> Original Title: The Bear Case for Bittensor (TAO) > Original Source: Pine Analytics > Original Compiled by: Saoirse, Foresight News TAO is currently priced at approximately $275, with a market cap of $2.6 billion and a fully diluted valuation of $5.8 billion. The project has received institutional endorsement from Grayscale (submitted an ETF listing application to the NYSE in December 2025) and public recognition from NVIDIA CEO Jensen Huang. The token supply narrative is highly attractive: a hard cap of 21 million tokens with a Bitcoin-style halving mechanism. After the first halving in December 2025, daily issuance decreased from 7,200 tokens to 3,600 tokens. The number of subnets increased from 32 to 128 within a year.