Grayscale has filed a preliminary S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) regarding the Bittensor ETF.

PANews reported on December 31st that Grayscale announced it has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Bittensor Trust into an ETF. If approved, this fund will become the first TAO ETP in the U.S. Grayscale launched the Grayscale Bittensor Trust last August. The company firmly believes that Bittensor will be a key driver of the development of decentralized artificial intelligence. Grayscale intends to list the product on the New York Stock Exchange's Arca platform under the ticker symbol GTAO and rename it as an ETF. The trust is designed to reflect the value of TAO, but staking is prohibited unless future conditions are met.