Grayscale Files TAO ETF on NYSE as Price Tightens Between $308 and $345

Grayscale files TAO ETF on NYSE, giving institutions Bittensor access as price tightens near $308 ahead of breakout move.

Grayscale has filed to list a Bittensor exchange-traded fund on the New York Stock Exchange. 

The product, called the Grayscale Bittensor Trust, gives investors exposure to TAO without directly buying or storing the token. It tracks the Bittensor market price, minus fees and expenses. 

This filing marks a significant step toward bringing decentralized AI infrastructure to mainstream finance.

Grayscale Bittensor Trust Brings TAO to Wall Street

The trust is structured around continuous share creation in 10,000-share baskets. 

Authorized participants can arbitrage the share price against the net asset value, keeping the ETF closely aligned with TAO’s market price.

Grayscale is using CoinDesk benchmark pricing for valuation. BitGo and Coinbase Custody will handle asset storage.

According to Grayscale, the trust is among the first investment vehicles of its kind for TAO. It removes the technical barriers that typically block institutional access to the token. 

Retirement accounts, registered investment advisors, and brokerage platforms cannot custody raw crypto. A NYSE-listed product changes that entirely.

The structure mirrors what Grayscale previously ran with Bitcoin and Ethereum. Both products eventually attracted significant institutional capital after converting to ETFs.

TAO Market Cap at $3B as Institutional Interest Grows

TAO currently holds a market cap of roughly $3 billion. That figure places it well below Bitcoin and Ethereum when their respective ETFs launched.

Analysts tracking the space note that even a small slice of institutional flow into a $3 billion asset can move prices sharply.

Our Crypto Talk, a crypto-focused account on X, highlighted the filing as a turning point. 

The account noted that the playbook used for Bitcoin and Ethereum exposure is now being applied to Bittensor.

Wealth managers and 401(k) advisors who previously had no path into TAO now have a regulated, exchange-listed option.

Bittensor sits at the center of the decentralized AI narrative gaining traction in crypto markets. 

The network allows participants to exchange TAO tokens, recorded on a public blockchain, through a decentralized system of computers running cryptographic protocols.

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TAO Price Compresses Around $308 Ahead of Potential Move

TAO has traded in a repeating pattern since early March. 

The token ran from $175 to $280, pulled back, then broke out again from $270 to $345. It is now compressing in a tight range around $308, per data shared by Our Crypto Talk.

According to CoinGecko, TAO is currently priced at $305.84. 

The 24-hour trading volume stands at $223,684,637. The token gained 3.77% in the past 24 hours but is down 4.52% over the past seven days.

The tight price range following two prior breakouts has traders watching for a third move.

With an ETF filing now in the picture, the setup carries a potential institutional catalyst that the previous two breakouts did not have.

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