Grayscale Bittensor Trust Aims for GTAO Listing

• Grayscale seeks SEC approval to list GTAO, a U.S. exchange-traded product holding TAO directly with regulated custody.

• The filing is the first U.S. attempt at a TAO ETP, following similar plans for a Swiss listing on SIX Exchange.

• Bittensor powers decentralized AI through crypto incentives, and the filing follows TAO’s first halving milestone.

Grayscale filed an initial S-1 registration with the U.S. Securities and Exchange Commission on Tuesday to launch the Grayscale Bittensor Trust on NYSE Arca. The application seeks approval for what would become the first U.S. exchange-traded product offering exposure to Bittensor’s TAO token. The filing intends to give regulated access to TAO, which holds a market cap of about $2.3 billion.

Filing Outlines Direct Exposure and Trading Structure

According to the registration statement, the product would trade under the ticker GTAO and hold TAO directly if approved. Grayscale confirmed the filing on X and described it as the next step toward converting the existing trust into an exchange-traded structure.

Coinbase Custody Trust Company LLC and BitGo Trust Company, Inc. would handle custody if regulators clear the product. Barry Silbert stated on X that decentralized AI continues to develop rapidly, and he referenced the filing within that context.

Global Listings and Network Design

This marks the first U.S. attempt to list a TAO-based ETP. Previously, Deutsche Digital Assets announced plans to list a similar product in Switzerland under the ticker STAO on the SIX Swiss Exchange.

Bittensor operates as a decentralized network that coordinates machine learning development through crypto-economic incentives. Participants provide models and computing resources and receive TAO as compensation. The network uses a hub-and-spoke architecture that supports application-specific subnets.

**Expanded Access Following Public Quotation **

The trust operated privately in 2024 before becoming publicly quoted earlier this month. Grayscale stated that the filing expands tools available to investors seeking structured exposure to digital assets.

TAO recently underwent its first halving event, and the filing arrives after that network milestone. Grayscale also manages products tied to Bitcoin, Ethereum, and Chainlink, including the recently launched Grayscale LINK fund.