Oblong’s Crypto Gamble: Nasdaq-Listed Firm Surges 12% on $7.5M Bittensor TAO Treasury Play
Wall Street meets crypto—again. Oblong, a Nasdaq-listed company, just pulled a page from Bitcoin’s playbook, and traders are biting. Shares spiked 12% after the firm announced plans to scoop up $7.5M worth of Bittensor’s TAO tokens for its treasury. Because nothing says 'innovation' like copying a decade-old Bitcoin strategy, right?
The TAO Treasury Twist
Forget bonds or cash reserves—Oblong’s betting on decentralized AI tokens. The move mirrors MicroStrategy’s Bitcoin hoarding, but with a Web3 spin. Whether this is genius or desperation depends on who you ask (and how much TAO they’re holding).
Market’s Verdict: Bullish—For Now
Traders cheered the news, but let’s see how long the hype lasts. After all, nothing tests conviction like a 20% crypto dip before lunch. Bonus jab: If this works, expect every S&P 500 company to start 'diversifying' into meme coins by Q3.
Why Bittensor?
Oblong stated that the intersection of AI and blockchain presents a transformative moment for digital innovation that could rival the early breakthroughs in Bitcoin and smart contracts networks like Ethereum.
According to the firm, its decision to allocate capital toward Bittensor reflects a conviction that decentralized AI will become a significant pillar of future software and monetization models.
Oblong CEO Peter Holst noted that the impending investment will allow the firm to capitalize on the growing demand for this infrastructure.
He said:
“Bittensor is an open network for intelligence, the same way the original internet was for information.”
Considering this, Holst added that his firm aims to build on Bittensor’s open and collaborative model by leveraging its experience to capture value in this emerging space. He stated:
“By building on this open platform, problems can be solved collaboratively at global scale, with the world’s brightest minds incentivized by TAO.”
Moreover, Oblong likened its approach to how institutional players began accumulating bitcoin as a treasury asset. However, it views TAO as uniquely positioned to define the coming era of AI-integrated crypto infrastructure.
According to CryptoSlate data, the TAO token has gained nearly 6% over the past 24 hours, trading around $397 at the time of writing. This marks a significant reversal from its recent price slump, which saw it drop over 12% in the last 30 days.
