Grayscale files S-1 for 'Grayscale Bittensor Trust'

Grayscale, a virtual asset (cryptocurrency) asset manager, has submitted paperwork for listing an exchange-traded product (ETP) backed by Bittensor (TAO).

On the 30th, Grayscale said via X (formerly Twitter) that it had submitted an initial S-1 registration statement for the Grayscale Bittensor Trust to the U.S. Securities and Exchange Commission (SEC).

This S-1 filing is a procedure to convert the existing Grayscale Bittensor Trust into an exchange-traded product (ETP). If approved, it would become the first ETP in the U.S. market to be backed by Bittensor (TAO).

Grayscale described the filing as "the next step in converting the Grayscale Bittensor Trust to an ETP," adding that "it is significant in that it could become the first TAO ETP in the United States." The trust is expected to convert into an ETP with an ETF name and creation/redemption structure, subject to the effectiveness of the S-1 registration and listing on an exchange.

However, the S-1 filing is a separate process from listing approval, and whether and when the trust actually converts to an ETP will depend on the outcome of regulatory review.

Meanwhile, Bittensor is a project that describes itself as a decentralized artificial intelligence (AI) network, and it has attracted market attention recently as the theme of combining AI and virtual assets has emerged.