Grayscale Files to Convert Bittensor Trust to ETF

Grayscale Investments has filed a registration statement with the U.S. Securities and Exchange Commission to convert its existing Bittensor Trust into an exchange-traded fund, marking a potential milestone for institutional access to decentralized artificial intelligence assets.

The filing, submitted on December 30, 2025, seeks approval to list the product on the NYSE Arca under the ticker GTAO. If approved, the ETF would provide investors with direct exposure to TAO, the native token of the Bittensor network, a blockchain-based platform that incentivizes the development and sharing of machine intelligence models. The trust, originally formed in April 2024 as a Delaware statutory trust, currently trades over the counter on the OTCQX market with 1.88 million shares outstanding. As of December 31, its assets were valued at $7.97 million, with each share representing 0.0192 TAO and a net asset value of $4.24, reflecting a 51.6 percent decline over the past year. Shares have traded at a premium, closing at $9.50, or 124 percent above NAV.

The proposed ETF would operate as a passive investment vehicle, holding TAO tokens to track their price performance while charging a 2.5 percent...