Grayscale Bittensor Trust Expands Custody with Coinbase Addition
Grayscale Bittensor Trust (TAO) has updated its custody arrangements, adding Coinbase as a secondary custodian while retaining BitGo as the primary custodian. On September 30, 2026, the Trust amended its agreement with BitGo Bank & Trust, National Association, replacing a prior contract from March 12, 2025. The new agreement ensures that TAO assets remain in segregated accounts, preventing commingling with other clients' assets.
On September 29, 2026, Grayscale also amended its Coinbase Prime Broker Agreement to include the Trust as a party, making Coinbase an additional custodian. The Trust's sponsor has not yet determined how much of the TAO assets will be transferred to Coinbase. Both BitGo and Coinbase are required to hold TAO in segregated accounts, ensuring no mixing of assets.
The Trust identified itself as an emerging growth company under applicable securities regulations. BitGo remains the primary custodian, with the updated agreement allowing BitGo to suspend operations during a Bittensor blockchain fork and granting discretion to support either fork branch. Both custodians are obligated to maintain commercially reasonable insurance coverage.