Bittensor (TAO) is emerging as a prominent digital asset choice for publicly traded companies incorporating cryptocurrency into their financial and strategic portfolios. Firms such as Oblong and Synaptogenix, both listed on Nasdaq, have announced significant plans to acquire TAO tokens as part of their AI-driven growth strategies.
Oblong plans to raise $7.5 million through a private stock offering specifically aimed at purchasing TAO tokens and developing decentralized AI infrastructure, including Subnet 0 of the Bittensor network. This initiative resulted in a 12% rise in Oblong’s stock price, demonstrating strong market confidence in the move.
Synaptogenix has committed to acquiring an initial $10 million worth of TAO tokens, more than doubling the firm’s market capitalization, with long-term ambitions to hold up to $100 million in TAO. This strategy, led by crypto and AI influencer James Altucher, involves staking and token price appreciation, and includes plans to rebrand the company to align with its AI crypto focus.
Experts highlight Bittensor’s fixed supply of 21 million tokens and the network’s decentralized AI ecosystem as key factors behind TAO’s growing institutional appeal. The token is currently the leading altcoin among AI tokens with a market cap exceeding $3.8 billion, according to CoinMarketCap, and is prominently positioned within Grayscale’s AI investment sector.
Although TAO’s price has surged 25% since the beginning of the month to around $434, analysts note that reaching a top three altcoin status would require a significant fivefold increase, with challenges such as rising Bitcoin dominance and the nascent altcoin season potentially impeding rapid gains.
The interest in TAO by these Nasdaq-listed firms marks a notable trend of institutional players diversifying beyond traditional IT solutions and blue-chip cryptocurrencies, embracing the intersection of AI, blockchain technology, and digital assets.