ASC AI Index - the market’s leading index of AI tokens

April 2025 Results

ASC AI Index (AAI) tracks the price performance of the top tokens in the AI sector, using a rules-based criteria designed to reflect the landscape of AI tokens. The index includes the top 30 tokens that meet the minimum criteria of market capitalization, daily trading volume, and quality of exchange venues.

April 2025 Results

ASC AI Index returned 31.6% in April, reflecting a relief rally after Q1 concerns about tariffs and global trade levels. While “Liberation Day” hit risk assets in early April, Bitcoin rebounded strongly to $95k by the end of April, providing a lift to the whole crypto market and the AI token sector in particular. The Index was led by large cap tokens TAO, RNDR, and FET which gained 59%, 31%, and 62% respectively. This was a marked resilience in the face of macro headwinds, showing the AI sector continues to be the ‘blue chip’ of altcoins when markets turn risk-on. The sector is remarkably stable as well with only a handful of changes to the index month to month. The leaders TAO, RNDR, and FET are joined by IP and THETA to round out the Index’s Top 5. Surprisingly, these strong returns for AI tokens happened in the context of a flat month for AI market leader NVDA. The narrative of crypto assets as a market hedge with uncorrelated returns is returning along with a nascent decoupling from equities; if this continues, AI tokens will continue to be an attractive investment going forward.

In the April end of month rebalance, 3 new constituents were added: Story (IP), an L1 blockchain that transforms intelligence into Programmable Intellectual Property assets, and Alchemist AI (ALCH), an AI protocol that allows users to design, build, and launch applications without writing any code, and Chutes (CHUTES), a Bittensor subnet that allows users to deploy, run and scale any AI model in seconds with serverless compute. With the addition of these 3 new constituents, GRIFFAIN (GRIFFAIN), NetMind Token (NMT), and Solidus AI Tech (AITECH) drop out of the index as the lowest-market cap constituents.

The addition of a Bittensor subnet is a first for the ASC AI Index. Bittensor itself, which is the largest component in the Index and is a decentralized, open-source, and permissionless machine learning network that transforms machine intelligence into a tradable commodity. Within Bittensor, a subnet is an incentive-based competition marketplace that produces a specific kind of digital commodity related to artificial intelligence. While most of the 100+ subnet tokens are early-stage and have a sub-$5m market cap, Chutes is one of a small number that are starting to achieve usage and valuation on par with established tokens. TAOHash, a subnet for decentralizing BTC mining hashrate, is another on our watchlist that may join the Index if its market cap increases moderately.

Index Construction and Rebalancing Methodology

ASC use the following criteria for the index’s token selection process:

Market Capitalization - AAI requires a minimum token market capitalization of $20 million for inclusion in the index, based on a token’s average market cap over the prior 30 days. This ensures that the index captures the most important and representative tokens of the sector, while excluding tokens with such low market caps that they can be easily manipulated.

Presence on Tier 1 or Tier 2 Exchanges - The index only includes tokens that are trading on at least one Tier 1 or Tier 2 exchange, since less reputable exchanges often engage in wash-trading in order to boost the apparent volume. This ensures the index is only tracking tokens with legitimate price discovery that reflects actual trading in the sector. For the purpose of this index, Tier 1 or Tier 2 exchanges are defined as centralized exchanges Coinbase, Binance, Kraken, OKX, ByBit, Kucoin, and Gate.io, as well as DEXes Uniswap, Jupiter, Orca, PancakeSwap, Trader Joe, Raydium, and other primary DEXes of L1 ecosystems. The list of exchanges will be reevaluated quarterly given the fast-changing nature of the crypto exchange landscape, particularly on the DEX side.

Trading Volume - The threshold for inclusion in the index is an average daily trading volume of at least $500k over the prior 30 days, with a majority of volume coming from Tier 1 or Tier 2 exchanges.

Project Focus - The protocol or platform should have a majority of its transaction volume or other usage in AI-related use cases, or in the absence of a live product or measurable usage metrics, the core focus and mission of the project must be related to AI.

The index value was set at 100 at the time of its launch on January 1, 2024. The index is rebalanced monthly based on the initial selection criteria of market cap, trade volume, and exchange listings. There are no caps or floors to asset weights, as the index is intended to reflect the sector makeup accurately even when it is dominated by a small number of tokens. If more than 30 tokens meet all of the index criteria for a given month’s rebalance, then only the top 30 tokens by market capitalization will be included.

*The ASC AI Index available on Upwealth is a representative subset of the full AI Index due to asset restrictions on Upwealth. Performance may vary from the full ASC AI Index described here.

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This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

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