Astrid – are driving decentralised AI growth through its recently secured Bittensor subnet, whilst simultaneously growing its 'Digital Assets Treasury'.  

Recent Fundraises - a £10.5M "war chest" to enhance its digital assets treasury 

Back in May, the company raised an initial £250k with institutional investors.  The raise was at an issue price of 0.22p.  The company subsequently raised an additional £250k from Director purchases and a further £10m placement at an issue price of 0.20p in June.  Notably, company Exec Chair, Olivia Edwards participated in the raise to the tune of £250,000.  An additional vote of confidence in the business by the Directors (Olivia has since, further increased her position on market with an additional £25k share purchase).

The proceeds of both raises has given the company a significant war chest to execute its strategy of growing its AI business alongside building its digital assets treasury.

In fact, the company has just recently announced its first Ethereum purchase to the tune of £4.5M.  Along with its Bitcoin and Solana holdings the company’s crypto portfolio value at today’s prices should amount to over £5.5M

The company has also recently moved its listing to the Aquis Growth Market–why?  

The answer is simple, the LSE's apparent archaic regulation when it comes to companies conducting crypto business is a driving force for the move, not to mention that administration overheads on Aquis are favourable to that of its LSE and AIM counterparts.  This last point fits with the company's strategy of running a lean business model.  Essentially, the move will allow Astrid to conduct its business and deliver on its strategy, unhindered.

The announcement of the move which is positive for the company curiously resulted in a significant drop in the share price.  In fact, the company now trades at a significant discount to its estimated NAV! 

Core AI Business

Astrid 's core business is a scalable, decentralised AI infrastructure that can generate long-term value while being anchored by real-world financial resilience. Central to this is Astrid ’s Bittensor subnet, which allows AI models to interact, trade, and improve collectively in an open, decentralised network. 

By leveraging this technology, Astrid aims to build a platform where intelligence becomes a shared, monetizable resource rather than being locked inside proprietary silos, the overarching goal of Bittensor!

Astrid is the company's first AI agent and operates within the Health & Beauty sphere.  

Astrid is essentially your 'personal wellness advisor in your pocket'. Astrid interacts with millions of users via WhatsApp, telegram and other interactive social media platforms.  The agent is continuously learning and offers guidance, tailored advice and real-time help to users.

Monetization

Monetization is two-fold.  The company can generate revenue via affiliate programmes i.e. product and recommendation referrals along with TAO rewards via its subnet in the form of TAO token emissions, where Astrid operates.

Bittensor Subnet

Astrid acquired one of the last currently available dedicated subnets on the decentralized Bittensor network. Within this subnet, Astrid performs specialized tasks—such as indexing real-time beauty product data and generating personalized beauty content—for the broader Bittensor ecosystem. In return, Astrid earns TAO tokens—the network’s native cryptocurrency, as rewards.

When the company earns TAO rewards (tokens/emissions) the company can re-invest/stake into the network to support the growth and the emission capacity of the network in addition to increasing its TAO in the treasury.

The Bittensor network is relatively new with just 128 subnets currently operating.  

Other subnets perform decentralised AI tasks ranging from media & creativity tasks like image/video generation - financial, language based, security and even medical where AI is performing cutting edge medical research! 

Subnet Opportunity 

Chutes (Subnet 64) is the most valuable subnet by market capitalization, estimated at around $95.7 million and is based on its DeepSeek platform which simplifies data analysis and runs advanced search algorithms.  It is currently the leading Bittensor subnet by emissions/activity.

Like all subnets, including Astrid's, Chutes generates TAO emissions.  These emissions are shared between the subnet owner, the Miners and the Validators, the three elements that make up a subnet. 

In terms of estimated value generated by a subnet, for Chutes it is as follows:

Using today’s TAO ≈ $339.2:

• Total to subnet: ~774.1 TAO/day ≈ $262.6k/day

• Owner (18%): ~139.3 TAO/day ≈ $47.3k/day

• Miners (41%): ~317.4 TAO/day ≈ $107.7k/day

• Validators (41%): ~317.4 TAO/day ≈ $107.7k/day

Based on the figures above, the Chutes subnet is generating just shy of $100m in emissions total per annum.  As a Bittensor subnet grows and its activity/usage increases, so will its emissions.  

The Beauty and Wellness sector—including personal care, skincare, hair care, cosmetics, and wellness services—was valued at approximately USD 1.57 trillion in 2024, expected to grow to USD 1.72 trillion in 2025. The long-term forecast sees expansion to USD 2.43 trillion by 2029, a robust CAGR of 9.0%.

If Astrid can capture just a small portion of this market and produce just 10% of the emissions of that of Chutes near-term, then that could equate to some c.$10M in TAO rewards/emissions.   Chutes has demonstrated the scale and opportunity on offer and Astrid are positioned within a huge market that could allow them to achieve something similar.

Digital Assets Treasury

A core part of Astrid 's business and strategy is to grow its digital assets treasury. 

The company currently holds the following tokens:

·      Bitcoin - 5.28038 BTC

·      Ethereum - 1377.98 ETH

·      Solana - 3432.79 SOL

·      Bittensor - 122.89 TAO

At today’s crypto prices this amounts to a valuation of over £5.5M.

The company seems to be pivoting to Ethereum as its preferred token given it sees higher growth opportunities with Ethereum.  Unlike Bitcoin, which is seen as a store of value and hedge against inflation, Ethereum is not just a digital currency but a whole ecosystem–the backbone if you like of the programmable blockchain, powering DeFi, NFT’s and smart contracts, to name a few.

Many therefore predict Ethereum arguably offers greater upside with the likes of Standard Chartered and CoinShares already predicting year-end targets in excess of $7,000.

One other difference to Bitcoin is that Ethereum can also be staked and can generate yield for the company (currently anywhere between 2.5-5%).  As an example, if the company were to stake its entire Ethereum holding of £4.5M now it could yield up to £135K at an 3% APY.

It’s also worth pointing out that Astrid, through its Bittensor Subnet, is generating TAO emissions, in the form of the native Bittensor token. This differentiates Astrid from other 'pure play' treasury companies in that it has an additional model in place to help grow its overall treasury.

The company has also just announced that it has implemented an ATM (‘At the Market’) facility through its Broker–Oak Securities.

This is an ideal way of raising capital for the business and its treasury and will be utilised in favourable market conditions i.e. the company has stated the facility will only be used when the share-price is above certain thresholds and its sensible to raise capital.

The advantages of the ATM facility are straight forwards:

·      Allows the company to raise funds limiting larger dilutive or discounted equity raises

·      The company will only raise in favourable market conditions

·      Combined with the company’s well managed cash reserves, provides optionality.

Value Disconnect 

As mentioned earlier, following the company's announcement of its intended move to the Aquis growth market, the shares have pulled back to around 0.13p a c.30%+ discount to the recent fundraising levels of 0.2p and 0.22p.  

In fact, when you consider recent cash raised minus what's been since deployed (its recent £4.5M Ethereum purchase) and the value of its crypto portfolio estimated at around £5.5M using today's prices, its current Market Cap of just £8M implies a significant discount to NAV.

Considering the above and the fact that the business today has a growing AI business generating TAO tokens and owns one of 128 Bittensor subnets there appears to be a clear valuation disconnect. 

Conclusion 

Astrid is executing a bold strategic pivot—blending its AI offering (Astrid) on its Bittensor subnet with a Digital Assets-backed treasury model. This dual approach positions the company in two of the most transformative sectors in tech and finance. If successful, it can benefit from both rapid AI adoption and the appreciating digital asset curve. Such a hybrid model offers potentially outsized upside, especially for investors comfortable with small-cap volatility.