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xTAO has become the largest public company holding TAO in the world.
The public company xTAO – focusing on the Bittensor ecosystem – announced on Wednesday that it has become the listed organization owning the largest amount of TAO tokens, with a total of 41,538 TAO worth approximately 15.8 million USD.
This figure surpasses TAO Synergies (TAOX), a unit that recently revealed it had purchased 29,899 TAO worth 10 million USD.
CEO of xTAO, Karia Samaroo – who previously founded and ran the WonderFi exchange, which was acquired by Robinhood for $180 million – stated that the company will use the TAO treasury to expand the validator system, build infrastructure, and create sustainable cash flow from the Bittensor network.
xTAO is currently staking TAO to earn an annual yield of approximately 10%. Last week, the company also listed its common stock on the TSX Venture Exchange in Canada after successfully raising 22.8 million USD from funds such as Digital Currency Group and Animoca Brands.