Canada-based xTAO announced its position as the largest public holder of TAO. This event stirred the crypto markets.
xTAO’s Investment Strategy
xTAO holds 41,538 TAO coins, yielding an annual return of 10% through staking on the mainnet. This achievement surpasses the previous record held by TAO Synergies, which had 29,899 coins purchased for $10 million.
xTAO's Position in the Bittensor Network
Bittensor operates as an open blockchain network, incentivizing AI innovation by rewarding contributions with TAO coins. With a significant stockpile of TAO, xTAO aims to expand its influence in network governance and enhance staking income.
Financial Results and Strategic Moves
Following xTAO’s recent listing on the Toronto Stock Exchange’s Venture segment, its shares dipped to 1.49 Canadian dollars, down 10.24%. Previously, xTAO successfully raised $22.8 million in a funding round supported by companies like Digital Currency Group and Animoca Brands.
xTAO's strategic steps in the cryptocurrency realm emphasize its commitment to enhancing its market presence. Industry observers eagerly await the company’s next growth opportunities.
