Grayscale Investments, one of the leading digital asset managers in the United States, has filed a registration statement with the US Securities and Exchange Commission (SEC) to list and trade shares of an exchange-traded product (ETP) tied to Bittensor’s native token, TAO.
The ETP will bring Grayscale’s over-the-counter TAO product to a mainstream US exchange, potentially making it more accessible to investors.
The Grayscale Bittensor Trust set for NYSE Arca listing
According to the SEC filing, the proposed ETP, known as the Grayscale Bittensor Trust, would be listed under the ticker GTAO on NYSE Arca once approved.
The trust is structured as a Delaware statutory trust, issuing shares that represent ownership of the underlying TAO tokens.
Grayscale’s plan is to have these shares reflect the value of the TAO held by the trust, less any expenses and liabilities.
While the trust will not currently stake the tokens, the filing notes that staking may be introduced in the future if permitted.
The trust’s infrastructure relies on well-established service providers, with custodians being Coinbase Custody and BitGo, while the Bank of New York Mellon serves as the transfer agent and administrator.
In addition, CSC Delaware Trust Company is designated as the trustee, ensuring compliance with regulatory requirements.
Authorised participants will be able to create and redeem shares in large blocks, or “baskets,” with in-kind transactions for TAO tokens, providing flexibility and potentially reducing discrepancies between market prices and net asset value.
The expanding Grayscale crypto footprint
Grayscale is no stranger to listing cryptocurrency-related products in the US.
The asset manager has successfully launched exchange-traded funds (ETFs) for major digital currencies such as Bitcoin and Ethereum, which have been approved by the SEC in previous filings.
The proposed TAO trust would, however, mark one of the first ETPs linked to a decentralised AI token, further diversifying the firm’s offerings.
By transitioning the TAO product to a regulated exchange, Grayscale aims to enhance liquidity and offer investors a more straightforward method to gain exposure to this emerging asset.
Beyond crypto ETFs and ETPs, Grayscale has filed for a potential IPO under the ticker GRAY, positioning it alongside other major crypto companies pursuing public offerings, such as Coinbase and Gemini.
Other exchanges like Kraken have also filed confidentially for IPOs, reflecting a growing trend of US-based crypto companies seeking traditional capital markets exposure.
Bitcoin TAO market sentiment
The Grayscale ETP filing comes just weeks after Bittensor underwent its first halving event in December 2025, a mechanism designed to cap the total TAO token supply at 21 million, mirroring Bitcoin’s model.
Furthermore, the TAO token has experienced significant volatility this year, reaching an all-time high above $560 in January before pulling back to around $220 as 2025 came to an end.
But despite its fluctuations, the token has maintained strong interest among decentralised AI and machine-learning networks, underscoring its growing presence in the crypto ecosystem.
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