In a significant development, Canada-based decentralized artificial intelligence (AI) platform xTAO has secured a notable achievement. In a recent press release, the publicly traded tech company announced that it has now become the largest holder of Bittensor’s native token, TAO.
As of press time, the platform’s TAO holdings totaled 41,538 TAO tokens, which are currently worth about $15.8 million. Showing no signs of slowing, the tech firm plans to increase its TAO holdings with significant cash reserves at its disposal.
According to the platform’s CEO, Karia Samaroo, xTAO’s decision to build a large TAO treasury will help to drive validator expansion and infrastructure development within the Bittensor ecosystem.
“Our goal is simple: build core infrastructure, earn sustainable cash flow, and compound value alongside the Bittensor network.”Samaroo commented,
By staking its TAO tokens on the mainnet, xTAO is generating a projected annual yield of around 10%. However, the actual returns the platform will get may vary due to market fluctuations, validator performance, and network conditions.
xTAO Debuts on TSX Venture Exchange
xTAO’s latest achievement comes after the platform announced that it would be listing its common shares on Canada’s TSX Venture (TSXV) Exchange last week. According to the report, the company was scheduled to launch on the exchange under ticker symbol XTAO.U a few days later.
The Canadian platform also saw a significant $22.8 million investment from various digital asset venture capital firms, comprising Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and FalconX, who supported the company’s growth through subscription receipts.
xTAO Surpasses TAO Synergies in TAO Holdings
With a total holdings of 41,538 TAO tokens, xTAO has outperformed TAO Synergies, which holds 29,899 TAO tokens worth $10 million.
TAO Synergies, a digital asset treasury company also mainly focused on Bittensor’s TAO token, acquired its current total TAO holdings in a single purchase earlier this month. In June, the company changed its name from Synaptogenix to TAO Synergies and adopted the new ticker symbol TAOX to focus on its Bittensor strategy.
Both companies’ bullish approach to TAO is expected to have a positive impact on the Bittensor ecosystem. In a similar development, Grayscale Investments boosted the Bittensor network by launching the Grayscale Bittensor Trust to focus its portfolio entirely on TAO.
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