Grayscale files initial S-1 for Bittensor ETF
Grayscale filed an S-1 registration to convert its Bittensor Trust into a US-based TAO exchange-traded fund.Summary
Grayscale Investments has submitted an S-1 registration statement to the SEC to transform its existing Grayscale Bittensor Trust into an exchange-traded fund (ETF). If approved, this vehicle, proposed to trade under the ticker GTAO on NYSE Arca, would be the first TAO ETP in the United States. The trust currently holds TAO, the digital asset of the Bittensor Network, and aims to mirror its value, though staking is currently prohibited. This move expands Grayscale's existing crypto ETF offerings, which already cover assets like Bitcoin and Ethereum, and follows the launch of the Bittensor Trust last August, which Grayscale views as important for decentralized AI development. Following the announcement, the price of TAO saw a slight increase.
(Source：Crypto Briefing)