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The Grayscale Bittensor Trust ($GTAO) is officially live to the public as of late 2025, and markets now have access to decentralized AI via traditional investment methods.
GTAO enables investors to have exposure to TAO, without the need to directly hold or manage the cryptocurrency. Launched as a private trust in June 2024, GTAO began public trading on OTC markets in late 2025, with significant attention following Grayscale's official unveiling and S-1 filing for a potential spot ETF in December 2025. This move positioned GTAO as one of the first U.S.-regulated products focused on decentralized AI, aligning with growing institutional interest in the sector. Grayscale was first to offer exposure to Bitcoin on a wide scale basis via their GBTC trust and are now pioneering the entrance into decentralized AI with GTAO.
Interested in $TAO exposure?
— Grayscale (@Grayscale) January 6, 2026
Bittensor helps leverage economic incentives and decentralized networks for open and accessible AI development.
Grayscale Bittensor Trust (Ticker: $GTAO) is the first publicly listed U.S. product providing direct exposure to $TAO. pic.twitter.com/DJIorBfbQW
The Market's Response
Tuesday, January 6, 2026, after Grayscale formally unveiled GTAO, $TAO surged nearly 10% and reached above $290, with 24-hour trading volume soaring above $230 million.
GTAO is designed to track $TAO's market price using the Coin Metrics Real-Time Bittensor Reference rate and as of January 8, 2026, GTAO's market price stood at $17.95, reflecting a premium of approximately 227% over its net asset value (NAV) of $5.48 per share. The trust's assets under management (AUM) were $10.32 million, with 1.884 million shares outstanding.
Comparing GTAO to its underlying asset, TAO, provides context on the trust's performance. As of January 9, 2026, TAO traded at $284.15, with a market capitalization of $2.73 billion and a circulating supply of 9.60 million tokens. TAO's 24-hour trading volume was $202.46 million. Performance metrics show TAO up 4.9% in the last 24 hours, 16.8% over 7 days, 5.2% in 30 days, and 37.1% over the past year.
By comparison, GTAO’s short-term performance has significantly exceeded that of TAO itself. While TAO appreciated approximately 17% over a seven-day period, GTAO rose by roughly 60% over the same timeframe. This divergence is largely attributable to premium expansion and speculative trading dynamics inherent to OTC-listed and closed-end crypto trusts. While such premium expansion can amplify returns during periods of heightened demand, it also introduces downside risk, particularly if sentiment weakens or if future structural changes enable more efficient price discovery.
Investors should also account for GTAO’s 2.5% annual management fee and its closed-end trust structure, both of which differentiate it materially from holding TAO directly. Unlike spot token exposure, GTAO currently does not offer redemption mechanisms that would otherwise constrain premiums or discounts to NAV. As a result, returns may increasingly reflect market positioning and regulatory expectations rather than underlying token performance alone. Currently, demand has led to the premium that exists.
It is undeniable that $GTAO offers traditional capital markets easy exposure to the decentralized AI network that is Bittensor. With capital markets having an entrance into $TAO, the floodgates are open.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. The information provided should not be interpreted as an endorsement of any digital asset, security, or investment strategy. Readers should conduct their own research and consult with a licensed financial professional before making any investment decisions. The publisher and its contributors are not responsible for any losses that may arise from reliance on the information presented.
