thedefiant.io
Decentralized artificial intelligence (DeAI) blockchain network Bittensor (TAO) is continuing to grow with the network’s subnet ecosystem approaching the $1 billion market capitalization mark, as TAO treasury companies step in.
Bittensor’s cumulative subnet market cap has reached as high as $920 million as of press time, according to TAOapp data. Subnets represent specialized Bittensor-based DeAI marketplaces that make up the larger ecosystem. Over the past month, growth is led by subnet 39 (SN39), basilica, which is up 655%.
Excitement is brewing in and around the ecosystem as TAO development and treasury companies continue to emerge.
The latest is xTAO, which is a publicly traded company focused exclusively on growing the Bittensor ecosystem. The firm listed its common shares earlier this week on the TSX Venture Exchange, a Canadian launchpad exchange focused on smaller and early-stage companies.
The founder and CEO of xTAO Karia Samaroo commented on the stock listing in a statement: “Our public listing and financing mark important milestones for xTAO, as we execute on our mission of advancing decentralized AI […] Bittensor is rapidly emerging as the ‘Bitcoin of AI,’ and xTAO will be well-positioned to capitalize on its growth potential through the operation of our validator and our use of TAO as our treasury reserve asset.”
Samaroo is also known as the former CEO, as well as co-founder, of WonderFi, a Canadian digital asset services provider, which entered into a deal to be acquired by Robinhood for C$250 million in May.
xTAO kicked off its treasury strategy with 30,000 TAO tokens, worth roughly $12.8 million at current prices. This comes shortly after a company called Synaptogenix announced it would be seeking to acquire $100 million worth of TAO for its own treasury.
TAO, which is one of the largest decentralized AI networks in DeFi, is up 28% on the year, and trades at $428 per token, with a $4.04 billion market capitalization. The token price is up 7% since launching its subnet ecosystem in February.