Grayscale Seeks SEC Approval for Regulated Bittensor ETP Listing

Grayscale Investments has filed an S-1 registration statement with the Securities and Exchange Commission (SEC) for shares of its Bittensor Trust. This marks the first attempt to bring exposure to U.S. markets through a regulated investment product. The proposed Grayscale Bittensor Trust would trade under ticker GTAO and hold TAO directly if approved by regulators.

The filing signals Grayscale's push to transition its over-the-counter TAO offering to NYSE Arca. Bittensor, a decentralized, open-source machine learning network for AI services, first launched in 2021 under the name Kusanagi. The network's native token TAO currently maintains a market capitalization of around $2.3 billion.

The filing comes more than a year after Grayscale initially introduced the TAO trust product. Deutsche Digital Assets had previously announced plans to list a Bittensor ETP on the SIX Swiss Exchange under ticker STAO. The token experienced significant volatility in 2025, reaching an annual high above $560 in January before dropping to approximately $220 in April.