Grayscale takes a significant step towards launching its first TAO-focused ETP product by submitting its initial S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for Bittensor Trust.

The digital asset management giant has accelerated its process for products related to the Bittensor ecosystem. According to the company's announcement, the initial S-1 registration statement for Grayscale Bittensor Trust has been filed with the U.S. Securities and Exchange Commission. This application is part of the process of converting the existing trust structure into an exchange-traded product (ETP).

If the product is the first TAO-focused ETP, it will mark a first in the U.S. market. A statement from Grayscale emphasized that this step is also a new milestone for the company. It was noted that the application comes after the recent public trading of the Grayscale Bittensor Trust and the implementation of Form 10.

Form 10 Process Increased Accessibility
According to previously shared information, Grayscale had filed for Form 10 for Bittensor Trust in October. With this step, the trust became a reporting entity to the SEC, the holding period was shortened, and the product's accessibility was increased. The latest S-1 filing is seen as a further step in this process.

Meanwhile, market sources interpret the product's ability to be traded publicly via OTCQX, not just by private investors, as a significant milestone. If the S-1 registration is approved, TAO will be one of the first crypto assets offered to investors under a regulated ETP framework in the U.S.