Astrid Intelligence - Commentary on Bittensor Ecosystem Developments

24 April 2026

Astrid Intelligence PLC

("Astrid" or the "Company")

Commentary on Recent Bittensor Ecosystem Developments

Astrid Intelligence PLC (AQSE: ASTR) notes the recent developments within the Bittensor ecosystem and provides the following commentary and updates to shareholders.

Recent Events

On the 10th of April 2026, a prominent subnet operator announced their departure from the Bittensor network and subsequently liquidated a significant portion of their holdings. This led to a period of heightened short-term volatility across subnet tokens and the wider TAO market.

While some external commentary has characterised the event negatively, our view is that the underlying mechanics of the network continued to function as designed and may create opportunities for Astrid.

Market Impact

The immediate impact of these events was a decline in the market value of certain subnet tokens and TAO.

However, it is important to note that:

-     network infrastructure remained operational.

-     token balances across participants were unaffected.

-     emissions and protocol mechanics continued uninterrupted.

In the Board's view, this reflects the resilience of decentralised network design, where no single participant has the ability to disrupt core functionality.

Network Fundamentals

Bittensor operates as an open, permissionless system where value is generated through:

-     miners (AI systems producing output).

-     validators (participants verifying and scoring performance).

-     open-source code and infrastructure.

These components are independent of any individual subnet operator. When participants exit the network, their role can be replaced by others, with code, incentives and activity remaining in place.

Recent developments have already seen continued activity across affected subnets, with multiple teams signalling intent to contribute to ongoing development.

Governance and Development

Bittensor governance continues to evolve, with ongoing work toward more distributed and transparent mechanisms.

This includes:

-     the transition toward broader community participation in governance.

-     ongoing development of protocol-level enhancements.

-     continued separation between operational roles and governance structures.

The Company views this as a normal part of the maturation process for decentralised networks.

Ecosystem Response

The response from the broader Bittensor ecosystem has been constructive. A number of subnet operators and participants have reaffirmed their commitment to the network, and activity levels have remained robust following the initial volatility.

Institutional and industry engagement also continues, reflecting ongoing confidence in the long-term potential of decentralised AI.

Astrid's Position

Astrid confirms that it has not been materially impacted by these developments at an operational level.

The Company's strategy remains focused on:

-     operating validator infrastructure across multiple subnets.

-     building and supporting network-level services.

-     building out Astrid Arena, the competitive Trading Agent platform.

Astrid's approach is based on broad participation across the ecosystem rather than reliance on any single subnet or operator.

Outlook

The Board believes that recent events, while disruptive in the short term, demonstrate the underlying resilience of decentralised AI networks.

As with previous stages in the development of emerging technologies, periods of volatility are expected as ecosystems evolve and mature.

Astrid remains focused on its infrastructure-led strategy and aims to continue building and operating within the Bittensor network.