Public TAO Proxies
Public companies and funds with Bittensor exposure. For investors who want TAO thesis without holding the token directly.
Direct TAO Exposure
Companies holding TAO on their balance sheet as a core treasury strategy.
TaoWeave Inc (formerly Oblong Inc / OBLG)
Formerly Oblong Inc, a collaboration technology company that pivoted in mid-2025 to become a digital asset treasury company focused exclusively on Bittensor TAO. Renamed to TaoWeave and changed ticker from OBLG to TWAV in December 2025. Legacy Mezzanine collaboration product is being wound down - one customer provides 79% of remaining revenue. Approximately 66% of total assets are in TAO, all staked and unhedged.
TAO Connection
Direct TAO treasury company. Holds ~24,382 TAO tokens (increased by 2,439 in last 30 days). All tokens staked with a trusted main validator. Deployed ~$8.7M into TAO during 2025. Launched real-time treasury transparency website at taoweave.ai showing holdings, estimated treasury value, mNAV ratio. This is the company the user mentioned as 'Oblong Inc' - it has since rebranded.
Revenue
$2.44M (FY2025), declining as legacy business winds down. Q3 2025 revenue was $601K. Net loss of $6.39M in 2025.
Risk
Extreme concentration risk - 66% of assets in a single unhedged crypto token. Legacy revenue evaporating. $4.7M market cap is a nano-cap with severe liquidity risk. Stock fell from $2.70 high to $0.58 low in 3 months. TAO price directly determines company value.
Recent
- Mar 2026 - Filed 10-K annual report focused on Bittensor ecosystem strategy
- Dec 2025 - Began trading as TWAV on Nasdaq, launched taoweave.ai transparency site
- Aug 2025 - Deployed $8M in fully staked TAO
TAO Synergies Inc
Formerly Synaptogenix (a failed biotech), pivoted in June 2025 to become the first pure-play public company focused on Bittensor TAO treasury accumulation. Executes a cryptocurrency treasury strategy centered exclusively on acquiring and staking TAO tokens. Backed by DCG and advised by James Altucher. Largest publicly traded pure-play TAO holder.
TAO Connection
Largest publicly traded TAO holder with 54,058+ tokens. Purchased $10M of TAO in initial tranche. Secured $11M private financing (backed by DCG and James Altucher) for further accumulation. Recently invested $750K in Bittensor Subnet Funds. Actively engaged with Yuma Asset Management.
Revenue
$207K TTM - essentially zero operating revenue. This is a pure treasury/holding company. Operating loss of $7.4M TTM.
Risk
Zero operating business - pure TAO price exposure with management overhead. Filed to sell 22.3M shares (dilution risk). Former failed biotech shell company. $45M market cap for what is essentially a TAO wrapper with fees. Premium to NAV fluctuates.
Recent
- Mar 2026 - Raised TAO holdings to 54,000+ tokens, largest publicly traded holder
- Nov 2025 - Filed to sell 22.3M shares; initial $750K investment in Bittensor Subnet Funds
- Oct 2025 - Secured $11M financing backed by DCG and James Altucher
xTAO Inc
Founded July 2025 by Karia Samaroo, headquartered in Cayman Islands. Listed on TSX Venture Exchange (TSXV) in July 2025. Builds decentralized AI infrastructure on Bittensor and invests in the ecosystem. Goes beyond pure treasury holding by actively running validators and supporting the network.
TAO Connection
Holds 41,538+ TAO tokens. Actively stakes for ~10% annual yield. Runs validator operations and builds infrastructure directly on Bittensor network. Claims to be the largest publicly traded TAO holder (competing with TAOX for that title). Revenue strategy tied to staking yields and validator rewards.
Revenue
No revenue figures disclosed. EPS TTM of -$6.21 indicates significant losses relative to share price. Pre-revenue infrastructure company.
Risk
Trades on TSXV (less liquid Canadian venture exchange), not easily accessible to US investors (OTC as XTAIF). Cayman Islands domicile. Very new company (founded Jul 2025). Extreme stock volatility - fell from $2.25 to $0.30 before recent recovery. Limited financial disclosure.
Recent
- Mar 2026 - Stock surged 78% in one week, 96% in one month from lows
- Jul 2025 - Listed on TSXV, became one of largest publicly traded TAO holders
- Jul 2025 - Revealed $16M in Bittensor holdings at listing
TAO Fund
Investment vehicles providing passive TAO exposure.
Grayscale Bittensor Trust
Grayscale's single-asset trust providing institutional-grade TAO exposure via a traditional brokerage account. SEC-reporting since December 2025. Trades on OTCQX with pending NYSE Arca listing. 2.5% annual expense ratio. 1.88M shares outstanding, each representing ~0.0192 TAO.
TAO Connection
Pure TAO exposure vehicle managed by Grayscale (DCG subsidiary). Holds ~0.3% of TAO in circulation. Filed S-1 in December 2025 to convert to spot TAO ETF on NYSE Arca - if approved, would be first TAO ETF. Trades at massive premium to NAV (238% premium as of Feb 2026), indicating strong institutional demand for regulated TAO access.
Revenue
N/A - closed-end trust structure. AUM ~$6.8M-$8M. Revenue is the 2.5% management fee on AUM (~$170K-$200K annually).
Risk
Massive premium to NAV (238%) means you pay $3+ for every $1 of TAO. 2.5% annual fee drag. OTC-traded (illiquid). If ETF conversion is approved, premium should compress (good for new buyers, bad for current holders). Small AUM of ~$7M.
Recent
- Mar 2026 - Switched NAV benchmark to CoinDesk Bittensor Benchmark Rate
- Feb 2026 - Trading at 238% premium to NAV ($12.09 vs $3.57 NAV)
- Dec 2025 - Filed S-1 for conversion to spot TAO ETF on NYSE Arca
AI Infrastructure
Companies building the physical infrastructure TAO subnets run on.
Hut 8 Corp
Vertically integrated operator of energy infrastructure and data centers in North America. Transforming from crypto mining into an AI/HPC infrastructure powerhouse. Operates through Power, Digital Infrastructure, Compute, and Other segments. Recently signed a transformative 15-year, $7B triple-net lease with Fluidstack (backed by Google, linked to Anthropic) for 245 MW at River Bend.
TAO Connection
Indirect proxy - operates the physical compute infrastructure that decentralized AI networks like Bittensor need to scale. As TAO/Bittensor grows, demand for GPU compute and data center capacity increases. Hut 8's pivot to AI/HPC infrastructure positions it to capture this demand whether it comes from centralized or decentralized AI. The Fluidstack deal connects it to the Anthropic ecosystem.
Revenue
$235.1M (FY2025), up 45% YoY. Compute segment: $202.3M. Power segment: $23.2M. Gross margin expanded from 47% to 54%. Net loss of $248M due to $220M unrealized BTC mark-to-market loss.
Risk
Net loss of $248M in 2025 (BTC volatility). Heavy capital expenditure for data center buildout. Execution risk on Fluidstack mega-deal. Still heavily tied to Bitcoin mining economics. Competition from CoreWeave, Equinix, and hyperscalers.
Recent
- Mar 2026 - Signed $7B 15-year lease with Fluidstack (Google-backed, Anthropic-linked) for 245 MW
- Mar 2026 - 15 analysts rate 'Strong Buy', $56.93 avg target
- 2025 - Full-year revenue up 45% to $235.1M
HIVE Digital Technologies
Operates green energy-powered data centers in Canada, Sweden, and Iceland. Engages in Bitcoin mining and high-performance computing (HPC) hosting. Expanding into AI GPU cloud services. 3x growth in AI GPU revenue in FY2025. Expanded capacity from 140 MW to 440 MW in Paraguay.
TAO Connection
Indirect proxy - provides the green-energy GPU compute infrastructure that decentralized AI networks consume. 3x growth in AI GPU revenue signals increasing demand for distributed compute. Their green energy data centers are ideal infrastructure for Bittensor subnet miners and validators. As decentralized AI scales, HIVE's GPU fleet (5,000+ GPUs) becomes more valuable.
Revenue
$115.3M (FY2025 ended Mar 31, 2025). Mining: $105.2M, HPC/AI Cloud: $10.1M (3x YoY growth). Adjusted EBITDA: $56.2M (48.7% margin). 1,414 BTC mined. Digital assets: $181.1M (2,201 BTC).
Risk
AI GPU revenue is only 9% of total revenue - still primarily a Bitcoin miner. Bitcoin halving and hash rate difficulty headwinds. Stock down significantly from highs. Competition from larger data center operators. Geographic concentration in Nordic/Canadian markets.
Recent
- Jun 2025 - Reported FY2025 revenue of $115.3M with $56.2M adjusted EBITDA
- 2025 - 3x growth in AI GPU revenue to $10.1M
- 2025 - Expanded GPU fleet to 5,000+ and capacity to 440 MW
Compute
Large-cap compute providers that benefit from the same AI demand thesis.
CoreWeave Inc
AI-native cloud computing company providing GPU infrastructure to AI developers and enterprises. Founded as Atlantic Crypto (crypto mining) in 2017, pivoted to AI cloud. IPO'd March 2025 at $40/share on Nasdaq. 32 data centers, 250,000+ GPUs. Powers OpenAI and Microsoft. Revenue grew 700% in 2024, reached $5.1B in 2025. $66.8B revenue backlog.
TAO Connection
Indirect macro proxy - CoreWeave is the GPU cloud infrastructure layer that all AI (centralized and decentralized) runs on. As Bittensor subnets scale, they need GPU compute from providers like CoreWeave. The Bittensor thesis is fundamentally a bet on distributed GPU demand outpacing supply. CoreWeave represents the picks-and-shovels play on this trend. No direct Bittensor involvement.
Revenue
$5.1B (FY2025), up 168% YoY. Q4 2025 revenue of $1.58B. Guidance: $12-13B for FY2026 (140% growth). $66.8B revenue backlog. Adjusted operating income guidance $900M-$1.1B for 2026.
Risk
Extreme capital intensity ($30-35B CapEx in 2026). Customer concentration (Microsoft/OpenAI). Stock volatile - traded from $33.52 to $187 in one year. Large debt load to fund GPU acquisitions. If AI demand slows, fixed-cost infrastructure becomes a liability. Not a direct TAO play.
Recent
- Feb 2026 - Reported FY2025 revenue of $5.1B, guided $12-13B for 2026
- Mar 2026 - First to offer NVIDIA RTX PRO 6000 Blackwell GPU at scale
- 2026 - Expanding to 1.7 GW of active power capacity by year-end
NVIDIA Corporation
World's most valuable company. Designs and sells GPUs that power virtually all AI training and inference globally. FY2026 revenue of $215.9B (up 65% YoY). Blackwell platform is the dominant architecture for AI data centers. Every GPU used in Bittensor subnet mining is overwhelmingly an NVIDIA GPU.
TAO Connection
Ultimate upstream proxy - NVIDIA GPUs are the fundamental hardware layer for both centralized and decentralized AI. Every Bittensor subnet miner runs NVIDIA hardware. Jensen Huang publicly praised Bittensor's Covenant-72B on the All-In Podcast in March 2026, causing TAO to surge 17%+. NVIDIA benefits regardless of whether AI is centralized or decentralized - they sell the picks and shovels.
Revenue
$215.9B (FY2026 ended Jan 2026), up 65% YoY. Q4 FY2026: $68.1B (up 73% YoY). GAAP EPS: $4.90. Gross margin: 71.1%. Guidance: $78B for Q1 FY2027.
Risk
At $4.3T market cap, limited upside as a TAO proxy specifically. China export restrictions are a headwind. Valuation assumes sustained AI infrastructure buildout. Not a pure play on decentralized AI - exposure is diluted across all AI demand. Competition from AMD, custom silicon (Google TPUs, Amazon Trainium).
Recent
- Mar 2026 - Jensen Huang praised Bittensor Covenant-72B on All-In Podcast, TAO surged 17%
- Jan 2026 - FY2026 revenue hit $215.9B, up 65% YoY
- 2026 - Blackwell platform ramping with massive data center demand