Canada-based xTAO announced on July 30 that it has become the largest publicly traded holder of TAO coins, the mainnet asset of the Bittensor network, with 41,538 coins in its portfolio. The value of xTAO’s portfolio currently stands at $15.8 million. CEO, Karia Samaroo, stated, “We will establish foundational infrastructure and generate a sustainable cash flow.” The company maintains substantial cash reserves for future acquisitions.
xTAO’s Growing TAO Coin Reserves
xTAO’s entire basket of 41,538 TAO coins is staked on the mainnet, generating an annual income of approximately 10%. This surpasses TAO Synergies’ previous record of 29,899 TAO units, acquired for $10 million. This milestone has positioned xTAO at the top among publicly traded cryptocurrency-focused companies.
The company intends to channel its staking revenue towards new altcoin purchases and increase its validator nodes. Karia Samaroo’s past success in selling WonderFi to Robinhood for $180 million bolsters investor confidence. The management is capitalizing on price dips by holding cash strategically.
Institutional Appetite and Bittensor Network
Bittensor is an open blockchain network designed to encourage AI development. Participants are rewarded with TAO coins based on the value of their contributions. With its substantial reservoir of coins, xTAO aims to bolster its influence in network governance while exponentially multiplying its staking income. The company believes early-positioned institutions will significantly increase in value over the long term.
Following its listing on Toronto’s TSX Venture Exchange last week, xTAO shares closed on Wednesday with a 10.24% decline at 1.49 Canadian dollars. Before its public offering, the company raised $22.8 million in a funding round, with participation from Digital Currency Group and Animoca Brands. The investment will be utilized to enhance xTAO’s validation infrastructure and further acquire TAO coins.
