TAO Synergies Becomes Largest Public Holder of Bittensor Token With $10M Purchase

TAO Synergies (TAOX), formerly a biotech firm Synaptogenix, said it purchased $10 million worth of Bittensor’s TAO token, becoming the largest publicly traded holder of the cryptocurrency.

The New York-based company has acquired 29,899 TAO tokens at an average price of $334 each, according a press release. It plans to stake the tokens within the Bittensor network, which rewards participants for contributing to the development of AI models.

The company’s bet on TAO, rather than on other cryptocurrencies more popular for corporate treasuries, rests on its “expected continued growth and expansion of decentralized AI,” according to the company’s executive chairman Joshua Silverman.

Bitcoin

and ether (ETH) are the most commonly chosen for corporate treasuries. BTC held by publicly-traded firms has skyrocketed over the last few months to now stand at 860,766 according to BitcoinTreasuries. Similarly, ETH held by corporate treasuries and DAOs is now taking off and has reached 1.8 million ETH.

“Decentralized AI and TAO remind me of the Internet in 1996,” said James Altucher, the company’s treasury strategist. “It’s still early, but growth is accelerating.”

TAOX shares closed up 7.55% in Friday’s trading session and moved up an additional $1.29% in after-hours trading to $10.24. TAO went up 7% over the past week, but is down 2.5% in the last 24-hour period.