The future
is open

A public company building the infrastructure for open, decentralized AI.

† Historical, not a forecast: 1,226 TAO earned in the quarter ended June 30, 2026 on 61,201 TAO held at March 31, 2026, annualized. Measured before Bittensor’s Root Reborn upgrade (August 2026), which changed how root rewards accrue.

A message from Karia

Karia Samaroo at his deskComing soon

Karia SamarooFounder and Chief Executive Officer

Investors and partners
  • Digital Currency Group
  • Off the Chain Capital
  • Borderless Capital
  • Arca
  • EV3
  • Arche Capital
  • BitGo
  • Animoca Brands
  • Stratos
  • Republic
  • Hypersphere Capital
  • Cadenza Capital
  • Contango Digital Assets
  • Kraken
  • FalconX
  • Talisman
Bittensor’s co-founders on xTAO

“xTAO has created an institutional product for Bittensor. We’re aligned on the vision and glad to be working alongside them.”

Ala ShaabanaCo-founder, Bittensor · xTAO advisor

“We built Bittensor because ownership of AI should not be concentrated in the hands of a few companies. The technology inherent to machine learning is imitation — it reflects the people and incentives behind it, which is why it’s critical that networks like ours remain open, permissionless, and decentralized. Companies like xTAO show how aligned, long-term capital can accelerate adoption, strengthen validator operations, and bring institutional credibility to an ecosystem that must ultimately belong to everyone.”

Jacob SteevesCo-founder, Bittensor
What xTAO does

Our business

xTAO Inc. is a publicly traded technology company building infrastructure for Bittensor and decentralized AI.

01

Validator rewards

We generate revenue by operating a validator on Bittensor, the decentralized AI network.

02

Treasury asset holdings

We hold TAO, the native token of Bittensor, on our balance sheet and earn staking rewards.

03

API usage and licensing

We are building access for consumers and enterprises to products created on the Bittensor network, through our validator.

The numbers

Why xTAO

TAO held

Sources: xTAO MD&A for the periods ended June 30, 2025 (holdings at March 31, 2025), December 31, 2025, March 31, 2026 and June 30, 2026; xTAO news releases of July 30, 2025 and September 25, 2026. Growth includes TAO bought with financing proceeds and TAO earned from staking. *Approximate, as reported September 25, 2026.

† Historical, not a forecast: 1,226 TAO earned in the quarter ended June 30, 2026 on 61,201 TAO held at March 31, 2026, annualized. Measured before Bittensor’s Root Reborn upgrade (August 2026), which changed how root rewards accrue.

* Non-IFRS ratio: revenue of US$321,454 divided by operating expenses excluding US$53,532 of non-cash share-based compensation (US$121,096). The most directly comparable IFRS figure is revenue divided by total operating expenses of US$174,628, or 1.8×. Non-IFRS measures have no standardized meaning under IFRS and may not be comparable to similar measures of other issuers. Revenue is the TAO earned from staking, valued when earned; operating cash flow was −US$161,438, and turning TAO income into cash requires selling TAO.

Sources: xTAO interim financial statements and MD&A, quarter ended June 30, 2026 (cash and short-term investments US$3,539,151; USDC US$376,484; USDT US$49,940); audited financial statements for the years ended March 31, 2025 and 2026 (staking revenue US$65,237 and US$860,051); news release of September 25, 2026. All dollar figures in US dollars.

Capital allocation

Our priorities

1

Operate a best-in-class validator

Infrastructure, security, uptime and yield versus peers.

2

Grow stake behind the validator

More TAO staked through our validator, compounding over time.

3

Keep a liquidity reserve

US$3.97M in cash, short-term investments and stablecoins at June 30, 2026, against quarterly cash used in operations of US$0.16M.

4

Buy back shares when it adds value

Normal course issuer bid for up to 1,427,609 shares, active since June 30, 2026.

5

Issue equity only when we expect it
to create shareholder value

Judged on cash runway, expected return and dilution.

About Bittensor

Bitcoin opened up money. Bittensor is opening up intelligence.

Today, a handful of companies control the most capable AI. Bittensor is the alternative: an open network where anyone can contribute AI, anyone can use it, and the best work is rewarded in TAO, the network’s native asset.

The network

How Bittensor works

Subnets

Markets that each produce one kind of AI: coding, inference, data and more.

Miners

Independent operators who compete to supply that AI.

Validators

The judges who score the work. xTAO operates here.

TAO

The asset the network issues to reward good work.

21MMaximum TAO supply
~64%Of issued TAO staked
256Subnet markets for AI, at most
US$50M+Estimated annualized subnet revenue

Sources: taostats.io, October 11, 2026; xTAO release, June 10, 2026 (256 subnets); SubConnect update, October 2, 2026 (an estimate). Third-party figures have not been independently verified.

Research

Learn more about Bittensor

Our team

Leadership and board

Karia Samaroo

Founder & Chief Executive Officer

Founded WonderFi, Canada’s largest regulated crypto platform, acquired by Robinhood.

Profile LinkedIn 

Victor Teixeira

Chief Financial Officer

Formerly at KPMG and Cantor Fitzgerald; fund principal at Contango.

LinkedIn 

Ken Miyachi

Director

CEO of BitMind (Bittensor SN34). Previously NEAR Foundation and Amazon.

LinkedIn 

Mitchell Demeter

Director

Co-founded Netcoins; set up the world’s first Bitcoin ATM in 2013. Founded SonicStrategy.

LinkedIn 
Advisors

Advisors

Media

In the news

Karia Samaroo discusses xTAO, Bittensor and decentralized AI

Investor deck
Investors

Investor deck

How xTAO makes money, why Bittensor matters, and where we’re headed.

Investor materials

News releases and filings

News releases, financial statements, MD&A and meeting materials.

Winter 2026Investor deckPresentationSep 25, 2026xTAO Provides Update on TAO HoldingsNews releaseAug 17, 2026xTAO Completes Validator Upgrade to Support Bittensor Protocol UpdateNews releaseJul 3, 2026xTAO Announces Commencement of Normal Course Issuer BidNews releaseJun 30, 2026Financial Statements — Quarter ended June 30, 2026Financial statementsJun 30, 2026Management’s Discussion & Analysis — Quarter ended June 30, 2026MD&AJun 18, 2026xTAO Announces Proposed Normal Course Issuer BidNews releaseJun 10, 2026xTAO Updates Validator to Support Bittensor Network ExpansionNews releaseApr 24, 2026xTAO Completes Infrastructure Upgrade and Validator OptimizationNews releaseMar 31, 2026Financial Statements — Year ended March 31, 2026Financial statementsMar 31, 2026Management’s Discussion & Analysis — Year ended March 31, 2026MD&AMar 27, 2026xTAO Provides Update on TAO HoldingsNews releaseFeb 19, 2026Management Information CircularMeeting materialsFeb 19, 2026Notice of Annual General MeetingMeeting materialsFeb 19, 2026Form of ProxyMeeting materialsFeb 19, 2026Voting Instruction FormMeeting materialsJan 30, 2026xTAO Completes Infrastructure Upgrade and Validator OptimizationNews releaseDec 31, 2025Financial Statements — Quarter ended December 31, 2025Financial statementsDec 31, 2025Management’s Discussion & Analysis — Quarter ended December 31, 2025MD&ANov 26, 2025xTAO Provides Update on TAO HoldingsNews releaseNov 13, 2025xTAO Announces Closing of US$7.3M Investment by Off the Chain CapitalNews releaseNov 5, 2025xTAO Announces US$7.3M Investment by Off the Chain CapitalNews releaseSep 30, 2025Financial Statements — Quarter ended September 30, 2025Financial statementsSep 30, 2025Management’s Discussion & Analysis — Quarter ended September 30, 2025MD&ASep 16, 2025xTAO Partners with BitGo for Institutional CustodyNews releaseAug 21, 2025xTAO Launches Validator on Bittensor NetworkNews releaseAug 19, 2025xTAO Announces Listing on OTCQBNews releaseAug 12, 2025xTAO Announces Listing on Frankfurt Stock ExchangeNews releaseJul 30, 2025xTAO Provides Update on TAO Holdings, Becomes Largest Publicly Traded Holder of TAONews releaseJul 22, 2025xTAO to Commence Trading on TSXV TodayNews releaseJul 21, 2025xTAO Announces Public Listing on TSX Venture Exchange and $22.8M USD FinancingNews releaseJun 30, 2025Financial Statements — Quarter ended June 30, 2025Financial statementsJun 30, 2025Management’s Discussion & Analysis — Quarter ended June 30, 2025MD&AMar 31, 2025Financial Statements — Year ended March 31, 2025 (Adrianna Ventures Ltd., predecessor company)Financial statementsMar 31, 2025Management’s Discussion & Analysis — Year ended March 31, 2025 (Adrianna Ventures Ltd., predecessor company)MD&A

Additional information about xTAO Inc. is available on SEDAR+ (search for xTAO).

Stay up to date with xTAO

News releases, investor decks and the monthly investor update.

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