Grayscale Files S-1 to Convert GTAO into First U.S. Bittensor (TAO) ETF
Grayscale has filed an S-1 to convert its GTAO product into an exchange-traded fund tied to Bittensor (TAO), marking a bid to bring the first U.S. TAO ETF to market. The move expands Grayscale’s crypto product lineup and represents a formal regulatory step toward broader institutional access; an S-1 signals intent and disclosure but does not guarantee SEC approval or a timeline for listing. The filing, dated Dec. 30, 2025, underscores continued issuer interest in novel crypto assets beyond Bitcoin and Ethereum.
Markets reacted quickly: TAO’s price climbed back above $220, erasing earlier intraday losses as investors priced in potential incremental demand from ETF channels. If approved, a TAO ETF could draw new passive and institutional flows and increase on‑chain attention for Bittensor, but approval risks and potential custody, liquidity, and index construction issues remain. Traders should view the filing as a significant milestone, not a certainty of listing.