IT Solutions Provider Oblong has announced plans to raise $7.5 million through private equity sales to support the new Vittenser-driven AI and Digital Asset Treasury initiative, according to a June 6 statement.
The shares of the company registered with NASDAQ have increased by 12% in the last 24 hours since its announcement.
Oblong has announced that it has concluded a securities purchase agreement to raise approximately $7.5 million by selling 1,989,392 shares of common stock at $3.77 per share. If standard closure conditions are pending, private placements will close on or around June 11, 2025.
Most of the funds raised will be used to acquire tao tokens and to support Bitenser’s AI marketplace, which allows for the exchange of data and machine learning models in a decentralized framework.
Oblong will also contribute to Subnet 0, a key component of both Tensole ecosystems, which allow participants to earn returns on Tao Holdings.
Why bittenser?
Order said the intersection of AI and blockchain is a transformative moment of digital innovation that could rival early breakthroughs in bitcoin and smart contract networks like Ethereum.
According to the company, the decision to allocate capital to bitensers reflects the belief that decentralized AI will be a key pillar of future software and monetization models.
Rectangular CEO Peter Horst noted that impending investment will allow businesses to take advantage of this growing demand for infrastructure.
He said:
“Bittensor is an open network of intelligence, just as the original Internet was for information.”
With this in mind, Holst added that his company is aiming to build on Bittensor’s open and collaborative model by leveraging experience to capture value in this new space. He said:
“By building on this open platform, we can work together to solve problems on a global scale, as the brightest minds in the world are incentivized by Tao.”
Furthermore, the rectangles equate an approach to how facility players began to accumulate Bitcoin as a financial asset. However, TAO believes it is uniquely positioned to define the future era of AI-integrated crypto infrastructure.
According to data from Cryptoslate, TAO has earned almost 6% in the last 24 hours and has traded around $397 at the time of writing. This represents a major reversal from the recent price slump. Over 12% in the last 30 days.
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