Grayscale filed an S-1 with the U.S. SEC seeking to convert its Grayscale Bittensor Trust (trading OTC as GTAO) into a U.S.-listed Bittensor ETP. The move follows a Form 10 filed on October 13, 2025 that made the trust an SEC-reporting company, laying the compliance groundwork for a national-exchange listing.
Grayscale’s S-1 targets a regulated exchange-traded product providing U.S. investors institutional access to TAO by converting an existing trust into an ETP. The October Form 10 designated the trust as a reporting company under U.S. securities law, a preparatory step toward formal listing on a national exchange.
This filing aligns with Grayscale’s broader push to expand regulated crypto investment vehicles, reflecting its earlier launches and filings across major digital assets.
On October 6, 2025, Grayscale launched the first U.S. spot staking ETPs for Ethereum (ETHE) and Solana (GSOL), which include native staking rewards. The firm also brought Chainlink (GLNK) and Dogecoin (GDOG) to NYSE Arca and is pursuing conversions or filings for other assets such as Avalanche and Zcash.
Separately, Grayscale established a Decentralized AI Fund for accredited investors that includes Bittensor alongside other AI-focused projects.
Details of the filing and Grayscale’s strategy
European markets already offer a regulated Bittensor product: the Bittensor Staked TAO ETP (STAO) trades on the SIX Swiss Exchange and was issued by Deutsche Digital Assets in partnership with Safello. That product automatically reinvests staking yield and charges a 1.49% management fee, providing a comparable template for yield-bearing, regulated access to TAO. The European listing predates Grayscale’s U.S. filing and serves as a benchmark for product structure and investor demand.
A recent Bittensor halving around December 12–14, 2025 reduced daily emissions from 7,200 to 3,600 TAO, a 50% cut. A halving reduces the rate of new token issuance, which can increase scarcity if demand holds; this mechanism is a tokenomic lever used to influence long-term supply dynamics. When paired with regulated product availability and yield features, the halving could materially affect liquidity and institutional interest.
Institutional accessibility and liquidity are central to the filing’s significance. Converting OTC trusts into listed ETPs has historically increased institutional inflows for other Grayscale products, and a U.S.-listed TAO ETP would broaden market access and on-exchange liquidity for Bittensor.
Grayscale’s S-1 for a U.S. Bittensor ETP formalizes its push into decentralized AI exposure through regulated vehicles, aligning product innovation with recent tokenomic tightening.
