TAO and the subnets market are on fire.
Templar is making waves worldwide.
Introducing Bitstarter: a unique opportunity to invest in subnets.
Let's dive in.
Is Bittensor entering its own bull run?
The subnet market rally continues relentlessly.
Up +9.2% over the last two weeks, +46.4% since hitting bottom last December.
The bull run narrative around Bittensor is further strengthened by celebrity endorsements. Latest: Jason Calacanis, popular investor & entrepreneur (+1M X followers), who posted this:
Result: TAO surged back above $300, posting one of crypto's best weekly performances.
+118% for TAO between February 12 and today
Market up, indexes follow
We use Mentat Minds indexes. Details on calculation are on this page. Mentat 5 and Mentat 15 cover the leaders, while Mentat 70 gives a wider picture of the subnet market.
Over the last two weeks:
Mentat 5: +7.2%
Mentat 15: +5.9%
Mentat 70: +9.1%
Just like last Sapho edition, small-cap subnets (Mentat 70) are performing the best.
Mentat 70 is not open to investment, but if you want broad exposure to the overall market, Mentat SoS is available.
The Covenant Index Skyrockets
+136% over the last two weeks for the Covenant index.
This explosion was primarily triggered by this tweet from Templar (SN3).
They announced achieving the largest decentralised LLM pre-training run in history, news that spread far beyond the Bittensor ecosystem.
Bitstarter: The best investment opportunity in subnets?
What is Bitstarter?
Bitstarter is Bittensor’s first crowdfunding platform for subnets: it lets individual TAO holders get in early at preferential prices, with tokens vesting over the following months.
What are the benefits?
Investors lock in lower entry prices with high upside potential if the subnet gains traction
Subnet teams raise operational capital for their first milestones
This structure is standard in traditional finance but usually reserved for VCs and accredited investors. Retail rarely gets access.
Bitstarter changes that.
Subnet selection
Each project is vetted by a team of advisors including Bittensor heavyweights like Const, Max Sebti, James Altucher, Jose Rios, and others.
Launched subnets
So far, 3 subnets have been launched, with 1,840 TAO raised. All have delivered profits for investors.
Let’s take Quasar (SN24) as an example.
Investors had two options:
3‑month lock‑up with a 25% discount (entry price: 0.002925)
6‑month lock‑up with a 40% discount (entry price: 0.00234)
Today, the subnet trades around 0.017.
The first tokens sent to investors already cover the initial TAO pledged.
With weekly vesting since Jan 26:
3‑month investors (54% unlocked): already 3.1×
6‑month investors (27% unlocked): already 2×
This ROI is from unlocked tokens only.
Bitstarter offers a new way to invest in subnets — proven for the first wave, with more to come.
The future looks just as promising.
Thank you for reading this newsletter. If you are interested in the subnet market, please feel free to click on the following link.
Disclaimer: This newsletter does not constitute investment advice. It is a tool designed to help you understand the Bittensor subnet market. Always do your own research before investing.
