Stillcore Capital: US Hedge Fund Built for Bittensor

Stillcore Capital is a US-based hedge fund focused exclusively on the Bittensor ecosystem, targeting accredited investors who want institutional exposure to TAO and selected subnet alpha tokens. The fund emerged publicly in September 2025 with Jason Calacanis of the All-In Podcast as one of its visible faces, alongside operating partners Mark Jeffrey and Rob Greer. Recent SEC filings show two private vehicles already in market, with Fund II reporting $2.5 million sold under a $40 million total offering amount as of April 2026.

For investors tracking institutional capital flowing into Bittensor, Stillcore Capital is a notable data point. Yuma Asset Management, launched by Yuma, a DCG company, created another institutional on-ramp into Bittensor subnet strategies in October 2025, and Grayscale subsequently filed with the SEC for its dedicated Grayscale Bittensor Trust. Against that backdrop, Stillcore claims a specific position of its own: a US-based, open-end, evergreen hedge fund built exclusively around Bittensor.

What Stillcore Capital Actually Does

According to its own materials, Stillcore Capital runs two main activities. The first is acquiring and staking TAO, treating the asset as a strategic reserve. The second is allocating capital into selected Bittensor subnets, taking exposure to subnet alpha tokens.

In addition to those two pillars, Stillcore keeps open a third option: backing or co-founding new subnets when its capital and network align with a strategic opportunity. That leg is opportunistic, not core to the thesis.

Stillcore frames subnet exposure as a higher-risk, higher-return layer on top of TAO. Any upside scenario discussed by the team should be treated as management commentary, not realized performance.

The Team Behind Stillcore Capital

Three partners are visible across both SEC filings and public communication.

Jason Calacanis, the angel investor and All-In Podcast co-host, is listed on Stillcore’s materials as Consulting Partner.

Mark Jeffrey and Rob Greer serve as the operating leadership, both holding the title Partner & Co-CIO. Jeffrey has built a public profile in the Bittensor community on X, while Greer brings investment banking and private equity experience, according to Stillcore’s own fund materials.

SEC Filings Show Two Vehicles Already in Market

Public SEC filings give the clearest view of Stillcore Capital’s operational footprint so far. Two private vehicles are visible in EDGAR, both structured as Delaware limited partnerships.

Stillcore Capital Fund I, LP filed its initial paperwork in September 2025. The vehicle uses a Rule 506(c) private placement exemption and requires a $100,000 minimum from outside investors. At the time of filing, Fund I reported $225,000 sold to two investors.

Stillcore Capital Fund II, LP followed shortly after. The latest amendment from April 2026 shows materially larger ambition: a $40 million total offering amount, with $2.5 million sold to 21 investors so far. Fund II also lowers the minimum investment to $15,000.

The management entity, Stillcore Capital Management, LLC, is listed in the SEC’s adviser database as an Exempt Reporting Adviser. That status is not the same as full registration as an investment adviser, and Stillcore’s own website states this explicitly.

The Investment Thesis: TAO as Reserve, Subnets as Leverage

Stillcore Capital published its formal Bittensor Investment Thesis in March 2026. The thesis frames Bittensor as a once-in-a-cycle opportunity in decentralized AI, comparing the network’s current position to the early phases of Bitcoin and Ethereum. TAO functions as a scarce asset with a 21 million supply cap, while individual subnets operate as productive mini-economies inside the network.

Stillcore points to the February 2025 launch of dynamic TAO (dTAO) as the moment subnets became directly investible. Grayscale Research later noted that this change coincided with expanding institutional access through vehicles such as Yuma Asset Management and Stillcore Capital.

Risk Disclosures and What Stillcore Capital Does Not Promise

Stillcore’s own legal disclosures are unusually direct, and they deserve attention. The website states clearly that no regulator, including the SEC, has approved or evaluated the accuracy of Stillcore’s materials, and that fund interests have not been registered as public securities. Stillcore Capital Management, LLC is also explicit that it is not a fully registered investment adviser.

On asset-level risk, Stillcore lists the usual exposures of digital asset investing: extreme price volatility, liquidity constraints, technological failures, regulatory uncertainty, and the possibility of total loss of capital. The firm also notes that subnet tokens do not represent ownership in a legal entity and may lack traditional investor protections.

Why Stillcore Capital Matters for the Bittensor Ecosystem

For the broader Bittensor ecosystem, the emergence of Stillcore Capital carries a specific signal. Until recently, institutional exposure to TAO meant either holding the token directly or waiting for a regulated product such as the Grayscale Bittensor Trust to launch. The arrival of accredited-investor vehicles like Stillcore and Yuma Asset Management adds a third path, where qualified investors can outsource subnet selection, staking, and validator logistics to a dedicated team.

Stillcore’s public commentary has consistently leaned into the MicroStrategy analogy. Just as MicroStrategy gave traditional investors a way to gain Bitcoin exposure without managing private keys, Stillcore aims to offer a fiat-in, fiat-out path into the Bittensor economy. Whether that analogy holds will depend on factors beyond the fund itself: the trajectory of TAO, the performance of top subnets, and the regulatory environment around digital asset funds.

For now, the verifiable facts sit in the SEC filings. Everything else, including the long-term thesis, remains stated intent rather than realized performance.

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