Grayscale Investments is seeking to turn the Grayscale Bittensor Trust into an exchange-traded fund, with an amended registration statement filed on October 23 outlining a proposed NYSE Arca listing. Under the plan, investors could gain exposure to TAO via standard brokerage accounts, with no need to actually hold the cryptocurrency.
The filing with the US Securities and Exchange Commission proposes GTAO as the ETF’s ticker. The trust’s shares currently trade on the OTCQX market; the application seeks to convert that existing product rather than introduce a separate trust.
The proposed listing on NYSE Arca remains subject to regulatory and exchange approval. The amended registration statement sets out the intended conversion, not a completed move from OTCQX to the exchange.
Grayscale Bittensor Trust’s proposed ETF structure
The proposed ETF would provide TAO exposure through fund shares, rather than direct ownership of the cryptocurrency. For investors, the plan centers on accessing that exposure through a traditional brokerage account under the proposed GTAO ticker.
The Grayscale Bittensor Trust also faces a restriction on how its holdings can be used. Grayscale cannot currently stake the fund’s TAO holdings because the necessary regulatory conditions have not been met. Staking is therefore not currently permitted for the fund’s tokens.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.