10 Million Dollar Move from the Company on Nasdaq: This Altcoin is Targeted!

TAO Synergies, traded on the US-based Nasdaq stock exchange, continues to expand its crypto assets by purchasing Bittensor (TAO) worth 10 million dollars.

As institutional interest in the cryptocurrency market continues to grow, TAO Synergies Inc. (TAOX), traded on the Nasdaq stock exchange, has taken a remarkable step. The company announced that it has purchased a total of 29,899 tokens of the AI-focused cryptocurrency project Bittensor (TAO). The current value of these assets, purchased at an average price of 334 dollars, has reached approximately 12 million dollars with the increase in the price of TAO.

The management of TAO Synergies aims to stake (lock) all the TAO tokens they have acquired in the Bittensor network to share in the network's rewards. The Chairman of the Board, Joshua Silverman, pointed out that decentralized artificial intelligence has the potential to surpass centralized systems in the future. According to Silverman, decentralized AI technologies are still in their infancy and have a growth momentum similar to the early days of Bitcoin and the internet.

The Rise of Decentralized Artificial Intelligence

The Bittensor network, a decentralized platform that rewards its users providing machine learning services, has recently attracted the attention of investors. TAO Synergies' strategic move is seen as a significant development as companies begin to include different digital assets besides Bitcoin in their balance sheets.

Previously a biotechnology company, Synaptogenix changed its name in June and started trading on the Nasdaq under the TAOX code. TAO Synergies stated that it will continue to increase its AI-focused crypto investments. The company's stock price gained more than 4% in pre-opening trades on Friday following this development.