Grayscale's recent moves are significant. On December 30th, they filed an S-1 document with the U.S. Securities and Exchange Commission, planning to convert their Bittensor Trust into a spot ETF for the code GTAO.

Once approved, this will become the first TAO-type ETP product in the U.S. market. What does this mean for ordinary investors? They can participate in TAO investment opportunities through compliant channels without directly holding tokens — this is good news for both institutions and retail investors.

From the perspective of crypto asset allocation, this is another sign of the increasingly完善 regulatory framework. Currently, mainstream cryptocurrencies like Bitcoin, Ethereum, and Solana have spot ETFs, and TAO, as a representative of the AI infrastructure sector, gaining recognition as a compliant investment vehicle reflects, to some extent, the market's acknowledgment of its long-term value.

Follow-up attention to approval progress.