Bittensor’s native token TAO (TAO) moved higher on March 25 as traders tracked rising subnet activity, fresh staking data, and the network’s first halving event. 

Consequently, the token traded at $350 at press time, with a 24-hour trading volume of $887.8 million, a daily gain of 12%, and a seven-day increase of 25%.

The move came as Bittensor’s subnet ecosystem posted rapid growth over the past year. Market participants also watched new comments from analysts and ecosystem figures as TAO reached its highest level since November 2025.

Moreover, Bittensor held a market capitalization of $3.35 billion, based on a circulating supply of 9.6 million TAO. The token ranked among the better-performing digital assets in the top 100 by market value over the past 24 hours.

Recent gains followed a broader move that started earlier in March. TAO had already moved above $300 after Nvidia CEO Jensen Huang referred to the Covenant-72B model during an appearance on the All-In Podcast, while market data also pointed to buying pressure and a short squeeze during the run-up.

Subnet staking grows as network expands

CryptoRank data showed that the total TAO staked across subnets rose from about $74,400 to more than $620 million over the past 12 months. The increase came as more users moved into subnet participation, which plays a central role in Bittensor’s decentralized AI network.

Network activity also grew through the number of subnets. The count rose from about 80 to more than 120 over the same period, while several subnet projects posted monthly gains, including Templar at 171%, Quasar at 146%, NOVA at 66%, Targon at 36%, and iota at 29%.

Most TAO still sits outside subnets

Despite the rise in subnet staking, a large share of TAO remains outside subnet allocations. Mark Jeffrey, partner at Bittensor Fund and Stillcore Capital, said only 19% of TAO is staked in subnets, while about 48% remains in Root. He said,

His comment pointed to the scale of capital that could rotate within the ecosystem without fresh buying.

In addition, CoinGecko said TAO gains came after the network completed its first halving event, which cut token emissions by half. The reduced issuance added a new catalyst as traders assessed supply dynamics alongside ecosystem growth.

Crypto analyst Michaël van de Poppe also commented on the move. He wrote,