Bittensor (TAO) Price: TAO Nearly Doubles in March — Here’s What’s Driving It

TLDR

• TAO’s price nearly doubled in March, sitting at approximately $317 with a market cap of just over $3 billion
• Bittensor Subnet 3 released Covenant-72B, a 72B-parameter model trained across 70+ distributed nodes
• The model scored 67.1 on the MMLU benchmark, putting it in range with Meta’s Llama 2 70B
• Grayscale filed an S-1 amendment with the SEC for a passive Bittensor (TAO) Trust
• Over 68% of the 10.7 million issued TAO tokens are currently staked

Bittensor’s TAO token nearly doubled in price during March 2026, climbing to approximately $317. The move pushed the network’s market cap past $3 billion.

The rally coincided with a major technical milestone from the Bittensor ecosystem. Subnet 3’s team released Covenant-72B, a 72-billion-parameter language model trained across more than 70 globally distributed nodes.

The model scored 67.1 on the MMLU benchmark, a standard test used to evaluate large language models. That score places it in a competitive range with Meta’s Llama 2 70B.

This was seen as the first credible proof that distributed, permissionless AI training can produce results on par with centralized systems. Distributed training had previously been criticized as too slow and fragmented to be practical.

The top subnet token tied to this development, τemplar (SN3), rallied over 400% in the past month, reaching a market cap of around $130 million.

Ecosystem Growth Beyond Covenant-72B

The broader Bittensor subnet ecosystem also saw activity. Targon (SN4), a decentralized GPU compute marketplace run by Manifold Labs, secured a six-figure deal to power Dippy AI’s backend, which serves 8.6 million users.

The GMCI AI Index, which tracks major AI-related crypto tokens, rose 48% since early February. Bittensor carries a 24.89% weight in that index and was the main driver of that gain.

The index also includes Render (RNDR) and Artificial Superintelligence Alliance (ASI), with the three tokens making up over 71% of the index. Despite the recent gains, the index remains 84% below its all-time high from Q1 2024.

Grayscale Files SEC Amendment for TAO Trust

On April 3, 2026, Grayscale submitted an S-1 amendment to the SEC for a Bittensor (TAO) Trust. The trust is structured as a passive investment vehicle that holds TAO tokens and aims to give investors price exposure through trust shares.

There are currently 10.7 million TAO tokens in circulation. Over 68% of that supply is staked.

The Covenant-72B release and the Grayscale filing represent the two most recent developments for the TAO token as of April 3, 2026.

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