Grayscale submits S-1 statement to the SEC; Bittensor Trust Fund is expected to convert into the first TAO ETF in the United States

ForkMonger · 2025-12-30T23:16:11+00:00

Grayscale files S-1 registration statement, planning to convert the Bittensor Trust Fund into the first TAO-related ETF, with the ticker symbol GTAO. This move demonstrates confidence in the future potential of TAO, while balancing liquidity and risk management, reflecting the growing institutional interest in decentralized AI.

ForkMonger

2025-12-30 23:16:11

Abstract generation in progress

[Chain Wen] Grayscale has recently submitted an S-1 registration statement to the U.S. Securities and Exchange Commission, planning to convert its Bittensor Trust into an ETF product. If this application is approved smoothly, it will be the first TAO-related ETP product in the U.S. market.

To review the background: Grayscale launched the Bittensor Trust as early as August last year, expressing confidence in TAO’s important role in the development of decentralized artificial intelligence. This move to convert into an ETF indicates that Grayscale’s confidence in Bittensor’s future potential has grown stronger.

From a product perspective, the new ETF plans to be listed on the NYSE Arca platform under the ticker GTAO. The product design reflects TAO’s value performance, but with a restriction—unless certain future conditions are met, holders are prohibited from participating in staking. This design seems to balance liquidity and risk management.

Overall, this is another step in Grayscale’s innovation in crypto asset products, and it also reflects the increasing attention of institutional investors to decentralized AI.

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ApyWhisperer

· 5h ago

Grayscale is again betting on the AI narrative. Will it pass approval this time? Feels like the SEC's attitude has softened quite a bit recently. --- Not being able to pledge is a bit annoying. What's the difference from holding coins normally... How are the returns calculated? --- The first TAO ETF? This signal is quite strong. Institutions are really starting to take decentralized AI seriously. --- GTAO has been listed; pay attention to liquidity. Those worried about getting trapped should be cautious. --- Grayscale's moves seem to be playing a big chess game. What does converting from a trust to an ETF indicate? They just want to attract more retail investors. --- Prohibiting pledging is indeed a bit trivial. What are investors after? --- It's another story waiting for approval. Hopefully, it won't drag on for a year without any news. --- Decentralized AI is definitely this year's hot topic, but whether TAO can ride this wave remains uncertain.

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retroactive_airdrop

· 5h ago

Grayscale's recent move is quite interesting, but the restriction on staking is really a bit of a blow. --- GTAO is about to launch? Let's wait and see if the SEC approves it before getting excited. These days, nothing is certain. --- Feels like they're "trapping" TAO, claiming it's for risk balancing... I think you want liquidity but don't want us to stake 🤔. --- The first TAO ETF is indeed a milestone, but can we really accept the ban on staking? --- Grayscale is playing chess again, shifting from trust to ETF, their appetite is getting bigger. --- It looks like good news, but in reality, there are a bunch of restrictions... feels a bit useless? --- I'll discuss this seriously only after it really passes. Whether the SEC can resolve it quickly is still uncertain.

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ResearchChadButBroke

· 5h ago

This move by Grayscale is really a gamble on TAO's future, directly switching from trust to ETF... If the SEC approves, the DeAI track will truly take off. The ban on staking feels a bit frustrating; it seems to be missing a certain flavor.

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RooftopVIP

· 6h ago

TAO this wave is quite interesting. Grayscale is about to convert trust into ETF, which shows they are really optimistic. --- Wait, staking is prohibited? Doesn't that mean holders will lose a source of income... --- The first TAO ETF? If it really passes, will retail investors jump in again and cause another hype? --- Decentralized AI is indeed a hot topic, but can TAO withstand it, or is it just a passing trend? --- Grayscale's actions are never slow. Those optimistic about TAO are probably itching to act again. --- GTAO... remember this code, it's coming. --- The staking restriction is a bit harsh; it seems like they're just worried about too much risk.

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MetaverseMigrant

· 6h ago

Grayscale's recent move is really aggressive, TAO is on the rise If the ETF passes, retail investors can finally get on board easily But this restriction on pledge... feels a bit frustrating, seems like less profit I'm optimistic about TAO's prospects, just not sure if the SEC will continue to make things difficult GTAO is really here, the first TAO ETF in the US, this time it's a sure thing Pledged assets being locked up, will the user experience be affected? Grayscale went all-in last year, this time the S-1 is probably inevitable With the DeAI track so hot, why can't TAO succeed? This move to ban pledging, is it about balancing risk or just cutting the grass?

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