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Grayscale Bittensor Trust (TAO), which trades under the ticker GTAO, has added Coinbase as an additional custodian for a portion of its TAO holdings while keeping BitGo as its primary custodian, according to a Form 8-K filed with the U.S. Securities and Exchange Commission.
The filing, signed on October 5, describes amendments dated September 29 and September 30 that bring the Trust under custody arrangements with Coinbase and BitGo. As @princeharry_za highlighted on X, it could indicate that ETF approval is coming.
What Changed in the Custody Setup
On September 29, Grayscale Investments Sponsors, LLC, acting on behalf of the Trust, amended the Coinbase Prime Broker Agreement so the Grayscale Bittensor Trust became a party to that agreement. Coinbase, Inc. is named as the additional custodian, acting for itself and as agent for Coinbase Custody Trust Company, LLC and, where applicable, Coinbase Credit, Inc.
Under that arrangement, Coinbase will provide custody and safekeeping services for a portion of the Trust’s TAO. Grayscale intends to use Coinbase for part of the holdings but has not yet determined how much TAO, if any, will move there. The sponsor retains discretion over how much TAO is held by either custodian under the Trust Agreement.
A day later, on September 30, Grayscale and BitGo Bank & Trust, National Association amended BitGo’s Amended and Restated Custodial Services Agreement so the Trust also became a party to that framework. The Trust’s previous BitGo custodial services agreement, dated March 12, 2025, was terminated the same day. BitGo continues to serve as the Trust’s primary custodian.
How the Custody Arrangements Work
The 8-K describes both custody relationships as segregated-account arrangements. TAO held with BitGo must stay in segregated custodial accounts, remains the Trust’s property, and is not treated as a general asset of BitGo. TAO held with Coinbase goes into a segregated custodial account that Coinbase does not commingle with its own assets or assets held for other clients.
Custody fees are sponsor-paid expenses. If instructed by the sponsor, either custodian may withdraw TAO from the relevant Trust account to pay the Trust’s sponsor fee or other expenses, following the procedures described in the Trust’s prior disclosures.
Both agreements address potential forks of the Bittensor network. In a fork scenario, BitGo or Coinbase may temporarily suspend services and decide whether to support either branch of the forked protocol. That language is common in crypto custody documents, where custodians need discretion over operational support for competing chains, network changes, or disputed asset histories.
What the Coinbase Addition Does for GTAO
Grayscale’s Trust is a regulated investment vehicle tied to Bittensor, and adding Coinbase gives it a second custody relationship alongside BitGo.
The change gives Grayscale more custody flexibility as the Trust scales, which the filing ties to the sponsor’s risk management approach for the Trust’s growing size.
The update is an operational step for GTAO, not a product launch. Coinbase is now contracted as an additional custodian, BitGo remains primary, the prior 2025 BitGo agreement has been replaced, and Grayscale can decide how to split TAO custody across providers as the Trust’s needs evolve.
