SEC Rejection Looms Over Bittensor ETF Applications

Grayscale and Bitwise are pushing forward with ETF applications linked to TAO, the native token of Bittensor. While this could give institutional investors easier access to the asset, approval from the SEC is far from certain.

The current price of TAO trades near $200, significantly lower than its 2024 peak around $777. A rejection of the ETF application by the SEC could potentially test one of Bittensor's oldest support levels at $164.

Grayscale has submitted an application to convert its existing Bittensor Trust into a spot ETF listed on NYSE Arca, currently trading under the ticker GTAO. Meanwhile, Bitwise has also submitted a separate application tied to TAO.