Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Robinhood got all kinds of attention earlier in the year when it claimed to be able to offer its retail users exposure to Openai’s growth history via tokenized shares supported by a special vehicle.
Openai lawyer has warned that these tokens did not constitute equity and claimed it is all unauthorized, which could potentially mean that it could be a risky investment for token holders.
This gets a bigger question about investor access. The hottest AI companies such as Openai and Anthropic remain firmly private, their growth caught by venture capital funds and strategic backers such as Microsoft or Google.
The institutional investors get it all, and retail investors are locked out, forced to either buy into large technological shares such as NVIDIA, or hope that structured products like SPVs deliver something similar to exposure.
Go into the bittensor.
In February 2024, The decentralized AI network rolled out its dynamic tao (DTAO) Upgrade aimed at transforming stacks into somewhat closer to venture capital, where everyone gets a chance to have access to dividends.
Instead of passive validation of the root grid, Tao holders now assign directly to the subnet, each with its own on-chain AI startup and receives the “Alpha” took’s in return. These tokens reflect the performance and demand in the sub -network, and decisions on efforts determine which projects earn a proportion of the network’s emissions. It is a simple market -driven incubator where the value is only rewarded if created.
“The sub -network forms an ecosystem within an ecosystem where performance and the tool are rewarded, stacking options both through stack returns and alpha -token -value,” explained ‘Zerobit’, CEO of Talisman, a wallet that is part of the DTAO ecosystem, under a recent panel at AI on Taiwan Blockchain Week.
Two subnets illustrate why this matters. Bridges (SN62) is a coding agent that has already surpassed the Anthropic’s Claude 4 on SWE-Bench, an industry standard test of code generation.
In just a few weeks, decentralized miners competing for emissions, Bridges’ accuracy over 80%and surpassed what a strongly funded centralized tech company provided with hundreds of millions in capital.
Of crucial importance, this achieved this, while just spending tens of thousands of dollars on calculation, utilization of bittensor’s ecosystem with shared subnets and proves the thesis of decentralized AI holding water.
Another one of them is shoots (SN64)The network’s serverless calculated backbone. Think of it as a decentralized AWS for AI workloads: It treats billions of tokens daily, scales models in seconds and undermine centralized providers by up to 85% on costs.
Chutes also host the Deepseeks large language models in Huggingface, making it the largest decentralized provider of open source inference on scale.
For retail investors, it could provide a compelling alternative. SPVs offer synthetic requirements for private companies, filled with potential legal and liquidity risk. Subnet efforts, on the other hand, are allowed, performance-based results that can be verified on-chain.
“Where most crypto projects lock growth behind insider agreements, Bittensor’s DTAO investment access opens from day one and lets them ride the growth of the value of the Alpha -Tokenet,” explained Brad Fuller from Bittensor.ai, a subnar -stack dataportal, under the same panel in Taiwan Blockchain Week. “It is a ramp for anyone to participate in the ownership class and share in AIS growth.”
The winners attract efforts, grow emissions and put together for stronger projects. With anthropic and Openai, still locked away from the public markets, the bittensor could be one of the few ways for everyday investors to ride AIS upwards without waiting for Wall Street’s blessing.
While Tao may not have the similar feature as flashy large technological shares, subnets are getting more easily through new wallets, and with heavy weights such as DCG’s Barry Silbert, circling the ecosystem – which has already called it a protocol as important as Bitcoin – this can provide a potential opportunity for those who can go down the canbit in alternative investment opportunities.
Market movement
BTC: Bitcoin hardly shattered after Fed’s quarter -point cut and kept at $ 116,851, as dealers weigh Powell’s risk control frame against a cautious dot plot.
ETH: Ethereum so stronger follow-up and climbed to $ 4,603.60 with a 6% weekly gain, reflecting renewed appetite on higher beta names in the midst of the expectations of back-to-back cuts in October and December.
Gold: Deutsche Bank has lifted its 2026 gold forecast to $ 4,000/oz., Citing strong central bank demand, a weaker dollar and political uncertainty about Fed’s independence after Gold’s 41% annual increase over $ 3,700.
S&P 500: The S&P 500 slid 0.1% to 6,600.35 after Fed’s expected speed cutting when Powell signaled that it was not the start of an expanded easing cycle.
Other places in crypto
- Xstock’s issuer chose Switzerland to avoid whitlist tokenized Tesla Shares: CEO (Decrypt)
- Crypto Exchange Kraken sees a handful of Senior Execs Departure: Source (Coindesk)
- Defi Development acquires nearly $ 15 million in sun and pushes Solana Holdings over 2 million tokens (block)
