Grayscale moves to bring Bittensor’s TAO to U.S. investors as decentralized AI interest surges
Grayscale has filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed Grayscale Bittensor Trust, a potential first U.S.-listed exchange-traded product (ETP) tied to Bittensor’s native token, TAO. The filing, submitted Tuesday, is being positioned as the next step in converting the trust into an exchange-traded vehicle that would trade under the ticker GTAO if approved.
If the SEC signs off, the Grayscale Bittensor Trust would hold TAO directly, giving regulated, on-exchange access to one of the largest tokens tied to decentralized AI. CoinDesk data places TAO’s market capitalization at roughly $2.3 billion. Grayscale announced the filing on X, and chairman Barry Silbert described the move as part of the firm’s effort to “pioneer access” as decentralized AI develops rapidly.
Bittensor is an open network that uses crypto-economic incentives to coordinate machine learning development: contributors who provide models and compute power are rewarded in TAO. The protocol has drawn attention from investors who want exposure to AI-related crypto assets beyond the usual smart-contract platforms.
This would be the first U.S. ETP focused on TAO; previously, Deutsche Digital Assets said it would list a Bittensor ETP on the SIX Swiss Exchange under the ticker STAO. While SEC approval is not guaranteed, Grayscale’s application underscores how asset managers are racing to package emerging crypto narratives — including decentralized AI — into regulated products, reflecting growing institutional appetite for the space.
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