Grayscale has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) requesting to convert the Grayscale Bittensor Trust into a spot exchange-traded fund (ETF). According to the documents, the planned ETF will trade on the New York Stock Exchange Arca under the ticker GTAO, with asset custody provided by Coinbase Custody Trust Company and BitGo Trust Company. Grayscale stated that this move expands its product lineup; the fund previously gained public status after opening shares to a broader investor base.
Grayscale's Application for a Bittensor Spot ETF
In the filing submitted to the SEC, Grayscale requests to transform the existing Grayscale Bittensor Trust into a full-fledged spot ETF, offering investors direct exposure to the TAO token. According to the documents, this initiative is considered the first of its kind in the U.S. to create a spot ETF directly linked to Bittensor. The company explains this step as an effort to broaden investor access to digital assets and to develop its product platform.
Details of the Planned ETF
The proposed fund will trade under the ticker GTAO on the NYSE Arca exchange, with asset custody entrusted to two custodial providers: Coinbase Custody Trust Company and BitGo Trust Company. Investors and the public will gain access to a more standard ETF structure instead of a private trust, as the fund recently opened its shares to a wider audience. Previously, we have analyzed other structures and issuances related to Bittensor in detail, including cases of spot ETP listings on this network, such as the Bittensor spot ETP.
What Is Bittensor (TAO)?
Bittensor is a blockchain focused on artificial intelligence applications; its native token is called TAO. The network supports subnets designed for specific applications and incentivizes participants with TAO rewards for contributing computational resources. Participants earn TAO by providing computing power that helps improve and maintain models and services operating within the Bittensor ecosystem.
Why This Matters
The filing does not indicate direct changes to the TAO mining process for miners — it concerns a financial product rather than protocol-level network changes. However, the emergence of a spot ETF typically increases token accessibility for a broader audience and can impact liquidity in spot markets, which is important for those who sell or hold mined TAO. Keep an eye on fund publications and documents to understand how operations involving the delivery and redemption of the underlying asset will be organized.
What Should You Do?
If you mine TAO, check your node’s current operation and token withdrawal methods: ensure that control over private keys and wallets remains with you, not third-party services. It also makes sense to follow news about trading under the ticker GTAO and official fund announcements, as they provide information on liquidity and ETF mechanics. Finally, continue documenting and backing up important data related to your equipment and wallets to respond quickly to changes in market availability.
If you want to compare this announcement with other events in the ETF segment, our archive includes materials on inflows into spot funds that provide broader context, such as the inflow into spot Bitcoin ETFs.