Oblong Issues Shareholder Letter on AI and Blockchain Investment.

Oblong, Inc. (Nasdaq: OBLG) has issued a letter to shareholders from President and CEO Pete Holst. The company is at a pivotal moment, reconsidering its role in the world and focusing on the rise of artificial intelligence and blockchain working together. Oblong has invested $7 million in TAO, the token that powers Bittensor, a decentralized AI network. This move marks a significant shift for the company, and Holst is excited about the future direction of Oblong.

Oblong, Inc. (Nasdaq: OBLG), a digital asset treasury company, has announced a significant strategic shift by investing $7 million in TAO tokens, the cryptocurrency that powers the Bittensor decentralized artificial intelligence network. The company now holds more than 21,700 TAO tokens, all actively staked in the network Oblong invests $7 million in TAO cryptocurrency tokens^[1].

In a letter to shareholders, CEO Pete Holst described the investment as part of Oblong’s pivot to become a digital asset treasury company focused on decentralized AI. The funds are stored using BitGo’s institutional infrastructure, including cold storage and multi-signature wallets Oblong invests $7 million in TAO cryptocurrency tokens^[1].

The Bittensor network currently operates nearly 130 subnets, which function as specialized AI development environments within the platform. According to the company, the number of subnets has increased by over 500% annually since launch Oblong invests $7 million in TAO cryptocurrency tokens^[1]. Oblong’s strategy involves holding and staking its TAO tokens while seeking partnerships with subnet development teams.

Holst acknowledged potential volatility and technological challenges but positioned the investment as a long-term value creation strategy. The first halving event for TAO, which reduces new token issuance by half, is scheduled for December Oblong invests $7 million in TAO cryptocurrency tokens^[1].

The company’s letter also highlighted the potential of TAO as a fuel for the Bittensor economy, required for staking, earning rewards, and paying for AI services. TAO has a fixed supply limit of 21 million tokens, and its scarcity is expected to drive demand and potentially increase prices Oblong Issues Shareholder Letter^[2].

Oblong’s move comes amidst a broader trend of companies re-evaluating their roles in the face of technological advancements. The company believes that the AI revolution is taking place within Bittensor and is positioning itself to be a key player in this emerging market.

While the investment carries risks, Oblong’s strategy is to hold and stake its TAO tokens, reinforce the network, and seek partnerships with subnet teams. The company is optimistic about the long-term potential of TAO and the Bittensor network, expecting significant growth in the AI market.

Forward-looking statements included in the letter caution that actual results may differ materially from expectations due to various risks, including market volatility and technological challenges Oblong Issues Shareholder Letter^[2].