Loeb Smith Attorneys advised xTAO Inc. on its Reverse Merger and debut on Canada’s TSX Venture Exchange

Cayman Islands (29 July 2025) – Loeb Smith Attorneys, one of the leading offshore corporate law firms, acted as Cayman legal counsel to xTAO Inc. (“xTAO”) on its reverse merger and successful listing of its common share on Canada’s TSX Venture (TSXV) Exchange. Xtao’s common shares launched on TSXV at the market open on 23 July 2025, under the ticker symbol “XTAO.U”.

xTAO is a technology company focused exclusively on growing Bittensor and its decentralized AI ecosystem. Bittensor is a decentralized machine learning protocol that transforms machine intelligence into a tradable commodity by using its native token (TAO) for various purposes within the network. At its core, Bittensor is a platform built around incentives. Users contribute intelligence by helping AI systems improve and then earn TAO tokens based on the usefulness of the data or computational resources contributed to the network.

The listing coincides with xTAO’s closing of a US$22.8 million financing of subscription receipts from an array of leading venture capital firms in the digital asset industry, including Animoca Brands, Arca, Arche Capital, Borderless Capital, DCG, FalconX, Hypersphere Ventures, Off the Chain Capital, Republic and Stratos. The company will use the funds to expand its validator operations and build real-world products on top of Bittensor’s open network.

xTAO’s Founder, Karia Samaroo said “This listing marks an important milestone for xTAO in its commitment to advance the growth of decentralised AI. I really appreciated the clear advice, guidance and support of the Loeb Smith team throughout the entire process.”

The Loeb Smith team was led by Partner Gary Smith, and included team members Vivian Huang and Frost Wu.

Partner Gary Smith commented: “We are proud to have advised xTAO in this significant milestone. Their successful listing not only underscores the potential of decentralized technologies but also highlights the growing confidence in the digital asset space. Our firm’s extensive experience in navigating complex corporate transactions within the crypto market enables us to provide effective and strategic advice to innovative companies like xTAO. We look forward to seeing how xTAO will leverage this opportunity to innovate and contribute to the evolution of the Bittensor ecosystem.”