Synaptogenix, Inc. (NASDAQ: SNPX) launched a differentiated cryptocurrency treasury strategy focused on artificial intelligence (AI) token “TAO.”
The company’s shares jumped 44 per cent on Monday as a result. The company’s present strategy involves an acquisition of USD$100 million of TAO tokens. It’s starting with $10 million and building from there. Furthermore, Synaptogenix is acquiring these using its sufficient cash position.
Near the end of 2024, Joshua Silverman and the board of directors began exploring ways to create value using the company’s significant cash reserves.
They observed more public and private companies successfully integrating digital assets into their corporate treasuries and broader business strategies. Therefore, according to Silverman, the board identified TAO as offering the strongest potential for growth, adoption, and long-term value creation. They also viewed it as a way to preserve stockholder value in a rapidly evolving market.
Based on their initial review, the board concluded that TAO’s fixed market supply of 21 million tokens, combined with surging global demand for AI development, makes it a compelling cryptocurrency. Conversely, other digital assets lacked the same strategic alignment and growth potential.
To support this initiative, the company brought on James Altucher, a recognized expert in AI and crypto, to lead revenue generation and TAO staking strategies. Also, his leadership is expected to help significantly boost shareholder returns.
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TAO is the native token behind Bittensor
James Altucher is an accomplished entrepreneur, venture capitalist, and author with decades of experience in emerging technologies. He focuses on crypto and AI. Altucher championed Bitcoin early and created the first “Bitcoin-only” store. He has also published numerous academic papers on AI.
Additionally, he has delivered keynotes at several prestigious AI conferences. Also, his work has helped shape discussions around digital currencies and artificial intelligence.
“The AI industry is expected to grow tenfold between now and 2030, and some percentage of every dollar allocated to AI is expected to go towards decentralized AI where TAO is the clear leader,” said Altucher.
“I am excited to be a part of what I believe is the only pure play public company focused on the convergence between crypto and AI as both industries continue to grow exponentially.”
TAO is the native token powering Bittensor, a decentralized blockchain network focused on machine learning and AI.
Bittensor enables open access to create, train, and evaluate AI models, aiming to democratize AI development. The network incentivizes miners and validators based on the value of their contributions. It measures this value using information theory, including factors like novelty, relevance, and efficiency. Participants receive rewards in TAO tokens.
Synaptogenix plans to change its name and ticker symbol to align with its new digital asset treasury strategy centered on TAO. Also, the company is developing a new corporate website to reflect this transition. Furthermore, it will release additional information in the coming months.
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