AI Coins Show Recovery as OpenAI Employees Sell $1.5 Billion in Shares to SoftBank
AI-focused cryptocurrencies have started to rebound following news of OpenAI allowing employees to sell shares worth $1.5 billion to SoftBank. This development has sparked optimism among market watchers, who are speculating whether AI coins will experience a positive impact similar to OpenAI’s success.
OpenAI Employees Authorized to Sell $1.5 Billion in Shares
As reported by CNBC on November 27, OpenAI employees have been granted the opportunity to sell shares totaling $1.5 billion to SoftBank under a new tender offer. Tender offers involve an entity proposing to buy shares directly from current shareholders, making SoftBank a significant stakeholder in OpenAI.
Employees have until December 24 to decide whether to participate in the tender offer. This deal, facilitated by SoftBank CEO Masayoshi Son, follows his prior $500 million investment in OpenAI during its last funding round. Notably, this move is separate from OpenAI’s rumored shift toward becoming a for-profit organization.
OpenAI’s valuation has soared to $157 billion, fueled by recent funding rounds totaling $6.6 billion. While both OpenAI and SoftBank have declined to comment on the matter, the investment has captured the attention of the crypto market, with speculations about its ripple effects on AI coins.
AI Coins React to OpenAI News
The broader cryptocurrency market is experiencing corrections, but several AI-focused tokens, including Injective (INJ), NEAR Protocol, Bittensor (TAO), and Internet Computer (ICP), have shown gains.
- NEAR Protocol: Up 3% in the past day to $6.64, with an 18% weekly gain.
- Internet Computer (ICP): Increased 1% to $11.46 in 24 hours, with a weekly rise of 24%.
- Bittensor (TAO): Gained 3% intraday to $558, marking a 20% weekly surge.
- RENDER: Despite a 4% intraday dip to $7.46, it has captured attention for its long-term potential.
Market enthusiasts remain bullish on AI coins as advancements in the AI sector continue to drive interest. The $1.5 billion investment into OpenAI is seen as a catalyst for renewed optimism about the future of AI-related cryptocurrencies.
As the AI industry and crypto markets evolve, investors are closely monitoring how these developments may fuel further gains for AI-focused tokens.
