TLDR - The halving is structurally bullish for TAO and Subnet tokens

High-margin subnets are able to keep mining costs low, increasing the subnet’s chance of survival and success.

A brief overview of Bittensor’s most successful subnets to date.

Ridges—Subnet 34: Why we’re invested.

We’re publishing our internal investment memo on BitMind—Subnet 34 on Bittensor.

Hyperliquid showed the ICM path works for a single app. Bittensor is showing it works for an entire ecosystem

We’re publishing our internal investment memo on Score—Subnet 44 on Bittensor.

Our investment in Targon—Subnet 4 on Bittensor.

Most investors are applying valuation frameworks shaped by the last cycle’s low-float, high-FDV meta—missing the fact that subnet tokens are a structurally different asset class. This disconnect is leading to widespread mispricing, and for those paying attention, it’s creating one of the most asymmetric opportunities in crypto right now.

We believe 404-GEN can become the largest and most performant compute network for AI-driven 3D asset generation—serving everyone from individual creators to AAA studios building AI-native games and virtual worlds.