According to Crowdfundinsider, Grayscale Investments has submitted a preliminary registration statement to the SEC to launch an exchange-traded product focused on Bittensor. The trust plans to trade under the code GTAO, aiming to provide investors with exposure to Bittensor's native token TAO through a regulated instrument. The S-1 filing was submitted on December 30, 2025, as part of the initial phase to convert the existing Grayscale Bittensor Trust into a spot ETF. If approved, GTAO will become the first listed ETP in the US focused on TAO, allowing investors to participate without directly holding the token.