Grayscale Files for First Bittensor ETF: TAO Price Surges

Digital asset manager Grayscale has submitted a filing with the U.S. Securities and Exchange Commission (SEC) seeking approval for the first exchange-traded fund (ETF) focused on Bittensor (TAO). The company aims to convert its existing GTAO trust into an ETF, granting investors direct access to this artificial intelligence-powered cryptocurrency. Following the announcement, the price of TAO climbed above $220, erasing earlier intraday losses.

ETF to Offer Direct Exposure to TAO According to the SEC filing, Grayscale plans to launch an ETF that would provide 100% spot exposure to the TAO token — allowing investors to hold the asset directly. The fund is expected to be listed on the NYSE Arca under the ticker symbol “GTAO.” It will also include rewards earned from staking, as Grayscale plans to implement staking strategies for TAO within the fund.

Filing Follows Bittensor’s First Halving This move comes shortly after Bittensor’s first network halving, which took place on December 14. The halving reduced daily token issuance from 7,200 to 3,600 TAO. With a lower token supply entering the market, many anticipate upward pressure on the price of this leading AI-related cryptocurrency.

Technical Infrastructure of the ETF Bank of New York Mellon will serve as the transfer agent for the ETF. Coinbase has been designated as the primary broker, and BitGo will act as one of the main custodians. Grayscale also noted that NYSE Arca has received the necessary regulatory approvals to facilitate non-cash creations and redemptions of shares in exchange for TAO tokens.

The Trust Is Already Trading on OTCQX Prior to this ETF filing, the Grayscale Bittensor Trust began trading on the OTCQX under the symbol GTAO, following the effectiveness of a Form 10 submitted to the SEC. As a reporting entity, the trust benefits from a reduced holding period of six months, which may further accelerate adoption once the ETF is officially approved.

Expanding Crypto ETF Offerings Grayscale already manages a number of crypto ETFs that provide exposure to major digital assets such as Bitcoin, Ethereum, XRP, Dogecoin, Solana, and Chainlink. The firm has also recently updated filings for additional tokens, including Avalanche, which are expected to launch soon. Following the news about the ETF filing, the price of TAO rose sharply and is currently trading around $222 — a notable recovery from the intraday low of approximately $217. The market’s reaction suggests strong investor optimism and growing institutional interest in the TAO token.

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