Grayscale Moves to Launch First Bittensor (TAO) Spot ETF in U.S.
5.4 Investments Grayscale has filed to convert its Bittensor Trust into a spot ETF, aiming to list TAO on NYSE Arca. The move could make decentralized AI investments more accessible and broaden crypto ETF offerings.
Grayscale Investments has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission to convert its Bittensor Trust into a spot exchange-traded fund (ETF) that would track the price of the TAO token. If approved, this would be the first TAO exchange-traded product in the U.S., expanding Grayscale’s crypto ETF offerings. The trust, which began trading on OTC Markets in December 2025 under the ticker GTAO, allows investors to gain exposure to Bittensor’s TAO without directly holding the tokens. The proposed ETF would be listed on NYSE Arca and may include staking options in the future, pending regulatory approval. The move is seen as a significant step in bridging decentralized AI and mainstream finance, potentially broadening market participation and influencing regulatory discussions. Following the announcement, TAO’s price saw a slight increase, and the development coincided with a Bittensor halving event, reducing TAO emissions by 50%.
