Canada-based xTAO announced on July 30 that it has become the largest publicly traded holder of TAO coins with a portfolio of 41,538 coins, valued at $15.8 million.
xTAO's Portfolio and Staking Income
xTAO possesses 41,538 TAO coins, all staked on the mainnet, generating an annual income of approximately 10%. This surpasses the previous record held by TAO Synergies, which acquired 29,899 TAO for $10 million. CEO Karia Samaroo stated, "We will establish foundational infrastructure and generate a sustainable cash flow."
Institutional Interest and Bittensor
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 strengthen its influence in network governance while increasing its staking income. The company believes early-positioned institutions will significantly appreciate in value over the long term.
xTAO Stock Market Performance
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.
xTAO's strategy of increasing TAO coin reserves and investing in validation infrastructure may impact the company's future dynamics and its positions in the cryptocurrency market.
