Grayscale Files for First U.S. Bittensor ETP Amid Rising Interest in Decentralized AI
On December 30, 2025, Grayscale filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the launch of the first U.S.-listed exchange-traded product (ETP) providing exposure to TAO, the native token of Bittensor.
The proposed investment vehicle, named the Grayscale Bittensor Trust, plans to trade under the ticker symbol GTAO and would hold TAO tokens directly if it receives regulatory approval. This offering aims to give regulated investor access to TAO, whose market capitalization stood at approximately $2.3 billion at the time according to CoinDesk data.
This filing marks the first attempt to list a TAO-based ETP in the United States. Previously, Deutsche Digital Assets announced a Bittensor ETP to be listed on the SIX Swiss Exchange under the ticker STAO.
Bittensor is an open network that utilizes crypto-economic incentives to orchestrate machine learning development and reward contributors and TAO holders. The filing highlights growing institutional interest in artificial intelligence-related crypto assets and illustrates the broader trend toward packaging decentralized AI technology into regulated investment products. Approval of the Grayscale filing is not guaranteed.
