Grayscale Files Initial S-1 for Bittensor ETF

Source: CryptoNewsNet Original Title: Grayscale files initial S-1 for Bittensor ETF Original Link:

Overview

Leading asset manager Grayscale Investments has filed an S-1 registration with the SEC to convert its Bittensor Trust into an exchange-traded fund. If approved, it would become the first TAO ETP in the US.

According to the company’s announcement, Grayscale filed the initial S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the SEC. This milestone represents the next step in converting $GTAO to an ETP, which would make it the first $TAO ETP in the U.S. and another first for Grayscale.

Expanding Crypto ETF Lineup

The proposed fund would broaden Grayscale’s crypto ETF lineup, which already includes major assets such as Bitcoin, Ethereum, Solana, XRP, Dogecoin, and Chainlink. The firm is also waiting for final approval to launch additional funds tied to other leading crypto assets.

Timeline and Details

Grayscale rolled out the Grayscale Bittensor Trust last August alongside its Sui Trust. The firm expressed confidence that Bittensor would become a key driver of decentralized AI development.

Grayscale intends to list the product on NYSE Arca under the GTAO ticker and rename it as an ETF-style vehicle. The trust seeks to mirror TAO’s value, but staking is prohibited unless future conditions are met.

Market Response

TAO edged up on the news, moving from $219 to $222 in 30 minutes, demonstrating positive market sentiment around the ETF filing announcement.