TaoWeave (TWAV)
Market Price (10/29/2026): $1.43 | Market Cap: $5.5 MilSector: Financials | Industry: Asset Management & Custody Banks
TaoWeave (TWAV)
Market Price (10/29/2026): $1.43Market Cap: $5.5 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% | Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -167% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -122% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -12% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -142%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -431% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -121% High stock price volatilityVol 12M is 104% Key risksTWAV key risks include [1] significant financial exposure to the price volatility of a single digital asset, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% |
| Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -167% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -122% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -12% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -142%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -431% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -121% |
| High stock price volatilityVol 12M is 104% |
| Key risksTWAV key risks include [1] significant financial exposure to the price volatility of a single digital asset, Show more. |
Qualitative Assessment
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TaoWeave (TWAV) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strategic Pivot and Initial Traction in Physical AI.
TaoWeave initiated a significant strategic shift in fiscal Q2 2026, transitioning from its primary role as a digital asset treasury company focused on Bittensor (TAO) to an active participant in building the decentralized AI ecosystem. This pivot included a $1 million investment in UK-based Manako Labs Ltd. in June 2026, along with securing North American commercialization rights. Demonstrating early operational success, TaoWeave's portfolio company, Manako Labs, commercially launched its AI platform in fiscal Q4 2026 (October 7, 2026) with Avia Thévenin-Ducrot, deploying across 124 unmanned fuel stations in France. This tangible progress in its new "Physical AI" segment may have provided a foundational level of investor confidence, offsetting other negative factors.
2. Mixed Financial Performance Driven by Digital Asset Volatility.
TaoWeave reported a net loss of $3.29 million for fiscal Q2 2026 (ended June 30, 2026), a substantial decline from the $1.70 million net income recorded in the preceding fiscal Q1 2026. This Q2 loss was notably influenced by $4.709 million in crypto losses stemming from its Bittensor (TAO) token holdings. Conversely, the fiscal Q1 2026 profit was primarily driven by gains in its TAO token treasury. The company's continued reliance on its digital asset treasury strategy, which exposes it to the inherent volatility of TAO tokens, likely resulted in a fluctuating valuation that contributed to the stock remaining largely within a defined range despite recent losses.
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TaoWeave (TWAV) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strategic Pivot and Initial Traction in Physical AI.
TaoWeave initiated a significant strategic shift in fiscal Q2 2026, transitioning from its primary role as a digital asset treasury company focused on Bittensor (TAO) to an active participant in building the decentralized AI ecosystem. This pivot included a $1 million investment in UK-based Manako Labs Ltd. in June 2026, along with securing North American commercialization rights. Demonstrating early operational success, TaoWeave's portfolio company, Manako Labs, commercially launched its AI platform in fiscal Q4 2026 (October 7, 2026) with Avia Thévenin-Ducrot, deploying across 124 unmanned fuel stations in France. This tangible progress in its new "Physical AI" segment may have provided a foundational level of investor confidence, offsetting other negative factors.
2. Mixed Financial Performance Driven by Digital Asset Volatility.
TaoWeave reported a net loss of $3.29 million for fiscal Q2 2026 (ended June 30, 2026), a substantial decline from the $1.70 million net income recorded in the preceding fiscal Q1 2026. This Q2 loss was notably influenced by $4.709 million in crypto losses stemming from its Bittensor (TAO) token holdings. Conversely, the fiscal Q1 2026 profit was primarily driven by gains in its TAO token treasury. The company's continued reliance on its digital asset treasury strategy, which exposes it to the inherent volatility of TAO tokens, likely resulted in a fluctuating valuation that contributed to the stock remaining largely within a defined range despite recent losses.
3. Nano-Cap Classification and Limited Market Engagement.
TaoWeave operates as a nano-cap company with a market capitalization of approximately $5.58 million as of October 25, 2026, and a small operational footprint of only 7 employees. Its average trading volume is relatively low, at around 54,962 shares, further indicating limited market liquidity. This small market capitalization and low trading activity can lead to less dramatic stock price fluctuations compared to larger, more widely traded companies. Furthermore, analyst coverage is sparse, with only one Wall Street analyst currently issuing a "Sell" rating, which limits the broader market's awareness and impact of external research on the stock's valuation.
4. Short-Term Bullish Technical Signals.
Despite an overall "Sell" consensus from the single covering analyst, TaoWeave's stock displayed some short-term bullish technical indicators during the period. The 10-day moving average crossed above the 50-day moving average on September 22, 2026, which is often interpreted as a buy signal indicating a shift towards an upward trend. Additionally, the Momentum Indicator moved above the 0 level on October 22, 2026, a technical event that historically suggests further price appreciation. These recent positive technical signals likely provided some support for the stock, preventing a more significant downward movement.
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Stock Movement Drivers
Fundamental Drivers
The 5.4% change in TWAV stock from 6/30/2026 to 10/28/2026 was primarily driven by a 8.4% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.38 | 1.46 | 5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 2 | -2.8% |
| P/S Multiple | 2.1 | 2.3 | 8.4% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 5.4% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| TWAV | 5.4% | |
| Market (SPY) | 3.4% | 47.8% |
| Sector (XLF) | 4.7% | 11.7% |
Fundamental Drivers
The -7.9% change in TWAV stock from 3/31/2026 to 10/28/2026 was primarily driven by a -20.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.58 | 1.46 | -7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 2 | 0.6% |
| P/S Multiple | 2.0 | 2.3 | 15.0% |
| Shares Outstanding (Mil) | 3 | 4 | -20.4% |
| Cumulative Contribution | -7.9% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| TWAV | -7.9% | |
| Market (SPY) | 19.1% | 29.0% |
| Sector (XLF) | 14.1% | 23.2% |
Fundamental Drivers
The -43.6% change in TWAV stock from 9/30/2025 to 10/28/2026 was primarily driven by a -58.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.58 | 1.46 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 2 | 4.1% |
| P/S Multiple | 1.8 | 2.3 | 31.4% |
| Shares Outstanding (Mil) | 2 | 4 | -58.8% |
| Cumulative Contribution | -43.6% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| TWAV | -43.6% | |
| Market (SPY) | 16.9% | 35.6% |
| Sector (XLF) | 5.5% | 27.0% |
Fundamental Drivers
The -91.3% change in TWAV stock from 9/30/2023 to 10/28/2026 was primarily driven by a -98.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.80 | 1.46 | -91.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 2 | -46.8% |
| P/S Multiple | 0.2 | 2.3 | 923.8% |
| Shares Outstanding (Mil) | 0 | 4 | -98.4% |
| Cumulative Contribution | -91.3% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| TWAV | -91.3% | |
| Market (SPY) | 86.9% | 22.9% |
| Sector (XLF) | 76.6% | 19.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TWAV Return | -80% | -89% | -89% | -51% | -53% | -22% | -100% |
| Peers Return | 37% | -32% | 66% | 37% | 10% | -5% | 122% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TWAV Win Rate | 8% | 17% | 33% | 42% | 33% | 50% | |
| Peers Win Rate | 65% | 27% | 63% | 65% | 48% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TWAV Max Drawdown | -83% | -89% | -96% | -76% | -67% | -70% | |
| Peers Max Drawdown | -15% | -42% | -17% | -21% | -34% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, CRM, NOW, GOOGL, ORCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | TWAV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.7% | -18.8% |
| % Gain to Breakeven | 65.9% | 23.1% |
| Time to Breakeven | 5 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.5% | -33.7% |
| % Gain to Breakeven | 60.0% | 50.9% |
| Time to Breakeven | 54 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.5% | -19.2% |
| % Gain to Breakeven | 68.1% | 23.8% |
| Time to Breakeven | 435 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.8% | -3.7% |
| % Gain to Breakeven | 12.1% | 3.9% |
| Time to Breakeven | 14 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -48.8% | -12.2% |
| % Gain to Breakeven | 95.5% | 13.9% |
| Time to Breakeven | 1742 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -33.3% | -0.2% |
| % Gain to Breakeven | 50.0% | 0.2% |
| Time to Breakeven | 34 days | 1 days |
In The Past
TaoWeave's stock fell -39.7% during the 2025 US Tariff Shock. Such a loss loss requires a 65.9% gain to breakeven.
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Asset Allocation
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| Event | TWAV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.7% | -18.8% |
| % Gain to Breakeven | 65.9% | 23.1% |
| Time to Breakeven | 5 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.5% | -33.7% |
| % Gain to Breakeven | 60.0% | 50.9% |
| Time to Breakeven | 54 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.5% | -19.2% |
| % Gain to Breakeven | 68.1% | 23.8% |
| Time to Breakeven | 435 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -48.8% | -12.2% |
| % Gain to Breakeven | 95.5% | 13.9% |
| Time to Breakeven | 1742 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -33.3% | -0.2% |
| % Gain to Breakeven | 50.0% | 0.2% |
| Time to Breakeven | 34 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.0% | -53.4% |
| % Gain to Breakeven | 150.0% | 114.4% |
| Time to Breakeven | 267 days | 1085 days |
In The Past
TaoWeave's stock fell -39.7% during the 2025 US Tariff Shock. Such a loss loss requires a 65.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TaoWeave (TWAV)
TaoWeave (TWAV) specializes in multi-stream collaboration technologies and managed services for video collaboration and network applications. The company's flagship product, Mezzanine, is central to its offerings, enabling sophisticated visual collaboration across multiple users, screens, devices, and locations. This powerful platform facilitates critical business functions such as video telepresence, laptop and application sharing, and interactive whiteboard sessions, aiming to create seamless and immersive remote collaboration experiences for its clientele.
Beyond its core Mezzanine platform, TaoWeave provides a comprehensive suite of managed services, including professional videoconferencing management and remote support for customer video environments, often complementing existing enterprise IT infrastructures. The company also offers specialized network services through its "Cloud Connect" suite, which includes secure, dedicated video network connections to its cloud, customized multiprotocol label switching (MPLS) solutions, and options for leveraging existing carrier networks to connect to its data centers. TaoWeave serves a diverse customer base both in the United States and internationally, targeting businesses and channel partners that require robust video collaboration infrastructure, managed IT support for their communication setups, and secure network solutions.
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1. Think of them as a next-gen 'Cisco TelePresence' or 'Crestron' for immersive, multi-screen visual collaboration experiences.
2. They are like a specialized 'Accenture' for enterprise video collaboration, providing the complete technology stack, managed services, and network infrastructure.
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TaoWeave (symbol: TWAV), operating as Oblong Inc., primarily sells its multi-stream collaboration technologies, managed services, network services, and professional services to other companies and organizations.
Based on the provided description, specific customer company names are not listed. However, its major customers can be categorized as:
- Enterprise-level businesses and large organizations: These customers utilize Oblong Inc.'s flagship Mezzanine product for visual collaboration across multiple users, screens, devices, and locations, as well as managed videoconferencing services and professional services like software development and engineering.
- Organizations requiring advanced network infrastructure for video communications: This includes companies that outsource the management of their video traffic, require secure, dedicated video network connections (Cloud Connect: Video), customized multiprotocol label switching solutions (Cloud Connect: Converge), or leverage existing carriers for Layer 2 private line extensions (Cloud Connect: Cross Connect).
- Channel partner support organizations: Oblong Inc. provides remote service management as an overlay to these organizations' existing IT and support structures, as well as support and management services for customer video environments.
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Peter J. Holst - Chief Executive Officer, President, and Director
Mr. Holst has served as the Chief Executive Officer, President, and Director of TaoWeave, Inc. (formerly Oblong, Inc. and prior to that, Glowpoint, Inc.) since January 13, 2013. He has been instrumental in leading the company through multiple strategic transformations, including its recent pivot to become a pure-play decentralized AI treasury company focused on the Bittensor (TAO) network. Earlier in his career, he was Chairman, President & Chief Executive Officer of Glowpoint, Inc. He also served as Chief Executive Officer for Affinity VideoNet, Inc., a company he managed and which was subsequently acquired by Glowpoint, Inc. Additionally, he held the positions of President & Chief Operating Officer at Raindance Communications, Inc. The company he currently manages, TaoWeave (formerly Oblong), has had private equity involvement, with Foundry Group being a lead investor.
David Clark - Chief Financial Officer, Secretary & Treasurer
Mr. Clark serves as Chief Financial Officer, Secretary & Treasurer of TaoWeave, Inc. (formerly Oblong, Inc.). He assumed the role of Director of Finance/CFO for the company (then Oblong, Inc.) on March 1, 2013, and Comptroller/Controller/Auditor on February 28, 2013. His prior experience includes serving as Chief Financial Officer, Secretary & Treasurer at Glowpoint, Inc. and Affinity VideoNet, Inc. Mr. Clark also held the positions of Treasurer, VP-Finance & Assistant Secretary at Allos Therapeutics, Inc. from 2012, and Chief Financial Officer & Vice President at Seurat Co. from 2000 to 2003. Notably, at Allos Therapeutics, he was part of the management team that transitioned the company from a development-stage biotech to a commercial-stage pharmaceutical company, and he led four public equity offerings that raised over $270 million. He began his career as an Audit Manager at PricewaterhouseCoopers LLP from 1992 to 2000.
Sam Moore - SVP IT & Operations
Mr. Moore is listed as SVP IT & Operations at the company (previously Oblong). He is also noted as the Chief Operating Officer for TaoWeave, Inc.
Jonathan Schechter - Independent Chairman of the Board
Mr. Schechter serves as the Independent Chairman of the Board for TaoWeave, Inc. He is also a member of the Audit Committee.
Jason Adelman - Independent Director
Mr. Adelman is an Independent Director on the Board of TaoWeave, Inc.
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1. Extreme Volatility and Market Risk of Digital Assets (TAO)
TaoWeave's valuation and financial performance are directly and almost entirely tied to the price volatility of Bittensor (TAO) tokens. Digital assets are inherently highly volatile and subject to rapid and significant price fluctuations due to factors such as market sentiment, regulatory developments, technological changes, and broader cryptocurrency market trends. A substantial concentration of the company's treasury is in TAO tokens, making it highly susceptible to these market dynamics.2. Reliance on the Success and Stability of the Bittensor Ecosystem
The company's strategic success is predicated on the continued growth, adoption, and technological stability of the Bittensor decentralized AI network. Any challenges or failures within the Bittensor ecosystem, including technological vulnerabilities, intense competition from other AI or blockchain projects, adverse regulatory actions impacting decentralized AI or cryptocurrency, or a decline in developer and user engagement, would directly and severely impact TaoWeave's asset value and overall business viability.3. Persistent Operating Losses and Cash Burn
Despite its strategic pivot, TaoWeave continues to report significant operating losses and negative free cash flow. This raises concerns about the long-term profitability and sustainability of its business model as a digital asset treasury company. Continued cash burn could necessitate future capital raises, potentially leading to substantial dilution for existing shareholders.AI Analysis | Feedback
The continuous and rapid advancement of general-purpose, widely adopted video conferencing and collaboration platforms (e.g., Zoom, Microsoft Teams, Google Meet) poses a clear emerging threat to TaoWeave.
These dominant platforms are rapidly integrating increasingly sophisticated features, including advanced multi-user, multi-screen, and multi-device collaboration capabilities, robust digital whiteboards, and comprehensive networking solutions. Often offered as part of broader enterprise software suites or at a lower price point, these solutions threaten to commoditize or render less essential the specialized, potentially more complex, and higher-cost collaboration and managed service offerings that are core to TaoWeave's business model, such as its Mezzanine product.
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For TaoWeave (symbol: TWAV), the addressable markets for its main products and services are as follows:
- Enterprise Collaboration Market (for Mezzanine and other collaboration products): The global enterprise collaboration market was valued at USD 59.67 billion in 2025 and is projected to grow to USD 161.04 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 11.70% during the forecast period. North America dominated this market with a share of 42.60% in 2025.
- Video Conferencing Market (for video telepresence and managed videoconferencing services): The global video conferencing market size was valued at USD 37.29 billion in 2025 and is projected to grow from USD 41.62 billion in 2026 to USD 65.72 billion by 2034, exhibiting a CAGR of 5.90% during the forecast period. North America dominated this market with a share of 30.40% in 2025.
- Managed Video Conferencing Service Market: The global managed video conferencing service market was valued at US$ 2941 million (USD 2.941 billion) in 2025 and is anticipated to reach US$ 4876 million (USD 4.876 billion) by 2032, witnessing a CAGR of 7.6% during the forecast period. North America and Europe are identified as the main mature markets in this sector.
- Managed Network Services Market (for network services including Cloud Connect offerings): The global managed network services market is expected to grow from USD 69.68 billion in 2025 to USD 115.83 billion in 2034, at a CAGR of 5.8%. North America dominated this market, generating approximately USD 21.91 billion in revenue in 2024, holding around a 33% market share.
- Managed MPLS Market (for Cloud Connect: Converge solutions): The global managed MPLS market size reached USD 72.0 Billion in 2025. It is expected to reach USD 115.6 Billion by 2034, exhibiting a growth rate (CAGR) of 5.24% from 2026-2034. North America currently dominates the global market, with a 35.22% revenue share in 2025.
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TaoWeave (symbol: TWAV) has undergone a significant strategic pivot, transitioning from a collaboration technology provider to a digital asset treasury company focused on the decentralized AI sector. The expected drivers of future revenue growth for the company over the next 2-3 years are intrinsically linked to this new strategy and the performance of the Bittensor (TAO) ecosystem.
Here are the key drivers of future revenue growth for TaoWeave:
- Appreciation of TAO Token Value: TaoWeave's core strategy centers on acquiring and holding Bittensor (TAO) tokens as its primary reserve asset. Consequently, an increase in the market price of TAO tokens would directly contribute to the company's asset value and, through potential future sales or reported gains on its digital asset holdings, its revenue. The anticipated TAO halving event, expected around December 2025, which will reduce daily token emissions, is considered a potential catalyst for TAO's price due to increased scarcity.
- Revenue Generation from Staking TAO Tokens: TaoWeave actively stakes its TAO token holdings on the Bittensor network. This staking activity allows the company to earn rewards for validating transactions on the Bittensor blockchain, effectively generating a yield on its digital assets. As TaoWeave continues to increase its TAO holdings, the revenue generated from these staking rewards is expected to grow.
- Growth and Adoption of the Bittensor Decentralized AI Ecosystem: TaoWeave provides investors with exposure to the Bittensor ecosystem, which is positioned at the intersection of artificial intelligence and blockchain technology. The broader growth, adoption, and development of this decentralized AI ecosystem are expected to enhance the value of TaoWeave's TAO holdings and its staking activities, thereby driving future revenue.
- Strategic Investments and Partnerships within the Bittensor Ecosystem: Looking ahead, TaoWeave is exploring opportunities to invest directly in the Bittensor ecosystem through partnerships with subnets, miners, and validators. Such strategic engagements could create additional revenue streams, diversify its exposure within the ecosystem, and further enhance the value derived from its primary TAO holdings.
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Outbound Investments
- TaoWeave, formerly Oblong Inc., adopted a treasury policy in June 2025 to allocate its principal holding to Bittensor (TAO).
- In August 2025, the company deployed $8 million in fully staked TAO tokens as part of its strategy to capitalize on decentralized AI.
- During Q3 2025, TaoWeave invested $6.3 million to acquire 16,517 TAO tokens. By November 12, 2025, TAO holdings increased to 21,943 tokens, and further to 24,382 tokens by December 10, 2025.
Share Issuance
- TaoWeave, as Oblong Inc., received $518,000 from warrant exercises in April 2025.
- The company has acquired TAO tokens using capital raised through private placements.
Share Repurchases
- Oblong, Inc. announced the authorization of a stock buyback program in April 2025.
Peer Outperformance in Asset Management & Custody Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 34.8% | 72.3% | 116.9% | SPNT 169% · RGA 140% · RNR 137% |
| Investment Banking & Brokerage | 13 | -10.3% | 107.9% | 99.8% | IBKR 386% · SNEX 175% · HOOD 158% |
| Diversified Banks | 12 | 29.9% | 162.0% | 88.9% | CM 144% · RY 129% · JPM 125% |
| Life & Health Insurance | 20 | 16.3% | 54.8% | 80.0% | JXN 510% · UNM 287% · MFC 184% |
| Property & Casualty Insurance | 41 | 16.7% | 74.7% | 63.3% | TRV 168% · PGR 163% · ACGL 156% |
| Multi-line Insurance | 9 | 6.9% | 67.4% | 58.9% | GNW 106% · L 99% · AIZ 89% |
| Regional Banks | 265 | 30.6% | 101.4% | 54.9% | CBC 247% · FCNCA 187% · NIC 148% |
| Multi-Sector Holdings | 3 | 3.6% | 62.9% | 53.2% | BRK-B 87% · VOYA 53% · JEF 35% |
| Financial Exchanges & Data | 15 | 3.3% | 41.5% | 22.8% | CBOE 161% · VIRT 156% · CME 66% |
| Insurance Brokers | 15 | -1.5% | 9.6% | 17.7% | LIFE 384% · ARX 89% · AJG 67% |
| Asset Management & Custody Banks ← | 85 | -12.0% | 23.3% | 8.4% | WT 274% · VCTR 251% · AAMI 220% |
| Consumer Finance | 30 | 2.5% | 82.6% | 5.4% | ENVA 455% · FCFS 122% · AXP 94% |
| Diversified Financial Services | 4 | -6.0% | 20.6% | 4.8% | FRHC 166% · EQH 84% |
| Commercial & Residential Mortgage Finance | 14 | -53.6% | 28.1% | -1.6% | FNMA 372% · FMCC 318% · ACT 160% |
| Specialized Finance | 3 | 10.3% | 42.3% | -9.6% | CACC -10% · HASI -23% |
| Mortgage REITs | 34 | -19.4% | -2.7% | -33.7% | RITM 35% · DX 21% · AGNC 12% |
| Transaction & Payment Processing Services | 17 | 2.8% | 15.9% | -38.5% | V 98% · MA 89% · CPAY 57% |
| Diversified Capital Markets | 20 | -49.5% | 20.9% | -60.1% | LPLA 58% · TW 40% · RIOT -48% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 186.05 |
| Mkt Cap | 188.0 |
| Rev LTM | 43,938 |
| Op Inc LTM | 9,455 |
| FCF LTM | 15,154 |
| FCF 3Y Avg | 13,037 |
| CFO LTM | 15,750 |
| CFO 3Y Avg | 13,664 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.8% |
| Rev Chg 3Y Avg | 15.5% |
| Rev Chg Q | 17.7% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | 12.8% |
| Op Inc Chg 3Y Avg | 25.6% |
| Op Mgn LTM | 21.5% |
| Op Mgn 3Y Avg | 20.6% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 36.0% |
| CFO/Rev 3Y Avg | 36.5% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 25.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Managed Services | 2 | 2 | 3 | 3 | 4 |
| Collaboration Products | 0 | 0 | 1 | 2 | 3 |
| Digital Assets | 0 | 0 | 0 | 0 | 0 |
| Total | 2 | 2 | 4 | 5 | 8 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Managed Services | 1 | 1 | 1 | 1 | -3 |
| Collaboration Products | -0 | -18 | -6 | -4 | -3 |
| Digital Assets | -5 | -5 | -6 | -7 | -1 |
| Total | -4 | -22 | -12 | -10 | -8 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Managed Services | 1 | 1 | 1 | 1 | -3 |
| Collaboration Products | -0 | -18 | -6 | -2 | -3 |
| Digital Assets | -5 | -5 | -4 | -7 | -1 |
| Total | -4 | -22 | -9 | -7 | -8 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Digital Assets | 6 | 0 | 5 | ||
| Corporate | 2 | 5 | |||
| Managed Services | 0 | 0 | 1 | 1 | 1 |
| Collaboration Products | 0 | 0 | 1 | 2 | 19 |
| Single segment | 3 | 9 | |||
| Total | 8 | 5 | 7 | 6 | 29 |
Price Behavior
| Market Price | $1.46 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 06/19/1995 | |
| Distance from 52W High | -52.3% | |
| 50 Days | 200 Days | |
| DMA Price | $1.44 | $1.43 |
| DMA Trend | up | down |
| Distance from DMA | 1.2% | 1.5% |
| 3M | 1YR | |
| Volatility | 86.8% | 103.7% |
| Downside Capture | 355.81 | 382.03 |
| Upside Capture | 396.28 | 249.95 |
| Correlation (S&P 500) | 40.9% | 34.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.25 | 2.71 | 3.42 | 1.86 | 2.76 | 1.94 |
| Up Beta | 16.18 | 5.04 | 5.52 | 3.15 | 3.35 | 1.87 |
| Down Beta | -3.84 | -1.52 | 3.11 | -1.94 | 1.73 | 1.50 |
| Up Capture | 492% | 308% | 348% | 254% | 498% | 286% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 13 | 22 | 30 | 61 | 118 | 336 |
| Down Capture | 152% | 142% | 222% | 230% | 181% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 15 | 27 | 57 | 120 | 397 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TWAV | |
|---|---|---|---|---|
| TWAV | -49.4% | 103.7% | -0.16 | - |
| Sector ETF (XLF) | 6.6% | 14.5% | 0.20 | 25.9% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 34.6% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 11.2% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -3.4% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 6.7% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 41.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TWAV | |
|---|---|---|---|---|
| TWAV | -73.5% | 156.3% | -0.23 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 19.1% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 21.4% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 5.7% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 2.4% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 15.5% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 13.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TWAV | |
|---|---|---|---|---|
| TWAV | -51.1% | 140.0% | 0.05 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 8.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 13.4% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 5.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 2.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 8.4% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/18/2026 | 1.3% | -6.3% | 4.4% |
| 11/13/2025 | -24.4% | -29.4% | -20.8% |
| 8/14/2025 | -4.9% | -24.5% | -28.9% |
| 5/13/2025 | -3.7% | 13.7% | 25.9% |
| 3/18/2025 | 3.4% | 3.2% | -33.2% |
| 11/7/2024 | 1.1% | 8.6% | -12.5% |
| 3/19/2024 | 19.8% | -3.0% | -5.0% |
| 11/14/2023 | 1.2% | 19.5% | 7.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 5 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 2.3% | 11.2% | 7.2% |
| Median Negative | -9.8% | -15.3% | -20.8% |
| Max Positive | 19.8% | 19.5% | 68.6% |
| Max Negative | -24.4% | -29.4% | -36.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/18/2026 | 1.3% | -6.3% | 4.4% |
| 11/13/2025 | -24.4% | -29.4% | -20.8% |
| 8/14/2025 | -4.9% | -24.5% | -28.9% |
| 5/13/2025 | -3.7% | 13.7% | 25.9% |
| 3/18/2025 | 3.4% | 3.2% | -33.2% |
| 11/7/2024 | 1.1% | 8.6% | -12.5% |
| 3/19/2024 | 19.8% | -3.0% | -5.0% |
| 11/14/2023 | 1.2% | 19.5% | 7.2% |
| 11/10/2022 | -18.6% | -23.4% | -35.5% |
| 8/9/2022 | 3.9% | -7.7% | -20.8% |
| 5/11/2022 | -6.3% | -3.4% | -16.6% |
| 11/10/2021 | -1.1% | -23.9% | -36.6% |
| 8/11/2021 | -9.8% | -13.8% | 2.4% |
| 5/13/2021 | -12.7% | -16.1% | -5.5% |
| 2/25/2021 | -11.8% | -16.0% | -14.8% |
| 11/16/2020 | -9.8% | -14.7% | 68.6% |
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 5 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 2.3% | 11.2% | 7.2% |
| Median Negative | -9.8% | -15.3% | -20.8% |
| Max Positive | 19.8% | 19.5% | 68.6% |
| Max Negative | -24.4% | -29.4% | -36.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/20/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/21/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/20/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/21/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/30/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 06/30/2020 | 10-Q |
| 12/31/2019 | 05/15/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q1 2026 Earnings Reported 5/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Mezzanine Product Revenue | Reported | 0 | ||||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Holst, Peter | President and CEO | Direct | Buy | 11192025 | 1.90 | 5,000 | 9,500 | 29,534 | Form |
| 2 | Holst, Peter | President and CEO | Direct | Buy | 11172025 | 1.84 | 10,000 | 18,400 | 19,401 | Form |
| 3 | Schechter, Jonathan | Direct | Buy | 11172025 | 1.91 | 10,000 | 19,100 | 47,750 | Form | |
| 4 | Schechter, Jonathan | Direct | Buy | 9172025 | 2.70 | 5,000 | 13,476 | 40,426 | Form | |
| 5 | Schechter, Jonathan | Direct | Buy | 9162025 | 2.73 | 10,000 | 27,321 | 27,321 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Holst, Peter | President and CEO | Direct | Buy | 11192025 | 1.90 | 5,000 | 9,500 | 29,534 | Form |
| 2 | Holst, Peter | President and CEO | Direct | Buy | 11172025 | 1.84 | 10,000 | 18,400 | 19,401 | Form |
| 3 | Schechter, Jonathan | Direct | Buy | 11172025 | 1.91 | 10,000 | 19,100 | 47,750 | Form | |
| 4 | Schechter, Jonathan | Direct | Buy | 9172025 | 2.70 | 5,000 | 13,476 | 40,426 | Form | |
| 5 | Schechter, Jonathan | Direct | Buy | 9162025 | 2.73 | 10,000 | 27,321 | 27,321 | Form | |
| 6 | Adelman, Jason T | Direct | Buy | 9092025 | 2.66 | 10,000 | 26,632 | 26,632 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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