Overview
- Grayscale submitted an initial S-1 on Dec. 30 to convert its over-the-counter Bittensor Trust into an exchange-traded product, which would be the first U.S. TAO ETP if approved.
- The proposed product is slated to list on NYSE Arca with the ticker GTAO and would hold TAO directly within a trust structure.
- ETP shares would not enable network uses such as staking or validation on Bittensor, and investors face custody and management fee considerations that differ from self-custodying TAO.
- Coverage links the filing to renewed interest following Bittensor’s December halving, which reduced token issuance on the decentralized machine-learning network.
- Parallel developments include a planned Bittensor ETP on Switzerland’s SIX (ticker STAO) by Deutsche Digital Assets and expanding institutional custody support, with a separate Bitwise TAO filing also reported.