Bittensor (TAO) Price Surges 100% in March Following Major Network Developments

Key Highlights

• Bittensor’s TAO token experienced a near-doubling in value throughout March, reaching around $317 with a market capitalization exceeding $3 billion
• Subnet 3 of the Bittensor network unveiled Covenant-72B, a large language model with 72 billion parameters developed through over 70 decentralized nodes
• Covenant-72B achieved a 67.1 score on the MMLU evaluation, performing comparably to Meta’s Llama 2 70B model
• Grayscale submitted an amended S-1 registration statement to the SEC for establishing a Bittensor (TAO) Trust
• More than 68% of TAO’s 10.7 million token supply is locked in staking

The TAO token from Bittensor experienced remarkable growth throughout March 2026, with its value nearly doubling to reach approximately $317. This substantial price movement propelled the network’s overall market capitalization beyond the $3 billion threshold.

This significant price appreciation occurred alongside a groundbreaking technical achievement within the Bittensor network. The development team behind Subnet 3 unveiled Covenant-72B, an impressive language model containing 72 billion parameters that was trained using a network of more than 70 geographically distributed nodes.

The model demonstrated its capabilities by achieving a 67.1 score on the MMLU benchmark, an industry-standard evaluation metric for assessing large language model performance. This performance level positions Covenant-72B competitively alongside Meta’s Llama 2 70B model.

The achievement marked a significant validation point, demonstrating that decentralized, permissionless artificial intelligence training infrastructure can deliver performance metrics comparable to traditional centralized approaches. Previously, distributed training methodologies faced skepticism regarding their viability, with critics arguing they were inherently too inefficient and disjointed for practical applications.

The primary subnet token associated with this breakthrough, τemplar (SN3), experienced explosive growth exceeding 400% over the preceding month, achieving a market valuation approaching $130 million.

Expanding Ecosystem Activity Beyond Covenant-72B

The wider Bittensor subnet infrastructure experienced notable developments across multiple projects. Targon (SN4), which operates as a decentralized marketplace for GPU computational resources under Manifold Labs’ management, successfully negotiated a substantial six-figure partnership to provide infrastructure for Dippy AI’s operations, a platform serving 8.6 million active users.

The GMCI AI Index, a composite metric tracking leading AI-focused cryptocurrency tokens, experienced a 48% appreciation since early February. Bittensor holds a substantial 24.89% allocation within this index and served as the primary catalyst for the overall performance.

The index composition also features Render (RNDR) and Artificial Superintelligence Alliance (ASI), with these three assets collectively representing more than 71% of total index weighting. However, despite recent positive momentum, the index continues trading 84% below its peak valuation established during the first quarter of 2024.

Grayscale Advances SEC Registration for TAO Trust

On April 3, 2026, Grayscale filed an amended S-1 registration statement with the Securities and Exchange Commission for a Bittensor (TAO) Trust. The investment vehicle is designed as a passive holding structure that maintains TAO tokens and provides investors with exposure to the token’s price performance through tradable trust shares.

Bittensor’s circulating supply currently stands at 10.7 million TAO tokens. More than 68% of this available supply is currently committed to staking mechanisms.

The launch of Covenant-72B alongside Grayscale’s regulatory filing constitute the most significant recent catalysts for TAO token price action as of April 3, 2026.

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