TaoWeave, the company formerly known as Oblong, reversed its stated strategy of accumulating Bittensor’s TAO token after selling 3,959.23 TAO during the first half of 2026 to fund operating expenses and manage liquidity. The sales, disclosed in the company’s August 7 quarterly filing, raised $1.172 million but resulted in a net realized loss of $114,000.
The move marks a turn from the plan reported in June 2025, when predecessor Oblong intended to direct most of a $7.5 million private placement toward acquiring TAO and supporting the Bittensor ecosystem. As of June 30, TaoWeave held 23,335.18 TAO worth $4.709 million, representing about 69.5% of its total assets. All holdings were staked through custodians BitGo and Kraken, earning 728.97 TAO and generating $191,000 in revenue during the period. Despite buying an additional 1,900 TAO, the net token balance still fell by 1,330.26 TAO (5.4%) from year-end due to the larger sale.
The company cited ongoing cash needs as a risk to its token balance. With only $735,000 in cash at June 30 and net operating cash use of $1.189 million in the first half, TaoWeave warned it may sell more TAO from time to time as operating requirements dictate. Management assessed that current resources plus the ability to convert TAO to cash should fund operations for at least 12 months but acknowledged that more capital will be needed long-term, highlighting the tension between business funding and its accumulation goal.
