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Bittensor's TAO token nearly doubles in March as Covenant-72B AI model debuts, Grayscale files SEC trust registration.

Protocol Fundamentals
03 Apr 2026
Blockonomi
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Bullish
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Bittensor's TAO token surged nearly 100% in March 2026, reaching around $317 and pushing its market cap above $3 billion. This growth coincided with the launch of Covenant-72B, a decentralized AI language model with 72 billion parameters that performed comparably to Meta's Llama 2 70B on the MMLU benchmark. Additionally, Grayscale filed an amended S-1 registration with the SEC to create a Bittensor Trust, offering investors regulated access to TAO tokens. Over 68% of TAO's circulating supply is staked, highlighting strong network engagement and signaling growing institutional interest in decentralized AI assets.

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