xTAO, a Bittensor-focused public firm, has unveiled that its treasury now comprises 41538 TAO, worth roughly $15.8 million, thereby making it the largest publicly listed holder of TAO tokens. The announcement was made by the CEO, Karia Samaroo, who explained that “Build core infrastructure, earn sustainable cash flow, and compound value alongside the Bittensor network,” was the company’s mission.
The company’s TAO assets exceed those of TAOX, which have recently reported 29,899 TAO tokens. xTAO aims to establish a validator network and build Bittensor infrastructure using the TAO staking model. They mentioned that their yearly return from staking on the Bittensor root network is roughly near 10%.
Bittensor is a decentralized, open-source protocol where contributors to the development of AI receive rewards in the form of TAO tokens based on the utility of their inputs. Its one-of-a-kind approach to combining the AI and crypto realms with an open-access, permissionless design is what sets it apart.
xTAO’s plan seems to be aimed at establishing a firmer footprint in Bittensor’s ecosystem over the longer term, where validators are the main force that not only secures but also powers the AI training and contribution processes.
The statement comes after xTAO was recently added to the TSX Venture Exchange (TSXV) in Canada, and a successful fundraise of $22.8 million led by major Web3 investors, such as Digital Currency Group and Animoca Brands.
Although the strategic development was made, xTAO stock ended the day down by 10.24% at $1.49 on Wednesday, as per Google Finance. Analysts are of the opinion that the decline could be caused by some murmurings in technology sector as well as the AI-related crypto stocks.
However, xTAO’s play on Bittensor is still a very ambitious one which makes the xTAO the leading brand in the AI-crypto nexus.
