communities across the U.S. What % do you think mom-and-pop investors own vs big investors and corporations?

Mom-and-Pops own:

25 – 45% – 70%
46 – 65% – 17%
66 – 85% – 13%

87% got it wrong

The mom-and-pops are killing it in this sector, holding 75% ownership. 25% is owned by a combination of private equity firms, hedge funds, and big corporations. Over 21 million Americans live in these communities and the private equity firms have no mercy on these people. Read the report to see what firms are buying them (such as Blackstone and the Carlyle Group) and Fannie and Freddie’s involvement.

 
 

6) What percentage of Americans do you think are homeowners as opposed to being renters?

40 – 55% – 70%
56 – 70% – 17%
71 – 85% – 13%

83% got it wrong

65.6% of Americans are homeowners. The homeownership rate has toggled between 62.9% and 69.2% dating back to 1965.

 
 

7) Foreigners own approx 43.4 million acres of 878 million acres of U.S. Farmland. Investors from which foreign country own the most U.S. farmland by a long shot?

Netherlands – 1%
Canada – 7%
UK – 5%
China – 87%

93% got it wrong – way wrong

Canada owns 32% of the 43.4 million acres of U.S. farmland, the Netherlands 12%, Italy 6%, UK 6%, Germany 5% and China owns less than 1%. China is often used as a propaganda scapegoat of sorts. The big investors need to create an enemy for people to focus on so that people aren’t paying attention to the billionaires like Bill Gates or the institutional investors who are buying up farmland.

 
 

8) The U.S vacation rental market is over $17.5 billion and half the rentals are single-family homes. Who do you think dominates this market?

Individual & Small Investors – 13%
Investors with 20-99 units – 9%
Big Investors with 100+ units – 78%

87% got it wrong

Once again, individuals and the small mom-and-pops rule this market, holding 70% of it. The mid-size investors hold 20% and the big institutional investors only hold 10% of the market.

 
 

Still Feel Defeated?

This isn’t to paint a picture that everything is all hunky-dory in the housing market, because private equity firms are on a fast track to build up single-family rental home communities, continue to build out multifamily homes, and expand on student housing, while they keep their sites on the manufactured housing communities. The big investors such as BlackRock, Vanguard, and State Street most certainly have a seat at the table for voting rights and dictating how a company should operate, in many sectors of the housing industry. There is no doubt about it – these guys are trying to monopolize the real estate market and all assets, but they want you to feel defeated and paralyzed from making decisions, from buying or investing, and from seeing that they are not all-powerful.

On top of that, many states are jacking up property taxes, homeowners insurance, and of course general inflation across the board. Everyone is feeling the squeeze.

However, homeowners and mom-and-pop investors dominate the single-family sector, vacation rentals, and the manufactured housing communities, with over 65% being homeowners as opposed to renters, and nearly 40% own their homes outright. When you read my full report, you will see how significant this is. There are nearly 100 million single-family homes (attached and detached) and investors, including the mom-and-pops (the largest bracket), only own less than 15 million. Furthermore, China does not own all of our farmland! They own less than 1% of all foreign-owned U.S. farmland. There are so many misconceptions out there, which is why it’s vital for people to review all of the actual numbers throughout this report.

 

The Reality of “Owning”

Many people will say that even those who own their homes outright and have the deed in their hand don’t really own their house because if they don’t pay their property taxes, their house can be seized. Whereas, I do agree that property taxes are unconstitutional and like a form of extortion, I don’t know that I agree with the blanket statement that they therefore do not own their homes. We could apply that same theory to almost any of their “systems.” Let’s take cars for example. Let’s say you pay for your car outright with cash. You now own the title. But in order to drive it you have to pay for a license plate renewal sticker, get emissions tests, and carry insurance. If you neglect to do any of those things and get caught out on the road, your car could be impounded. The only way to get it back is to pay fines and deal with the courts. So did you ever really own it? Sure, if you play by their rules and pay their fees.

What about having a dog or a cat as a pet? You buy or adopt the pet, get the papers, and officially own the pet. But what happens if you don’t follow the rules of having to get an abundance of rabies shots? Most vets, groomers, and pet shops won’t even give you access to their services, and if your dog gets attacked by another dog and animal control is called and they find out your dog doesn’t have its rabies, they can take your dog away. So was the dog ever truly yours to begin with? Only if you play by their rules and pay their fees.

One last example, and a very important one, is banking. You put the money that you own in a bank, but the bank charges fees for various services and many banks won’t let you take out more than $5,000 of your money, at a time. You have to put in an order to extract more out. What if there was an emergency and you are forced to wait as long as a week to get the money you “own” out of their bank? They are in the process of trying to move to a digital currency world and have already illustrated ways they can control your access to your money and how you spend it, which I have covered extensively. Are you going to extract all your cash out of the bank or are you going to risk keeping what you “own” in their system? If you do hand it all over to them, with all of the above conditions and possibilities, are you declaring that you do not “own” your money? So then, if this digital currency locks into place one day and they have control over how you spend your money and lock you out of your account, are you just going to let your money go because you are declaring that you don’t “own” the money anyway since they have imposed these restrictions on you? Or is this any different than the imposed property taxes to maintain the deed to your home you own?

Listen, if you haven’t realized by now that the global mafia (see my “Who is They” article) takes a slice of the pie in every single industry, and designed it that way, then you’re not paying attention. This doesn’t make it right, and that’s why so many people are battling against them and their systems they’ve put in place. But the bottom line is – you either focus on the positive and take action where you can, or you live in defeat and choose to see everything as doom and gloom. If you own your home and want to relinquish your ownership and claim to the world that your deed is meaningless because you have to pay property taxes, then live in defeat.

The fact of the matter is, while we are here in our short journey on planet earth, do we really technically own anything or do we claim ownership, buy and sell, move things around, play in their systems, and leave all material possessions behind when we leave this planet? Much of it is a matter of perspective. So in our short time here you can choose to live in defeat and feel that this global mafia has you by the balls, or you can appreciate the positive things and opportunities that come into your life and project that positivity outward so as to reject the negative BS trying to steamroll you. You can also come up with solutions, and there are many throughout this site. Bottom line – It’s a choice. Everything is a choice, and when you start claiming you have no choices, then you are playing into their victimhood scheme to keep you defeated.

 

The Point of This Article

We have far more skin in the game than they want you to believe. In fact, homeowners and mom-and-pop investors are the majority.

It’s critical to get to the truth and understand the actual numbers, rather than believing everything you hear or read. Sometimes our emotions get the best of us and when we know what these people are capable of it makes it really easy to believe propaganda at times. But we must stay focused and see the opportunities before us rather than just the gloom. There are opportunities for individuals and small mom-and-pop investors to expand on their skin in the game instead of accepting a totally false defeat. People can start taking action now on a local, state and federal level to squeeze out the monopolies of big investors. Use their game against them. They wanted this propaganda out there to put people in a state of fear, so instead, use the actual facts in this report to show your state representatives how these private equity firms are pulling rental increases, evictions, and other stunts to try to buy up real estate. The topic is already primed.

Recently in Maine, tenants of a mobile home community pooled together to buy their property so that big investors wouldn’t come in and snatch it up. New York, Connecticut and Maine have all passed laws allowing tenants of manufactured home communities to buy the land on which their mobile homes sit so that investors don’t buy them up, raise their rent, and give them the boot. This is a huge win and should inspire others to follow suit!

Whether you are looking to buy, sell, rent, invest, relocate, or just want to keep your eye on the ball, this report will act as a roadmap, showing where individuals, mom-and-pop investors and large investors monopolize different sectors of the housing industry and where the hot locations are. It is packed with hundreds of statistics and charts to provide both context and visual aids for a comprehensive view of how the landscape of America is shifting.

This is the most comprehensive report out there today and it’s free to read right here! It’s also available in pdf format in The Bookshop.

The Complete Roadmap:
• Single-Family Homes and The Rental Market: Homeowners Versus Investors
• The Top 6 Companies That Own Single-Family Home Rentals
• Build-To-Rent Single-Family Home Communities
• Foreign-Owned U.S. Residential Property
• Manufactured Housing Communities
• Vacation Rental Homes Market
• Student Housing Market
• The Affordable Housing Scheme
• Private Equity and Large Investors
• The Biggest Takeaways – Stats and Suggestions

READ the full report and share it with your family, friends, co-workers and across social media so that people know the facts and can make better decisions for themselves and their families.

 

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The one-line thesis

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Where Harry stands on the Conviction

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🚨The State Of Bittensor (TAO)🚨
Greg Schvey | COO at Yuma Group

Last week at the @YumaGroup Summit I had the opportunity to present on The State of Bittensor. That presentation is in the thread below. If you choose to read it, I'd ask that you keep the following three things in mind:

  1. This is just one guy's view of what was the most relevant for a 25-minute talk; a difficult filter for such a dynamic industry.
  2. The slides were designed to supplement a talk; I've done my best to replicate what I recall of the talk in the accompanying X posts.
  3. The topic of the Summit was "The Tipping Point" - a candid assessment of what could lead to Bittensor's breakout success and what evidence we see of that today - which also thematically anchored this presentation.

Let's dive in:

We are in the most important race in human history – the race for intelligence itself. AI has advanced beyond the point of no return. As an example of what I mean: Ramp is a widely used financial services platform for companies. They looked at spending and revenue across their clients since the launch of ChatGPT: Companies who did not spend on AI have had flat revenue for the last three years. The top quartile of AI spenders have grown revenue by more than 100%.

We are already at the point where investing in AI is a matter of survival. But what exactly are we getting for the hundreds of billions being spent? Right now, its overwhelmingly going to corporations who have repeatedly shown they don’t have our best interest in mind.

 

 

Claude Opus 4.6 – the leading deep thinking model, had a measured hallucination rate of 16% in February. Then, without telling anyone, Anthropic throttled its reasoning – presumably to reduce GPU utilization – and didn’t tell anyone. Hallucinations climbed to 33% - a 98% increase.

They only admitted it after third party benchmarking proved it. And they were still charging everyone at the same price the whole time. Even since my talk last week, they've supposedly been found to be throttling people simply because HERMES.md was in their commits. You may say, "well there are solid open source options..."

 

 

Yes, open source models have gotten very good, but they’re not immune to capture either. Try asking DeepSeek what happened in Tiananmen Square and then let me know if that’s the intelligence you want to trust.

 

 

This needs to be addressed right now or it will be too late. To give you a sense of what I mean, this is a chart of the total annual commits on GitHub. That’s 500% growth since the launch of ChatGPT in 2022. From 200M per year to a one billion in 2025. 2026 is on track for **14 billion** The genie is out of the bottle – there is no going back; we are already at the exponential inflection point.

This reminds me of many years ago: Bitcoin shined a light on how much our rights were impacted when we became dependent on private companies to run our day-to-day lives.

Your right to privacy? That doesn’t extend to your bank account. Your "money" is just a ledger at a private company, available for interrogation and suspension at any time. Bitcoin gave us back the sovereignty of our wealth.

Similarly, we’ve depended on things like privacy of our medical records and attorney client privilege for our entire lives. What do you think is going to happen when a private company’s servers are giving you legal and medical advice? Who are you going to trust for that intelligence? The company that lobotomized its top model? The model constrained by the foreign governments? As I said at the beginning, we’re in the most important race in human history and Bittensor well may be our best shot at winning.

 

 

One of the things about having a different model to produce intelligence is it requires an economic system suited to it. Subnets are the intelligence and economic engines that drive Bittensor’s value. That’s why the Summit was themed around The Tipping Point: understanding how subnets can reach breakout success and what we can do to help.

To summarize Bittensor's intelligence economics: miners create intelligence for which they earn subnet tokens. In many cases they sell those tokens to fund operations, putting downward pressure on token prices and decreasing the incentive to mine (similar to bitcoin). In parallel, if that intelligence is being used to generate real world value, one of the parties who benefits from that value (e.g. the Operator monetizing it, institutions using intelligence commodities to advance their research, etc.) can buy the subnet tokens to keep token prices elevated and sustain the miner incentive.

Investors get to participate in this process, often supporting token prices before the commercial value of intelligence is realized, and/or subsequently holding an asset that parties gaining fundamental value from the intelligence (eg Operator or others) will need to purchase at some point in the future if they want to maintain sufficient incentives for the intelligence machine to continue running.

For Bittensor to succeed, this value loop has to work. So, to understand the State of Bittensor, we have to take a look at how that’s going today and what that means for the network overall.

 

 

One of the many unique features of Bittensor is that subnets are native to the protocol. That is not the case on most crypto networks where the true utility lives in smart contracts with no direct tie to network value.

As an example, Polymarket has seen 800% growth in volume this year. Users can bet any arbitrarily large amount of value on Polymarket for a few cents of network fees. There is nothing tying that to value of the network’s native token, which is down 80% over the same period as Polymarket’s amazing success.

 

 

Conversely, Bittensor subnets are intrinsically linked to $TAO. If you want $1,000 worth of subnet exposure, you first need $1,000 of TAO. We analyzed subnet pool data surrounding the announcement of @tplr_ai's recent training run and normalized across them by indexing them to a starting level of 100.

As shown by the orange line, there was no material change in pool size for non-Templar subnets over the observation period. There was however, major inflow into Templar’s pool. Given Bittensor’s unique network model, we saw a direct correlation to the change in TAO price over the same period. As value flows into subnets, the whole network benefits. A rising boat lifts the tide, so to speak.

 

 

That can go both ways. When Sam left, we saw something similar in reverse; as value was exfiltrated from the network, it started in Covenant subnets and dragged TAO down with it. You know what else we saw in the data though? For all of the noise about concerns of Bittensor’s future, the other subnet pools were mostly unchanged.

The event was interesting because it reminded me of the early days of bitcoin: people would say Bitcoin was only used by drug dealers on the internet. I'd stare at them aghast because in the same breath they told me that an open, permissionless network was used to reliably move money anywhere in the world in minutes by the most untrustworthy people on the planet and yet they didn't understand how the technical feat required to achieve that would create tremendous value.

The Covenant situation is similar: people were concerned about the operator's exit, rather than realizing the only reason we care is because a ground-breaking technical innovation was achieved. But even bigger than that: Bittensor has 128 subnets currently, each striving to generate value for themselves and, transitively, the network as well.

 

 

And we’re seeing that occur – Templar was not unique in that regard. The same pattern emerged around the Intel publication on @TargonCompute. The non-Targon pools remained largely unchanged. Targon saw heavy inflows. TAO price climbed with it.

Again: rising boats lift the tide. And there are many boats in Bittensor right now.

 

 

We’re seeing major technical innovations at an increasing rate.

Just a few examples from the last couple weeks:

@QuasarModels just announced a custom attention architecture targeting 5M token context windows.
 
@IOTA_SN9 developed a technique that compresses data flowing between distributed GPUs by 128x with little to no loss in training quality, increasing viability of training large AI models across internet-connected machines worldwide.
 
We're seeing the building blocks start to form whereby competitive large generalized models can eventually be built. In the meantime, we're also witnessing more targeted, niche players start to pull ahead in their respective fields.
 
During the presentation, I gave the example of @resilabsai achieving 90% accuracy on their home valuation model, making it the most performant open source model and quickly approaching state of the art. Quite literally as I was explaining this during the talk, @markjeffrey pointed out they had just achieved 98% accuracy.
 
In the time between when I prepared the presentation and actually presented, they went from best open source to at or near state of the art - only further highlighting the unique value of Bittensor's open, competitive intelligence creation cycle.
 
 
And the tech that’s being built on Bittensor is getting real attention from serious players. Again, just a few examples of many: Harvard partnered with @Chutes on research about AI inference efficiency. Valeo – an auto company with $20B in annual revenue – is working with @natix on an AI model for self-driving cars. @zeussubnet- the weather forecasting subnet, is the only party in the world allowed to use data WeatherXM’s network of global weather sensors for commercial purposes. And there are in fact many subnets already commercializing their intelligence.
 
 
 
Most of us are already aware of Chutes seven-figure ARR, but a few other examples:
 
@LeadpoetAI– which uses their Bittensor subnet to source sales leads, announced earlier this year that they crossed $1M ARR
 
@Bitcast_network– the content creation platform built on their subnet competition – is already operating profitably
 
@lium_io– a hardware subnet – has bought more than 4,000 TAO worth of their token
 
Remember the economic model I outlined earlier; we’re seeing real evidence that it’s starting to work across many subnets. Intelligence built on Bittensor, capturing value in the real economy, and bringing it back into the network.
 
Action shot of this slide courtesy of @Tom_dot_b
 
 
That’s why when we look at Bittensor we like to look at Total Network Value (TNV);
$TAO market cap is only part of the story in Bittensor. TNV = market cap of TAO + market cap of subnets – tao in the pools [as not to double count] The actual value of this network is already higher than most people realize. And notably, subnets make up an increasing proportion of TNV – recently crossing 35% - as value continues to flow into the pools.
 
 
 
Interestingly, we recently noticed a change in TNV: In particular, despite all the volatility in TAO, the dramatic subnet issuance curves, etc. - the combined subnet market cap had been remarkably consistent around $750 million for most of the last year, until recently.
 
It’s nearly doubled over the last few months – a clear breakout in the trend. If you were looking for Tipping Point, it might look something like this...
 
 
 
I hear a lot that that value is relatively concentrated in the largest subnets. And the market cap distribution does indeed reflect that, but that’s not necessarily a bad thing.
 
 
 
This is the market cap distribution of the S&P 500. Many healthy economic systems tend towards Pareto distributions. And so what if some subnets are worth more? As we showed earlier, this is an ecosystem that will win or lose *together* And we’re seeing that play out every day.
 
 
 
We track announcements of subnets utilizing each others infrastructure and intelligence. Just as an example, we identified at least eight subnets who announced that they use Chutes for inference. But we have dozens of similar examples of cross-subnet collaboration across many subnets like
 
What’s notable about this:
 
1. Collaboration seems to be happening at an increasing pace as subnets continue to mature and build out contiguous pipelines of AI infrastructure
 
2. Keeping money circulating within an economy creates a money multiplier. Capital circulating within a single economy without leaving creates economic value for each party it passes through, without having to bring in new capital. That’s uniquely possible here because of the diversity of infrastructure built on Bittensor.
 
This network is not 128 discrete growth drivers; it’s increasingly functioning as an interconnected graph, which has substantially more stickiness and value And the pace is about to increase dramatically:
 
 
 
We’re starting to see increasing agents operating on Bittensor: subnets mined by agents, subnets operated by agents...
 
Consider the Bittensor value flywheel:
 
-An intelligence goal is established
-Miners compete to achieve the goal
-That produces intelligence
-Intelligence generates value
 
That’s happening today, as we’ve seen earlier in this discussion.
 
As agents get more capable, that flywheel spins faster and faster. Permissionless entry means any agent can compete. Protocol-native economic incentives mean good work gets rewarded. Bittensor is uniquely advantaged for agentic speed over guarded, centralized alternatives with corporate procurement cycles.
 
That also means exploits will be found faster. But, it also means solutions that harden the network against them will be found faster as well.
 
Accordingly the impact of the network primitives – incentives, accessibility, governance, security, reliability, and all the infrastructure we’re building around the network - have an exponentially larger impact. It is critical that we get these right. The time to nail this, is right now. If we don’t someone else will.
 
 
 
The good news is, for now, Bittensor seems to be in the lead The 30-day moving average of Daily active wallets just crossed a record, approaching 10,000 Up 100% just in the last year.
 
 
 
We’re also seeing subnet ownership increasingly diversify and distribute. The median number of holders of subnet tokens at 2,000 is a 10x increase since the dtao launch a year ago. And at Yuma, we spend a lot of effort and resources to help broaden that access.
 
 
 
Yuma currently partners with 16 custodian and wallet providers to bring Bittensor access to the masses As an institutional-grade validator, the relationships and service we offer give them the confidence to make TAO staking available to millions of end users.
 
During the Summit, we announced that BitGo’s clients will now have access to subnet token staking through our partnership, making subnet investing available to customers of one of the world’s largest custodians.
 
 
 
We also help people gain access to subnets via investment vehicles. The Yuma Composite Fund gives investors access to a market-cap weighted portfolio of subnets through traditional investment structures. The Yuma Large Cap Fund gives investors concentrated exposure to Bittensor's largest subnets.
 
Our institutional asset management team handles everything from initial subnet token purchases, to portfolio rebalancing, custody, and reporting. The appeal for institutions is obvious, but even for the Bittensor native, it’s an amazingly simple way to get access to a broadly diversified portfolio, rebalanced regularly.
 
Between the breakout performance of subnets, the attractive staking rewards, and benefits of diversification, the Yuma funds have outperformed TAO materially year to date [as of when the presentation was created] Nearly 3x outperformance relative to TAO.
 
 
 
And last but definitely not least, our subnet accelerator has helped a wide range of companies access Bittensor. We help them acquire subnet slots, design incentives, provide marketing assistance, review pitch decks, make introductions to other investors, etc. At Yuma we deeply believe in the power of subnets and have helped many of the network's leading intelligence providers start and succeed.
 
 
 
Disclaimer: For informational purposes only.  Nothing herein should be construed as financial, investment, legal, or tax advice.  This material does not constitute an offer to sell or a solicitation of an offer to buy any securities or tokens.  Investing in digital assets involves significant risk, including the potential loss of principal.  Subnet tokens do not represent equity or ownership interests in any entity.  Performance comparisons and index references are illustrative only and not indicative of future results.  Charts and indices are based on methodologies and assumptions that may change and may not reflect actual market conditions or liquidity.
 

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