Hassan Maishera
TL;DR
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Grayscale has filed an initial S-1 registration with the SEC to launch an ETP tracking Bittensor's TAO token.
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If approved, it will be the first U.S.-listed ETP offering exposure to Bittensor's TAO token.
Grayscale Files with the SEC to List GTAO
Grayscale, one of the leading digital asset managers in the world, filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission on Tuesday to grant U.S. investors exposure to Bittensor’s TAO.
If approved, it would be the first U.S.-listed exchange-traded product (ETP) offering exposure to TAO. The proposed Grayscale Bittensor Trust will trade under the ticker GTAO.
It will also hold TAO directly, giving investors regulated access to one of the largest tokens associated with decentralized AI.
In an X post, Grayscale stated that the filing is the next step toward converting the trust into an ETP.
Today we filed the initial S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the @SECGov
— Grayscale (@Grayscale) December 30, 2025
This milestone is the next step in converting $GTAO to an ETP, which would make it the first $TAO ETP in the U.S. and another first for Grayscale.
Read the S-1:… pic.twitter.com/2qg6AgqYOg
Barry Silbert, chairman of Grayscale, wrote on X that this latest development showcases how quickly decentralized AI is evolving, adding that Grayscale is pioneering access to this market.
While Grayscale seeks to be the first to grant U.S. investors access to TAO, Deutsche Digital Assets, a Germany-regulated provider of exchange-traded products (ETPs), previously announced that it would list a Bittensor ETP, which will trade on the SIX Swiss Exchange under the ticker STAO.
Bittensor is an open network that uses crypto-economic incentives to coordinate machine learning development, rewarding contributors of models and computing power with TAO.
Its native TAO token is the 35th-largest cryptocurrency, with a market cap of $2.3 billion. It is currently trading at $221, up 1.2% in the last 24 hours.
