Grayscale filed with the Securities and Exchange Commission to list an exchange-traded product for Bittensor's TAO token on NYSE Arca under the ticker GTAO. The S-1 registration marks the firm's effort to convert its over-the-counter Bittensor Trust into a publicly traded product, which would be the first TAO ETP in the United States. TAO traded around $222 at the time of the filing.
What Happened: SEC Filing
Grayscale submitted an initial S-1 registration statement to the SEC on Dec. 30, requesting approval to list its Bittensor Trust on NYSE Arca under the ticker GTAO.
The firm announced the filing on social media, noting the milestone represents the next step in converting the trust into an ETP.
The product operates as a traditional stock-market instrument that provides price exposure to TAO without requiring investors to hold the token directly.
Investors buy shares through brokerage accounts rather than opening crypto wallets, reducing technical barriers while maintaining full price risk exposure.
Grayscale already operates this as an over-the-counter product. A public exchange listing would expand access for brokers, advisers and retirement accounts, following the same approach the firm used with its Bitcoin and Ethereum products.
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Why It Matters: Regulated Entry
Bittensor operates as a decentralized network where independent participants provide machine-learning models and earn TAO for delivering AI services.
The network expanded to approximately 128-129 subnets in 2025, with applications ranging from fraud detection to on-device AI and synthetic identity testing.
Custody providers BitGo, Copper and Crypto.com now support TAO through Yuma's validator, enabling institutional funds to hold the token.
TAO Synergies raised about $11 million to accumulate TAO as a treasury asset.
The ETP filing adds a regulated entry point for traditional investors to access AI-crypto exposure. Grayscale's move signals that AI-crypto has entered the radar of major asset managers, similar to the firm's earlier trusts for MakerDAO, Dogecoin and Sui.
An ETP introduces structural differences from direct token ownership. Investors hold shares in a trust rather than self-custodying TAO, which adds counterparty exposure and ongoing management fees. ETP shares cannot be used within the Bittensor network for validation or payment for AI services, which requires direct token ownership.
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