The Grayscale Bittensor Trust is pending conversion to an ETF, with Grayscale filing an S-1 registration statement with the SEC on December 30, 2025. The trust currently trades over-the-counter with approximately $7.97 million in assets and charges a 2.5% expense ratio. The proposed ETF will trade on NYSE Arca under ticker GTAO, representing the first U.S. exchange-traded product offering exposure to Bittensor's TAO token.

Bittensor operates as a decentralized AI network using crypto-economic incentives to coordinate machine learning development, rewarding contributors of models and computing power with TAO tokens. The trust will hold TAO directly and establish its net asset value based on the CoinDesk TAO CCIXber Reference Rate, with Coinbase Custody and BitGo serving as custodians. The fund currently prohibits staking unless future conditions are met, focusing on price exposure rather than yield generation.

Pending SEC approval, the Grayscale Bittensor Trust ETF would represent a significant milestone in bringing decentralized AI infrastructure to traditional investors. The filing coincides with Bitwise's separate Bittensor strategy ETF application, indicating strong institutional interest in TAO as AI-crypto convergence gains momentum. If approved, it would provide regulated access to one of the most prominent projects at the intersection of artificial intelligence and blockchain technology.