Tao Synergies (TAOX), previously biotechnology Synaptogenix, said it bought Bittensor’s Tao Token worth $10 million and became the largest public owner of cryptocurrency.
The New York-based company acquired 29,899 tao tokens each for an average of $334, according to a press release. It plans to wager tokens within the bittenser network that reward participants to contribute to the development of the AI model.
According to Joshua Silverman, the company’s executive chairman, the company is based on “expected continuous growth and expansion” rather than other cryptocurrencies that are more popular in corporate finances, and not other cryptocurrencies that are more popular in corporate finances.
Bitcoin
Ether (ETH) is the most commonly chosen for corporate finances. According to Bitcointreasuries, the number of BTC held by publicly traded companies has skyrocketed in recent months to 860,766. Similarly, ETH, held by the corporate Ministry of Finance and DAOS, is currently taking off, reaching 1.8 million ETH.
“Decentralized AI and Tao remind us of the internet in 1996,” said James Altucher, the company’s financial strategist. “It’s still too early, but growth is accelerating.”
Taox shares closed at 7.55% in trading session on Friday, raising an additional 1.29% to $10.24 in after-hours trading. Tao has risen 7% in the past week, but has fallen 2.5% in the past 24 hours.