Grayscale has submitted an initial S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) in a bid to launch the first U.S.-listed exchange-traded product (ETP) focused on Bittensor’s TAO token. This initiative represents an important step in bringing decentralized artificial intelligence closer to mainstream cryptocurrency markets.
If approved, the proposed Grayscale Bittensor Trust, which is anticipated to trade under the ticker symbol GTAO, would provide regulated access to one of the most significant tokens associated with decentralized AI. Currently, TAO boasts a market capitalization of approximately $2.3 billion, as reported by CoinDesk.
In a recent post on X, Grayscale announced, “Today we filed the initial S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the SEC,” emphasizing that this filing is a crucial step toward converting the trust into an ETP. Barry Silbert, the chairman of Grayscale, expressed on X that this move illustrates the rapid evolution of decentralized AI. “Decentralized AI is developing quickly, and Grayscale is pioneering access,” Silbert stated.
This filing marks a significant milestone, as it would be the first ETP for TAO listed in the United States. Previously, Deutsche Digital Assets, a regulated entity in Germany, announced plans to launch a Bittensor ETP that will be traded on the SIX Swiss Exchange under the ticker STAO.
Bittensor operates an open network that utilizes crypto-economic incentives to facilitate machine learning development. It rewards contributors of models and computing power with TAO tokens. The project has gained traction among investors seeking exposure to AI-related cryptocurrency assets, moving beyond traditional smart contract platforms.
While the approval of Grayscale”s filing is not guaranteed, it underscores a growing trend among asset managers to create regulated investment products that encapsulate emerging narratives within the cryptocurrency space, including decentralized AI. This move reflects a burgeoning institutional interest in the sector.
