Grayscale Files Registration for Bittensor ETP

Digital asset management company Grayscale Investments has filed to list and trade shares of an exchange-traded product (ETP) tied to Bittensor’s native token, TAO.

In a Tuesday filing with the US Securities and Exchange Commission, Grayscale filed an S-1 registration statement for shares of its Bittensor Trust (TAO). The filing came more than a year after the asset manager introduced the TAO trust and signals Grayscale’s move to transition its over-the-counter TAO product to NYSE Arca.

The filing is subject to SEC review before listing under the ticker GTAO. The SEC has green-lit several exchange-traded fund offerings from Grayscale tied to cryptocurrencies, including those for Bitcoin (BTC) and Ether (ETH).

Grayscale’s proposed TAO investment vehicle came about two weeks after Bittensor went through its first halving event in December as part of a plan to reach a 21 million token supply cap, the same as Bitcoin. According to data from Nansen, the price of TAO was $222.54 at the time of publication.

Related: SEC approves conversion of Grayscale’s large-cap crypto fund into ETF

Bittensor, a decentralized, open-source machine-learning network for AI services, first launched in 2021 under the name Kusanagi. Like many cryptocurrencies, the network’s TAO (TAO) token experienced significant volatility in 2025, reaching an annual high of more than $560 in January before dropping to about $220 in April.

Grayscale is eyeing US IPO in 2026

In November, Grayscale filed with the SEC to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. The initial public offering, which has not advanced since the filing, would put the asset manager among many other crypto companies, including Coinbase and Gemini.

Kraken, another US-based crypto exchange, filed for an IPO confidentially in November. The company reportedly reached a $15 billion valuation in September following a $500 million funding round.

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