grayscale's bittensor trust is trading at a 50% premium to NAV. 70% of TAO supply is staked. net staking inflows of +2.5m TAO in the last 7 days alone. daily emissions already halved from 7,200 to 3,600. both grayscale and bitwise filed for spot TAO ETFs. the liquid float on this thing is razor thin and the demand side hasn't even turned on yet. covenant-72B just proved decentralized training works at production scale, jensen validated it publicly, and 3 subnets are already pulling $20m+ ARR in real compute revenue. $6.5b FDV competing for a share of a trillion dollar cloud AI market. the supply math here gets extremely interesting if any of those ETF filings clear.