The vote of confidence in the AI token stands out, as the composition of the fund otherwise remains unchanged. No new items have been added or removed.
NEAR Protocol (NEAR)’s share fell to 24.43% from 26.54%, Filecoin (FIL) fell to 9.86% from 13.77%, The Graph (GRT) fell to 4.15%, and Story (IP)’s weight was reduced to 2.73%.
Render (RENDER) was the only other asset to show a slight increase, rising to 15.77%.
AMBCrypto previously reported that Grayscale had also filed an updated registration statement with the US SEC for an investment product based on Bittensor. The proposed Grayscale Bittensor Trust would directly own TAO and track its market price, with plans to convert to an ETF and list on NYSE Arca if approved.
Bittensor’s Growing Subgrid Economy
TAO is currently valued at approximately $6.2 billion. This, at the back of the network extending to 128 subnetworks.
Subnets are independent AI-focused networks that can be thought of as open source startups created under the Bittensor framework.
This gives the ecosystem a stronger utility narrative. Concrete example? Targon Compute (one of Bittensor’s subnets) reportedly generated $105,000 in revenue over the past week, which translates to an annualized run rate of around $5.5 million!
What makes it notable is its relatively modest valuation of around $82 million FDV.
TAO holds above $320, but pace slows
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 appears to be consolidation just below the $330-$360 resistance zone.
The RSI indicated bullish momentum, but was not really overheated. Meanwhile, the MACD was weak with the Signal line becoming ahead of the MACD line and the histogram turning negative.
Final summary
- Grayscale increased the weight of TAO in its AI crypto portfolio from 31.35% to 43.06%.
- TAO’s growing ecosystem also appears to support the bullish narrative.
