The vote of confidence in the AI token stands out, because the fund’s composition remains otherwise unchanged. No new assets were added or removed.
Source: XNEAR Protocol’s [NEAR] share slipped to 24.43% from 26.54%, Filecoin [FIL] fell to 9.86% from 13.77%, The Graph [GRT] dropped to 4.15%, and Story’s [IP] weight was cut to 2.73%.
Render [RENDER] was the only other asset to post a slight hike, going up to 15.77%.
AMBCrypto previously reported that Grayscale had also filed an updated registration statement with the U.S SEC for a Bittensor-based investment product. The proposed Grayscale Bittensor Trust would directly hold TAO and track its market price, with plans to convert into an ETF and list on NYSE Arca if approved.
Bittensor’s growing subnet economy
TAO is currently valued at around $6.2 billion. This, on the back of the network expanding to 128 subnets.
Subnets are independent AI-focused networks that can be thought of as open-source startups building within the Bittensor framework.
Source: XThis gives the ecosystem a stronger utility narrative. Case in point? Targon Compute (one of Bittensor’s subnets) reportedly generated $105,000 in revenue over the past week, translating to an annualized run rate of roughly $5.5 million!
What makes that notable is its relatively modest valuation of about $82 million FDV.
TAO holds above $320, but pace is slowing
At the time of writing, TAO was trading at $321.74, posting a daily gain of 3.70% after a high of $329.95. The uptrend from mid-March is still intact, but there seemed to be consolidation just below the $330-$360 resistance zone.
Source: TradingViewThe RSI indicated bullish momentum, but wasn’t quite overheated. Meanwhile, the MACD was weak, with the Signal line pulling ahead of the MACD line and the histogram turning negative.
Final Summary
- Grayscale raised TAO’s weight in its AI crypto portfolio from 31.35% to 43.06%.
- TAO’s growing ecosystem seemed to support the bullish narrative too.
Source: https://ambcrypto.com/grayscale-raises-tao-exposure-from-31-to-43-in-latest-rebalance-heres-why/
