Grayscale submits Bittensor ETF application: the first TAO fund may debut on the US stock market

The world’s largest digital asset management company, Grayscale, has officially submitted preliminary S-1 registration documents to the U.S. Securities and Exchange Commission, planning to convert its Bittensor Trust Fund into an exchange-traded fund. If approved, this fund will become the first ETF in the United States based on the native token TAO of the Bittensor network.

Key Event

Grayscale has filed an S-1 registration statement with the SEC, officially transforming its Bittensor Trust Fund into an ETF. This document marks a continued increase in mainstream financial market interest in decentralized artificial intelligence network assets. Grayscale launched the Bittensor Trust Fund in August last year, and the company has been firmly convinced that Bittensor will become a key driver in the development of decentralized artificial intelligence.

According to the filing, Grayscale plans to list this product on the NYSE Arca platform under the trading code GTAO. The design of this ETF product aims to reflect the value of the TAO token, but the preliminary document explicitly states that staking operations are prohibited unless certain future conditions are met.

Bittensor and TAO Token

Bittensor is an open-source protocol designed to support decentralized blockchain machine learning networks. The core mechanism of this network rewards contributors with TAO tokens based on the informational value of models. This design creates a peer-to-peer marketplace that allows AI models to be shared, trained, and ranked based on their value, thereby incentivizing collaboration and innovation in the AI development field.

As the native token of the Bittensor network, TAO plays multiple roles within the ecosystem. It serves as a medium for network participants to earn rewards and as a tool to pay for network services. According to the documents submitted by Grayscale, the trust fund will hold TAO as its sole asset, directly reflecting Grayscale’s confidence in the growth potential of this asset class.

Market Response and Price Performance

Following the news of Grayscale’s submission of the S-1 filing, the cryptocurrency market responded quickly. Market observations show that TAO’s price increased shortly after the announcement. TAO trading pairs on the Gate platform include TAO/USDT spot and perpetual contracts. According to Gate market data, as of December 31, 2025, the current spot price of TAO is $222.2, up +1.23% in the past 24 hours.

Below are key market data for Bittensor’s TAO token:

ETF Application Process and Future Outlook

The application process for Grayscale’s Bittensor ETF is still in the preliminary stage. Submitting the S-1 registration document is just the beginning of a lengthy review process. The SEC typically conducts detailed reviews of such applications, which can take several months or longer. Regulatory attitudes will be a key factor in whether this ETF can successfully list. The SEC has generally taken a cautious stance toward cryptocurrency-related investment products, especially those involving digital assets beyond Bitcoin and Ethereum.

From a broader perspective, this application is part of Grayscale’s strategy to expand its lineup of cryptocurrency ETF products. The company has already launched various crypto asset ETFs, including Bitcoin, Ethereum, Solana, XRP, Dogecoin, and Chainlink. If the Bittensor ETF is ultimately approved, it could set a precedent for other AI and decentralized computing-related crypto assets, further promoting the integration of digital assets with traditional financial markets.

Trader Perspective and Gate Platform

For traders and investors paying attention to this development, understanding the potential impact of the Bittensor ETF application is crucial. If approved, it could bring more institutional capital into TAO and increase its recognition among traditional investors.

On the Gate platform, users can trade the TAO/USDT spot pair and track price changes in real-time. The platform offers comprehensive market data and trading tools to help users stay updated on the latest TAO developments and price information. As the Grayscale ETF application progresses, TAO’s market performance may attract more attention. Users on Gate can monitor TAO’s price trends and make informed decisions based on comprehensive market information.

Grayscale’s submission of the Bittensor ETF S-1 registration to the SEC signifies that decentralized artificial intelligence assets are gradually gaining recognition in traditional financial markets. Regardless of the final outcome, this application itself demonstrates the trend of diversification in digital assets. Although the approval process for the ETF may be long and uncertain, this move undoubtedly injects new momentum into the intersection of cryptocurrency and artificial intelligence, providing investors interested in this field with additional perspectives.