Grayscale Targets First U.S. Bittensor ETP Amid AI Momentum

Grayscale files for first U.S. Bittensor ETP as decentralized AI gains momentum

Grayscale Investments has filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission seeking approval to convert its Grayscale Bittensor Trust into a U.S.-listed exchange-traded product (ETP) that would provide exposure to TAO, the native token of the Bittensor network.

The filing, dated December 30, 2025, outlines plans for the product to list on NYSE Arca under the ticker GTAO. If approved, it would become the first U.S.-listed ETP offering regulated exposure to TAO and, according to the materials provided, another “first” in Grayscale’s lineup tied to this specific asset.

Grayscale said the S-1 submission is a milestone toward converting GTAO into an exchange-traded vehicle. Barry Silbert also highlighted the move publicly, describing it as a step toward the first TAO ETP in the U.S.

The filing matters because it would expand regulated access to a token associated with the growing “crypto-AI” theme, where blockchain networks attempt to coordinate machine learning infrastructure and incentives on-chain. Bittensor is described as a network that rewards contributions in machine learning and computing power through crypto incentives.

By transitioning the product to a regulated exchange, Grayscale is aiming to offer investors a more straightforward way to gain exposure to TAO, while also potentially improving market accessibility and liquidity compared with non-exchange-traded structures.

The move also reflects broader institutional interest in digital assets linked to artificial intelligence. In recent months, crypto investors have increasingly looked to products that package on-chain infrastructure themes into familiar investment wrappers, and Grayscale’s S-1 extends that playbook into decentralized AI.

• What happened: Grayscale filed an S-1 with the SEC to convert Grayscale Bittensor Trust into an ETP.
• What it is: A proposed spot product tied to Bittensor’s TAO token, targeting a NYSE Arca listing under GTAO.
• Why it matters: Approval would create the first U.S.-listed ETP providing exposure to TAO, broadening regulated access to a decentralized AI-linked crypto asset.