DSV Fund has executed a $100,000 over-the-counter (OTC) deal with Synthdata (Subnet 50), marking its third investment into the Bittensor-based project since May. The firm’s growing allocation signals deep conviction in what it considers one of the network’s most undervalued subnets.
Synthdata, which focuses on prediction-driven intelligence within the Bittensor ecosystem, has quietly built a profitable business model with real-world revenues. According to DSV, the subnet currently generates twice its operating costs in monthly revenue, making it one of the few Bittensor subnets operating at a profit. With buyback mechanisms set to accelerate, the fund believes the project is positioned for outsized growth.
“Smart team, profitable business and committed to long-term support of alpha through buy-backs—I’d back subnets that tick this many boxes every day of the week,” said Siam Kidd, DSV CIO.
The move comes amid growing competition within Bittensor projects, where many subnets are chasing attention and liquidity. Kidd noted that while some projects experience short-term inflows from hype, others—like Synthdata—have been quietly building sustainable infrastructure without heavy marketing.
“No subnet has fully neutralized miner emissions yet,” Kidd observed, “but Synthdata’s ability to already generate revenue double its OPEX is a promising start.”
Synthdata acknowledged the investment in a statement on X (formerly Twitter), thanking DSV and Siam for their continued conviction. The team reaffirmed its focus on product development, promising new prediction features and trader utilities in the near future.
DSV Fund said it expects Synthdata to emerge as a top 10 subnet before Bittensor’s December halving, citing strong fundamentals and disciplined execution by the team, led by James, Sam, and Amber.
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