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Grayscale Investments has filed an amended S-1 registration statement for its Bittensor Trust, advancing plans to convert the product into a publicly traded exchange-traded fund tied to the TAO token.
The updated filing builds on the firm’s initial registration submitted in December 2025 and marks a step forward in the process of listing the product on NYSE Arca. If approved, the conversion would transition the trust from its current over-the-counter structure under the ticker GTAO into a regulated ETF.
The proposed ETF is designed to track the price of TAO, the native asset of Bittensor, without requiring investors to directly custody the token.
Bittensor operates as a decentralized machine learning network where participants contribute models, data, or compute in exchange for TAO rewards, creating an open, incentive-driven marketplace for AI development.
Antonio Verrico
Institutional allocators, as it pertains to crypto, have historically favored regulated wrappers that remove the need to manage wallets, private keys, or on-chain interactions. An ETF format for TAO would also introduce greater liquidity, price transparency, and broader accessibility through traditional brokerage platforms.
The amended S-1 now enters review with the U.S. Securities and Exchange Commission, which will determine whether the product can proceed to listing.
A successful launch could inspire increased demand for more specialized, sector-specific crypto ETFs and open the door for similar products tied to emerging onchain verticals.
