Grayscale Files With SEC to Launch First U.S. ETP Linked to Bittensor’s TAO Token
Grayscale has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch what would be the first U.S. exchange‑traded product (ETP) offering exposure to Bittensor’s TAO token.
If approved, the proposed Grayscale Bittensor Trust would trade on NYSE Arca, expanding Grayscale’s lineup of single‑asset crypto investment vehicles beyond Bitcoin and Ethereum into the rapidly growing AI‑focused crypto sector.
Key Details
- Issuer: Grayscale Investments
- Proposed product: Grayscale Bittensor Trust
- Underlying asset: TAO, the native token of the Bittensor network
- Exchange: NYSE Arca (pending approval)
- Regulator: U.S. SEC
The filing marks the first attempt to offer U.S. investors regulated ETP exposure to TAO through traditional brokerage accounts.
Why Bittensor?
Bittensor is a decentralized network designed to incentivize and coordinate machine‑learning models, using TAO as the economic layer that rewards contributors and secures the network. The project sits at the intersection of artificial intelligence and crypto, two of the fastest‑growing technology narratives.
By seeking to list a TAO‑based trust, Grayscale is signaling rising institutional interest in AI‑related digital assets.
Market Implications
- Broader access: Approval would give investors exposure to TAO without direct token custody
- Product diversification: Signals continued expansion of crypto ETPs beyond BTC and ETH
- AI‑crypto convergence: Highlights growing demand for AI‑themed blockchain investments
Regulatory Context
The filing comes amid a broader trend of accelerated SEC review of spot crypto ETPs, reflecting a more structured regulatory environment for digital assets. However, approval is not guaranteed, particularly for newer and more complex tokens.
Looking Ahead
If approved, the Grayscale Bittensor Trust would represent a new frontier for U.S. crypto investment products, potentially opening the door for additional single‑asset trusts linked to emerging blockchain sectors.
For now, the market will be watching closely as the SEC reviews what could become the first U.S. ETP tied to Bittensor’s TAO token.
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