Chutes (SN64) Goes Live on Kraken, the First Bittensor Subnet Token to Reach a Major Exchange

Kraken has opened live trading for SN64, the native token of the Chutes subnet, making it the first Bittensor subnet alpha token to reach a major regulated exchange.

The listing went live on July 7, 2026, with funding, deposits, and trading enabled the same day through Kraken’s standard asset onboarding flow.

This follows Kraken’s completion of native integration with Bittensor’s dynamic TAO framework and the earlier addition of seven subnet tokens to its public listings roadmap.

For an ecosystem that has spent months building specialized AI markets on-chain, gaining shelf space on a tier-one exchange marks a meaningful shift in how these assets reach investors.

Inside the Chutes Subnet

Chutes operates as Subnet 64 on Bittensor, running a decentralized, serverless compute layer built for AI workloads. Developers deploy models through a simple API compatible with the OpenAI standard, or bring their own code to run any open model on demand, without provisioning GPU infrastructure or absorbing the cold-start delays typical of traditional cloud providers. According to Kraken’s asset page, the subnet is positioned as infrastructure for the open-source AI stack.

Its core characteristics include:

• Capacity to process trillions of tokens per month across open-source LLMs and multi-modal models spanning image, video, speech, and music generation
• Rapid availability of new state-of-the-art open models, often within minutes of public release
• A competitive network of compute providers whose rewards track performance, quality, and reliability
• Removal of the capacity and infrastructure ceilings that constrain centralized AI compute services

Read more about Chutes:

Chutes Is Doing to AI Inference What Hyperliquid Did to Finance

How Subnet Tokens Fit the dTAO Model

Bittensor is a decentralized protocol that coordinates and rewards the production of machine intelligence, split into independent subnets that each function as a market for a specific type of AI output.

Under the dynamic TAO model, every subnet can issue its own token, giving holders a direct stake in that subnet’s economy rather than generic exposure to the network as a whole. TAO remains the base asset that facilitates value flow across the broader network, while each subnet token carries its own market, liquidity, and emissions. Staking sits at the center of the design, letting holders stake subnet tokens to the validators that secure each subnet and share in the emissions that subnet activity generates.

Why This Listing Registers

The Bittensor community has read the move as a milestone, since it is the first time a major centralized exchange has offered direct trading access to a subnet-specific token.

Before this, accessing subnet alphas meant staking TAO into on-chain pools using tools like btcli or Taostats, a workflow that assumes comfort with wallets, hotkeys, and decentralized trading infrastructure.

The listing changes the access equation in several ways:

• It expands liquidity, visibility, and distribution beyond the core TAO token
• It brings centralized exchange price discovery and fiat on-ramps to a previously on-chain-only asset class
• It lowers the barrier for retail participants and, more significantly, for institutions that require regulated, familiar venues

Community voices on X described the development as evidence that subnet tokens are becoming investable assets with real distribution, and as a sign that Bittensor is maturing from a single token into a broader economy of specialized AI markets.

Trading Details and What Follows

Trading, funding, and deposits for SN64 went live on July 7, 2026, with a few conditions worth noting for anyone moving funds. Kraken has confirmed that access will continue to expand as the market for the token develops.

Key points from the announcement:

• Deposits are supported, but only through networks explicitly supported by Kraken, and using an unsupported network risks loss of funds
• Trading via the Kraken app and Instant Buy will follow once liquidity conditions are met and orders can be efficiently matched
• Geographic restrictions may apply depending on user location and local regulations

SN64 was the first of seven roadmap tokens to reach live status, with Hippius, Lium, Score, Targon, Ridges AI, and Vanta still listed as candidates.

Further listings could broaden access to the specialized AI services and markets built across the network, though roadmap placement is a signal rather than a guarantee.

As with any crypto asset, trading carries significant risk, and outcomes for individual subnets remain tied to market dynamics, technical execution, and regulatory factors.