Bittensor Subnet Market Cap Nears $1B as TAO Treasury Companies Expand

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%.

Bittensor subnet stats. Source: $TAO.app

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.