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NEW YORK - Synaptogenix, Inc. (NASDAQ:SNPX), currently trading at $3.58 with a market cap of approximately $5 million, has made its initial purchase of TAO cryptocurrency tokens as part of its recently announced cryptocurrency treasury strategy focused on artificial intelligence and machine learning, according to a press release statement. InvestingPro analysis indicates the stock is currently undervalued compared to its Fair Value, with a strong return of nearly 18% over the past six months.
The company has selected BitGo to provide qualified custody, staking and trading services for its TAO holdings. BitGo will secure Synaptogenix’s digital assets in regulated, insured cold storage through BitGo Trust Company, Inc.
Joshua Silverman, Executive Chairman at Synaptogenix, said the company has begun staking the token for revenue generation and capital appreciation under the guidance of James Altucher, its Crypto TAO strategy leader.
The initial acquisition was funded by the company’s cash reserves. Synaptogenix has already begun generating revenue through TAO staking, the company stated.
BitGo will facilitate Synaptogenix’s planned acquisitions of TAO through its affiliated trading platforms, including access to liquidity via its OTC desk. The tokens will be staked directly from qualified custody with BitGo Trust.
Founded in 2013, BitGo provides digital asset infrastructure services including custody, wallets, staking, trading, financing, and settlement from regulated cold storage. The company serves thousands of institutions and millions of retail investors worldwide.
Synaptogenix describes this initiative as part of its artificial intelligence pure play cryptocurrency strategy, though specific financial details of the initial TAO purchase were not disclosed in the announcement.
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