Grayscale moves to list first U.S. ETP for Bittensor’s TAO as decentralized AI gains traction
Grayscale has taken a key step to bring decentralized AI into the regulated U.S. markets, filing an initial S-1 registration statement with the SEC for a Bittensor-focused exchange-traded product. If approved, the proposed Grayscale Bittensor Trust would trade under the ticker GTAO and hold TAO tokens directly, giving U.S. investors regulated exposure to one of the largest tokens tied to decentralized AI.
TAO’s market capitalization is roughly $2.3 billion, per CoinDesk data. Grayscale announced the filing on X, calling it “the next step toward converting the trust into an ETP.” Grayscale chairman Barry Silbert added on X that “decentralized AI is developing quickly, and Grayscale is pioneering access.”
Why this matters
- It would be the first U.S.-listed ETP offering direct exposure to TAO, marking an important milestone for decentralized AI in mainstream crypto investing.
- The move reflects growing demand from asset managers to package emerging crypto narratives — like decentralized AI — into regulated products that can attract institutional and retail capital.
- While the filing advances that goal, SEC approval is not guaranteed.
What is Bittensor and TAO?
Bittensor is an open network that uses crypto-economic incentives to coordinate machine learning development. Contributors who provide models and compute resources are rewarded in TAO, the network’s native token. Interest in Bittensor has increased as investors seek AI-related crypto exposure beyond traditional smart-contract platforms.
Global context
Grayscale’s filing follows a prior announcement by Germany-regulated Deutsche Digital Assets, which plans to list a Bittensor ETP on the SIX Swiss Exchange under the ticker STAO. The flurry of product listings — and filings — underscores an industry sprint to offer regulated access to new sectors of the crypto ecosystem.
Bottom line: Grayscale’s S-1 filing signals growing institutional interest in decentralized AI tokens and another step toward mainstream investment products tied to the intersection of crypto and AI. Approval remains subject to SEC review.
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