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Investing.com -- TAO Synergies Inc. (NASDAQ:TAOX) stock surged 21.3% on Monday after the company announced it has increased its holdings of Bittensor (TAO) tokens to 54,058, strengthening its position as the largest publicly traded pure-play holder of the cryptocurrency.
The digital asset treasury company, which focuses on Bittensor’s decentralized artificial intelligence (DeAI) ecosystem, has been expanding its token holdings through acquisition and staking. The company recently raised $11 million in a private placement backed by investors including DCG and the company’s Digital Strategy Advisor James Altucher, though these funds have not yet been deployed.
TAO Synergies aims to provide retail and institutional investors with access to the decentralized AI sector, which according to PricewaterhouseCoopers could contribute $15.7 trillion to global GDP by 2030. The company’s increased stake comes as Bittensor recently climbed into the top six trending cryptocurrencies on CoinMarketCap.
"Bittensor represents the future of open, incentive-driven AI, and we’re committed to leading the charge as the go-to public vehicle for exposure to this transformative ecosystem," said Altucher, who co-hosts the company’s educational podcast The TAO Pod.
The company continues to focus on educational initiatives including The TAO Daily publication to help investors understand decentralized AI concepts and investment opportunities in the space.
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