Grayscale Seeks SEC Approval to List Bittensor Trust TAO on NYSE Arca

TLDR

• Grayscale files with SEC to list Bittensor Trust TAO on NYSE Arca under GTAO.
• The filing follows Bittensor’s halving event in December and signals growth.
• Grayscale previously secured SEC approval for Bitcoin and Ether-related products.
• Grayscale also aims for a 2026 IPO for its Class A common stock on NYSE.

Grayscale Investments has taken a major step toward expanding its cryptocurrency offerings by filing an S-1 registration statement with the SEC to list shares of its Bittensor Trust (TAO) on NYSE Arca. This move signals Grayscale’s intention to transition its TAO product from over-the-counter trading to an exchange-traded product. If approved, TAO will become one of the first crypto-based investment vehicles on a major US exchange.

Grayscale Takes Steps to List TAO Trust on NYSE Arca

Grayscale Investments, a leading digital asset management firm, has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC). The filing aims to list shares of its Bittensor Trust (TAO) on NYSE Arca under the ticker GTAO.

This move marks Grayscale’s intention to transition its over-the-counter TAO product into a fully exchange-traded product, pending SEC approval.

The decision follows Bittensor’s recent halving event in December 2025. Bittensor, a decentralized machine-learning network, conducted the halving as part of its long-term goal to cap the total supply of its native token, TAO, at 21 million—similar to Bitcoin’s maximum supply. Grayscale’s filing with the SEC reflects the growing interest and acceptance of cryptocurrency-related exchange-traded products (ETPs) in the US.

What This Means for the TAO Investment Vehicle

Grayscale’s proposed listing of the Bittensor Trust (TAO) represents one of the first steps toward making a cryptocurrency token available through traditional exchange-traded products in the US.

If approved by the SEC, the TAO trust will be listed on the NYSE Arca, where investors can trade it like any other exchange-traded fund (ETF). This would provide more accessibility to retail and institutional investors who are looking for exposure to the Bittensor network’s native token.

Bittensor has gained attention for being a decentralized machine learning network that connects various AI services. Despite experiencing volatility in 2025, the TAO token has shown significant potential, which is reflected in its price movements—from a high of over $560 in January 2025 to approximately $220 in April of the same year.

Bittensor’s Halving Event and Its Role in the Market

The December halving event for Bittensor had significant implications for the network. It reduced the inflation rate of TAO, echoing the structure found in Bitcoin. By reducing the reward for validators in the network, the event created a deflationary effect on the total supply, making TAO a potentially more attractive asset for investors.

Bittensor’s focus on machine learning also gives its token unique utility compared to other cryptocurrencies, positioning TAO as a promising long-term investment.

While Grayscale’s filing is a step toward greater exposure for the Bittensor network, the final listing on NYSE Arca will depend on the SEC’s review process. This process will assess whether the proposed product complies with US securities regulations.

Grayscale’s Broader Strategy and IPO Plans

In addition to filing for the Bittensor Trust listing, Grayscale is also working toward a US initial public offering (IPO) of its Class A common stock. The filing, which took place in November 2025, is aimed at listing shares of Grayscale’s own stock on the New York Stock Exchange (NYSE) under the ticker symbol “GRAY.”

 If successful, Grayscale’s IPO would place it alongside other prominent crypto companies such as Coinbase and Gemini, further solidifying its role in the growing digital asset space.

Grayscale’s IPO filing follows similar moves by other crypto firms. For instance, Kraken, a major US-based crypto exchange, also filed confidentially for an IPO in November, highlighting the growing trend of crypto companies seeking public market access.

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