01 · Executive summary
Concentration at the top. A substantial middle cohort.
The Top 100 coldkeys hold more than half of issued TAO. Separately, 5,676 coldkeys between 100 and 1,000 TAO collectively hold 1.569 million TAO.
| Metric | Reported value |
|---|---|
| Issued TAO | ≈ 11.154 million |
| TAO held by Top 100 | ≈ 5.97 million |
| Largest coldkey | ≈ 737,822 TAO |
| Coldkeys in 100–1,000 cohort | 5,676 |
| TAO held by cohort | 1,569,133 TAO |
| Cohort share of issued TAO | 14.07% |
| Cohort staked share | 82.9% |
02 · Concentration
53.55% sits in the Top 100 coldkeys.
Each share is measured against the Taostats issued supply at the snapshot — approximately 11.154 million TAO — not against the Top 100 total.
A coldkey is an on-chain account, not a verified person. Exchanges, custodians and organisations may hold TAO for multiple users.
03 · Mid-size cohort
5,676 coldkeys hold 100–1,000 TAO.
This dataset includes coldkeys with a total TAO-equivalent balance of at least 100 and no more than 1,000 TAO. Together they hold 1,569,133 TAO — about 14.07% of issued supply at the snapshot.
Most of the cohort’s value is staked.
Staked TAO includes Root stake and alpha stake converted into TAO-equivalent value at the snapshot.
04 · Interpretation
What the data shows — and what it does not.
The data shows
- Strong coldkey concentration in the Top 100.
- A meaningful 100–1,000 TAO middle cohort.
- A high staked share within that cohort.
The data does not prove
- That one coldkey equals one individual.
- That balance changes are purchases or sales.
- That all reported TAO is liquid or tradable.
05 · Scope
A pilot foundation, not a full network census.
This edition combines two separately analysed datasets: a Top 100 snapshot and the 100–1,000 TAO cohort. Their totals should not be interpreted as a complete network-wide distribution or simply summed to produce one.
Coldkeys above 1,000 TAO outside the Top 100 and balances below 100 TAO are not yet included in the cohort analysis.
The first full monthly edition will expand to the complete bracket ladder, monthly change and historical trends.