Story (IP) Newly Included in Grayscale AI Fund... Allocation Exceeds 20%

Global crypto asset manager Grayscale Investments included Story (IP) as a new holding in its artificial intelligence (AI) fund during its 3Q 2025 portfolio rebalancing. Observers say decentralized intellectual property (IP) ecosystems that combine AI and blockchain are emerging as a key theme in the global institutional investment market.

On the 8th (local time), Grayscale said, "The AI fund sold some existing holdings and used the proceeds to newly acquire IP," adding, "IP has been officially added to the fund's holdings through this quarter's rebalancing."

With this adjustment, the AI fund was restructured into six assets: NEAR Protocol (NEAR, 25.81%), Bittensor (TAO, 22.15%), Story (IP, 21.53%), Render (RENDER, 12.91%), Filecoin (FIL, 11.39%), and The Graph (GRT, 6.21%). Newly entered Story immediately exceeded a 20% allocation, becoming one of the fund's three major assets.

The AI fund aims to provide investment opportunities in protocols building decentralized AI (DeAI) services, solutions addressing centralized AI issues, and infrastructure and resources essential for AI technology development. It also plans to pursue listing so that shares of the AI fund can be traded on the secondary market in the United States.

Earlier in August, Story was also included in Grayscale's single-asset trust product lineup about five months after its listing. Grayscale, founded in 2013, is the world's second-largest crypto asset manager, with assets under management (AUM) of approximately 50 trillion won. It manages a variety of investment products including major crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), and leads the institution-focused crypto investment market.

Grayscale had already recognized Story's growth potential in March by naming it one of the "Top 20 crypto assets to watch in 2Q 2025." In its report, Grayscale evaluated, "Story is an infrastructure enabling the IP-ization of content and data, building the most tangible demand base at the intersection of Web3 and AI."

Story is a project building blockchain infrastructure that converts various creations—music, images, videos, and even AI training data—into intellectual property (IP) assets that can be monetized. Based on technology that automatically tracks and settles the distribution and propagation of content, it improves the existing opaque and fragmented IP management structure and implements a creator-centric economic ecosystem.

It has also drawn attention as a case where Silicon Valley's leading venture capital firm Andreessen Horowitz (a16z Crypto) led three consecutive investments in a single project for the first time since its Coinbase investment. a16z said, "The infrastructure for creative rights in the AI era will ultimately come down to IP data," and evaluated Story as next-generation core Web3 infrastructure.