Grayscale aims to give US investors exposure to Bittensor’s TAO, pushing decentralized artificial intelligence further into traditional crypto markets.
The digital asset manager filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission on Tuesday for what would be the first U.S.-listed exchange-traded product (ETP) offering exposure to TAO.
The Grayscale Bittensor Trust project, which is expected to trade under the ticker GTAO, would hold TAO directly if approved, giving investors regulated access to one of the largest tokens associated with decentralized AI. TAO currently has a market capitalization of around $2.3 billion, according to CoinDesk data.
“Today we filed the first S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the SEC,” the company said in an article on X, calling the filing the next step toward converting the trust into an ETP.
Barry Silbert, president of Grayscale, wrote on X that the move reflects how quickly decentralized AI is evolving. “Decentralized AI is growing rapidly and Grayscale is a pioneer in providing access,” Silbert said.
This is the first FTE of its kind in the United States for TAO. Previously, Deutsche Digital Assets, a German provider of exchange-traded products (ETPs), announced that it would list a Bittensor ETP, which will be traded on the SIX Swiss Exchange under the symbol STAO.
Bittensor operates as an open network that uses cryptoeconomic incentives to coordinate machine learning development, rewarding contributors of models and computing power with TAO. The project has attracted attention as investors seek exposure to AI-related crypto assets beyond traditional smart contract platforms.
While approval is not guaranteed, the filing highlights how asset managers are increasingly rushing to integrate emerging crypto narratives, including decentralized AI, into regulated investment products, signaling a growing institutional appetite for the sector.
