The biopharmaceutical company is working with BitGo as a custodian to acquire up to $100 million worth of AI and machine learning crypto tokens.
As publicly traded companies continue to venture out along the risk curve with cryptocurrency treasury models, biomedical company Synaptogenix is the latest to step into the arena, having made its initial purchase of Bittensor’s TAO tokens today.
The company’s treasury will focus exclusively on artificial intelligence (AI) and machine learning related tokens, beginning with $10 million in TAO; however, according to the first press release, the company aims to acquire $100 million worth of TAO, which would be worth nearly 20 times the company’s current market capitalization.
Synaptogenix is the latest small-cap company looking to acquire large quantities of altcoins, in a manner similar to Michael Saylor’s Strategy, which has been massively successful with its Bitcoin acquisition model.
However, some of the altcoins being acquired, such as TAO, FET, and HYPE, are incredibly volatile, adding to the risk inherent in low-cap stocks.
Synaptogenix’s stock has roughly doubled since the original announcement of its treasury plans. The stock is up another 7% today on the news of its first official token purchase.
Meanwhile, TAO is up 6% as the market recovers from the weekend selloff sparked by U.S. intervention in Iran, and is changing hands at $345, or a $3 billion market capitalization.
