Bittensor’s native token TAO (TAO) moved higher on March 25 as traders tracked rising subnet activity, fresh staking data, and the network’s first halving event. 

Consequently, the token traded at $350 at press time, with a 24-hour trading volume of $887.8 million, a daily gain of 12%, and a seven-day increase of 25%.

The move came as Bittensor’s subnet ecosystem posted rapid growth over the past year. Market participants also watched new comments from analysts and ecosystem figures as TAO reached its highest level since November 2025.

Moreover, Bittensor held a market capitalization of $3.35 billion, based on a circulating supply of 9.6 million TAO. The token ranked among the better-performing digital assets in the top 100 by market value over the past 24 hours.

Recent gains followed a broader move that started earlier in March. TAO had already moved above $300 after Nvidia CEO Jensen Huang referred to the Covenant-72B model during an appearance on the All-In Podcast, while market data also pointed to buying pressure and a short squeeze during the run-up.

CryptoRank data showed that the total TAO staked across subnets rose from about $74,400 to more than $620 million over the past 12 months. The increase came as more users moved into subnet participation, which plays a central role in Bittensor’s decentralized AI network.

Network activity also grew through the number of subnets. The count rose from about 80 to more than 120 over the same period, while several subnet projects posted monthly gains, including Templar at 171%, Quasar at 146%, NOVA at 66%, Targon at 36%, and iota at 29%.

Most TAO still sits outside subnets

Despite the rise in subnet staking, a large share of TAO remains outside subnet allocations. Mark Jeffrey, partner at Bittensor Fund and Stillcore Capital, said only 19% of TAO is staked in subnets, while about 48% remains in Root. He said,

“Once the first subnet zooms to $1B+, I expect Root stakers will start rushing into Subnets. Even if NO NEW TAO is bought, Subnets could 3x or 4x just because of that alone.”

His comment pointed to the scale of capital that could rotate within the ecosystem without fresh buying.

In addition, CoinGecko said TAO gains came after the network completed its first halving event, which cut token emissions by half. The reduced issuance added a new catalyst as traders assessed supply dynamics alongside ecosystem growth.

Crypto analyst Michaël van de Poppe also commented on the move. He wrote, 

“What an absolutely wonderful morning with the strength of $TAO. Again; it’s in a new bull run, higher lows, higher highs. Next area of resistance: $500.”

BitGo Prime and Susquehanna Crypto have launched an institutional OTC offering that gives eligible BitGo clients access to listed prediction markets using crypto or stablecoin collateral already held on BitGo’s platform.

The service is aimed at hedge funds, family offices, and ultra-high-net-worth individuals, with Susquehanna Crypto providing liquidity for the trades.

Instead of moving through retail interfaces or selling digital assets to fund positions, clients can execute event-driven trades bilaterally with BitGo while posting collateral in USD, stablecoins, Bitcoin, or other crypto. BitGo said the minimum trade size is $100,000, positioning the product squarely at larger market participants rather than retail traders.

The move gives BitGo another institutional product line just two months after its January IPO. BitGo began trading on the NYSE on January 22 under the ticker BTGO after pricing its offering at $18 per share, and Reuters reported the listing valued the company at about $2.08 billion at IPO pricing. Reuters also reported that BitGo had converted its state trust bank charter into a national charter, strengthening its regulatory footing across the US.

The broader backdrop also helps explain the timing. Prediction markets have been moving closer to traditional finance in 2026 as firms race to build institutional rails around them. Kalshi announced a partnership with Tradeweb in February to expand institutional access, and Barron’s reported that Kalshi is also working with FIS on clearing infrastructure aimed at Wall Street clients.

That institutional push is happening at the same time regulators and lawmakers are paying closer attention. Reuters reported on March 23 that Kalshi moved to block politicians and athletes from trading in markets they could influence, while the AP and Wall Street Journal reported that a bipartisan bill introduced this week seeks to ban sports-related contracts and casino-style games on prediction market platforms regulated by the CFTC.

Against that backdrop, BitGo and Susquehanna are betting there is demand for a cleaner institutional wrapper around event contracts. Their offering leans on standard derivatives documentation, bilateral execution, and integrated collateral management, which mirrors the structure many professional trading firms already use in other markets.

Michael Selig, Chairman of the Commodity Futures Trading Commission (CFTC), announced on Tuesday the launch of an Innovation Task Force to provide clearer regulatory guidance to firms developing crypto, blockchain, and artificial intelligence (AI) products in the US derivatives markets. 

New CFTC Initiative 

According to the agency’s release, the newly established task force will work alongside the agency’s Innovation Advisory Committee and coordinate closely with other federal bodies, including the Securities and Exchange Commission (SEC) and its Crypto Task Force, to craft practical rules for emerging technologies. 

Its mandate covers three broad areas: crypto assets and blockchain technologies; artificial intelligence and autonomous systems; and prediction markets and event contracts. 

Selig framed the initiative as part of a wider Commission effort to execute an “innovation agenda” that balances market development with appropriate oversight. The Chairman said: 

By establishing a clear regulatory framework for innovators building on the new frontier of finance, we can foster responsible innovation at home and ensure American market participants are not left on the sidelines.

Selig had underscored the urgency of the work in a social media post on Monday, saying that previous regulatory ambiguity had driven many crypto firms offshore and left the industry in limbo. 

Regulators Move To Clarify Crypto

The task force announcement follows recent joint action by the SEC and the CFTC to clarify the classification of crypto assets. That guidance, released amid the stalled CLARITY Act debate on Capitol Hill, seeks to resolve years of uncertainty by mapping how federal securities rules apply to different types of digital assets. 

Central to the guidance is a structured taxonomy that separates digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. 

The agencies also emphasized that a token’s regulatory status can change over time: a non-security crypto asset can become subject to securities law based on how it is used or how its economic characteristics evolve, and conversely could cease to be treated as an investment contract.

Both regulators characterized this approach as a significant departure from previous enforcement actions under the Biden administration, providing firms and investors with a clearer framework for assessing compliance risks. SEC Chair Atkins stated: 

After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws.

As of this writing, the total crypto market capitalization had dropped to $2.35 trillion. This was led by drops in Ethereum (ETH), XRP, and Bitcoin (BTC) prices on Tuesday, amounting to 1.5%, 3%, and 2%, respectively. 

Featured image from OpenArt, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

A magistrate court in Thane, India, has granted bail to CoinDCX co-founders Sumit Surendra Gupta and Niraj Ashok Khandelwal, ruling that no prima facie case was made out against them in a 71 lakh Indian rupees ($75,000) cheating complaint linked to a fake trading platform posing as the Indian crypto exchange. 

The court’s common order on March 23 on their bail applications concluded that they were entitled to bail because no case was made out against them, even on an initial look at the available evidence. The founders were taken in for questioning on Saturday and remanded over the weekend after a complaint alleged they had duped an investor.

In the order, the magistrate recorded that the investigation officer had “no objection” to their release and that the applicants were not present in Mumbra when the alleged offence took place, adding that “some other person by representing as accused cheated the informant,” a fact the informant has admitted in court. 

CoinDCX says bail order backs “third‑party impersonation”

In a March 24 statement on X, CoinDCX said the court proceedings supported a “third-party impersonation” scenario and that the fraud occurred on a lookalike site, coindcx.pro, which it said had no connection to the company. 

The judge noted that the informant filed an affidavit stating that another accused, Rana, had repaid him the cheated amount and that the applicants are not the persons he met at a café in Kausa Mumbra where the fraudulent deal was struck. 

With the matter “amicably settled” between the informant and the main accused, the court said there was no question of the founders tampering with evidence or witnesses.

Each was ordered released on bail upon executing a 50,000 Indian rupee bond (roughly $530) on condition that they cooperate with the investigation and trial.

Related: Hong Kong retiree loses $840K in triple ‘crypto expert’ scam

CoinDCX framed the episode as part of a broader rise in impersonation and phishing scams targeting well-known brands in India’s financial and crypto sectors, urging users to verify domains and only interact with the exchange’s official platform and social media profiles.

Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author