Grayscale files for spot Bittensor ETF following network’s first halving event
Grayscale has filed with the SEC to convert its Bittensor Trust into a spot ETF, following the network's initial halving.Summary
Digital asset investment firm Grayscale has filed a registration statement with the Securities and Exchange Commission (SEC) to convert its existing Grayscale Bittensor Trust (TAO) into a spot exchange-traded fund (ETF). This filing represents the first attempt to launch a U.S. spot ETF offering direct exposure to Bittensor, which occurred shortly after the network's native token, TAO, underwent its first halving event in mid-December. The proposed Grayscale Bittensor ETF would trade on NYSE Arca under the ticker symbol GTAO, with Coinbase Custody Trust Company LLC and BitGo Trust Company, Inc. serving as custodians. Bittensor is a decentralized, AI-focused network where participants earn TAO for contributing computing resources. Grayscale spokesperson noted this step expands tools for investors seeking digital asset exposure, continuing the firm's trend of converting altcoin trusts into ETFs, similar to its recent launch of the Grayscale LINK fund.
(Source：The Block)