Grayscale has submitted the Bittensor ETP as the evolution of TAO continues in the world of decentralized AI

The digital asset manager Grayscale has filed an initial S-1 registration with the U.S. Securities and Exchange Commission for an anticipated exchange-traded product (ETP) that will provide regulated exposure to Bittensor’s TAO token. The rapid evolution of humans and the cryptocurrency ecosystem reflects the fast-changing financial markets and growing institutional interest in decentralized artificial intelligence solutions.

The proposed Grayscale Bittensor Trust, which will trade under the ticker GTAO, aims to provide streamlined access for US-based investors seeking exposure to one of the largest decentralized AI-related crypto assets on the market today.

The First US Exchange-Traded Product for the TAO Token

Grayscale’s filing represents a milestone in integrating decentralized AI narratives into regulated investment products. If approved by the SEC, the trust will directly hold TAO tokens, offering investors institutional-grade access to an asset critical to the Bittensor ecosystem.

Currently, TAO has a market valuation of approximately $1.91 billion, with a current trading price reaching $198.90, reflecting the rapid evolution of humans in cryptocurrency and AI-related investments. Converting the trust into ETP status will be the next step in the process, potentially leading to broader institutional adoption.

“Today, we have filed an initial S-1 for the Grayscale Bittensor Trust (ticker: $GTAO) with the SEC,” the company stated. This move is part of Grayscale’s broader strategy to become a leader in providing access to emerging crypto narratives.

Bittensor Network and Decentralized AI Technology

Bittensor operates as an open network that uses crypto-economic incentives to coordinate the development of machine learning models and the distribution of computing power. The TAO token plays a role in the ecosystem that rewards contributors offering valuable computational resources and AI models.

The network architecture is designed to provide a decentralized alternative to traditional centralized AI platforms, offering transparency and democratized access to artificial intelligence development. Growing investor interest in this model indicates a shift in preference toward decentralized and open-source solutions.

Barry Silbert, Chairman of Grayscale, highlighted the significance of this development, stating that the rapid evolution of humans and decentralized AI requires accessible investment vehicles for institutional players. “Decentralized AI is evolving quickly, and Grayscale is leading the way in providing access,” he posted on X.

Growing Competition and Institutional Adoption

Grayscale’s filing follows the announcement by Deutsche Digital Assets, a German ETP provider, of launching its own Bittensor ETP to be listed on the SIX Swiss Exchange under the ticker STAO. These parallel developments demonstrate aggressive positioning by major financial service providers in the decentralized AI space.

The competitive landscape reflects a broader trend where institutional capital is actively seeking exposure to emerging cryptocurrency narratives beyond traditional smart contract platforms. The success of the initial Bittensor ETP offerings could pave the way for other decentralized infrastructure projects to seek regulated access channels.

Grayscale’s parent company, Bullish, a global digital asset platform focused on institutional clients, is strategically positioned to support this expansion into the decentralized AI segment. This alignment demonstrates the organization’s long-term commitment to the evolution of humans and cryptocurrency adoption within the institutional sphere.

While SEC approval is not guaranteed, the ongoing efforts of major asset managers to integrate emerging crypto narratives—particularly decentralized AI—into regulated investment products indicate sustained institutional appetite for this sector.