Bittensor TAO: $52M Annual Subsidies and a $1.37B Subnet Valuation Under Pressure

Bittensor's TAO token economy is being valued against about $52 million in annualized emissions subsidies rather than organic revenue, while subnets are priced at roughly $1.37 billion. After the December 2025 halving cut daily emissions from 7,200 to 3,600 TAO, the model faces a tighter runway if external revenue does not scale. The protocol currently directs about 518 TAO per day to top subnets such as Chutes, leaving validator yield heavily tied to inflationary rewards.