Grayscale is focused on providing U.S. investors with access to Bittensor’s TAO, advancing decentralized artificial intelligence into the mainstream crypto arena.
The digital asset manager submitted an initial S-1 registration statement to the U.S. Securities and Exchange Commission on Tuesday for what would become the first U.S.-listed exchange-traded product (ETP) offering exposure to TAO.
The proposed Grayscale Bittensor Trust, anticipated to trade under the ticker GTAO, would directly hold TAO if approved, offering investors regulated access to one of the largest tokens associated with decentralized AI. Currently, TAO’s market cap stands at approximately $2.3 billion, based on CoinDesk data.
“Today we filed the initial S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the SEC,” the firm announced in a post on X, describing the filing as a key step toward transforming the trust into an ETP.
Barry Silbert, chairman of Grayscale, stated on X that this action reflects the rapid evolution of decentralized AI. “Decentralized AI is advancing quickly, and Grayscale is at the forefront of providing access,” Silbert remarked.
This filing marks the first ETP for TAO in the U.S. Previously, Deutsche Digital Assets, a provider of exchange-traded products regulated in Germany, announced plans to list a Bittensor ETP, expected to trade on the SIX Swiss Exchange under the ticker STAO.
Bittensor functions as an open network that employs crypto-economic incentives to facilitate machine learning development, rewarding contributors of models and computing power with TAO. The initiative has attracted attention as investors seek exposure to AI-related crypto assets, extending beyond conventional smart contract platforms.
While approval is not assured, the filing highlights the increasing competition among asset managers to package emerging crypto narratives, including decentralized AI, into regulated investment products, signaling a rising institutional interest in the sector.
