Grayscale files initial S-1 for Bittensor ETF

Key Takeaways

• Grayscale Investments filed an S-1 registration statement with the SEC for Grayscale Bittensor Trust ETF.
• The Trust holds TAO, a digital asset from the Bittensor Network.

Leading asset manager Grayscale Investments has filed an S-1 registration with the SEC to convert its Bittensor Trust into an exchange-traded fund, according to a Tuesday announcement. If approved, it would become the first TAO ETP in the US.

The proposed fund would broaden Grayscale’s crypto ETF lineup, which already includes major assets such as Bitcoin, Ethereum, Solana, XRP, Dogecoin, and Chainlink. The firm is also waiting for final approval to launch additional funds tied to other leading crypto assets.

Grayscale rolled out the Grayscale Bittensor Trust last August alongside its Sui Trust. The firm expressed confidence that Bittensor would become a key driver of decentralized AI development.

Grayscale intends to list the product on NYSE Arca under the GTAO ticker and rename it as an ETF-style vehicle. The trust seeks to mirror TAO’s value, but staking is prohibited unless future conditions are met.

TAO edged up on the news, moving from $219 to $222 in 30 minutes, according to CoinGecko.