Bittensor (TAO)

Siam Kidd built the world's first hedge fund with 100% of capital in Bittensor. Not mostly. 100%. Here's his full thesis. And why @SiamKidd already moved out of TAO and into alpha. --- Siam has 21 years of trading experience. He found Bittensor in November 2023. DSV Fund went live in January 2025. 100% allocated from day one. --- His framework for picking assets is called "growing mountains." • Coding and computing in the 60s and 70s made billionaires • The internet was the biggest wave in history • Crypto was the next mountain • Bittensor is the virgin ecosystem inside that mountain He went in on Ethereum at $9 using this same framework. Now the whole fund is in TAO. --- His take on subnets is different from anyone else in the space. He says fundamentals will get you wrecked. Every subnet bleeds after launch. Liquidity pool starts at zero. The chart is down-only for months. His rule: don't touch a subnet until it bleeds dry, bottoms out, and starts trending up. He proved it with a public wallet. Bought the top 25 subnets and held. 100 TAO turned into 47 TAO in two months. Active management is not optional. --- On the long-term hold portfolio (gun to his head, 3-year hold): • Hippius (75) • Video (18) • Zeus (71) • Lead Poet • 21 AdTao All of them have one thing in common. Real world revenue. Research subnets are a different story. Without a backer, most of them die before product market fit. --- The stat that changes everything: Only 18.89% of TAO is currently in subnets. Sum of subnets is already at 1.37. He thinks subnet market cap will exceed TAO's total market cap. When 50% of TAO flows into subnets, the math becomes obvious. --- Bittensor is not perfect and he says so publicly. Subnet registration hit 662 TAO on March 27th. His fix: peg it at $25,000 flat regardless of TAO price. He also thinks the injection system needs a graduated tier. Once a subnet hits 100k TAO in its liquidity pool, injections stop. Free up capital for smaller pools. These are unpopular takes in the Bittensor community. He makes them anyway. --- Siam has been saying the same thing for two years. Stop sitting on TAO root at 3.73% APY. Get into alpha. 40-90% APY for the next 18 months. Even if price stays flat for 3 years, you triple your alpha stack just from yield. That's the trade.

I broke down Siam's full subnet filtering strategy, why he says fundamentals will get you wrecked, his exact 3-year hold portfolio, and what he thinks needs to change in Bittensor that nobody wants to hear. Full interview here: https://t.co/3AhtKeDGjd