Grayscale has filed amendment no. 2 to its Form S-1 registration statement for a Bittensor ETF with the US Securities and Exchange Commission, moving closer to launching the spot exchange-traded fund on NYSE Arca.
ETF Filing Details
The updated filing shows Grayscale's intention to rename the trust to Grayscale Bittensor ETF and list shares on NYSE Arca under the ticker GTAO. Shares currently trade on the OTCQX market under the same ticker. Grayscale has not yet disclosed a management fee or any waiver for the spot ETF tracking TAO.
According to the amendment, the fund will list under Generic Listing Standards for commodity-based trust shares once TAO meets eligibility criteria. Creations and redemptions will occur in baskets of 10,000 shares via in-kind transfers of TAO.
Custody and Operations
BitGo Bank & Trust will serve as the primary custodian for the Grayscale Bittensor ETF, with Coinbase Custody as an additional custodian. Coinbase will act as prime broker, while The Bank of New York Mellon will serve as transfer agent and administrator. The Grayscale Bittensor ETF will not trade until approval by the exchange.
Staking plans for the fund remain under consideration.
Market Response
TAO traded in the $245–$255 range over the past 24 hours, with the price at $250. Trading volume declined 19% in the 24-hour period despite the ETF filing announcement. TAO futures open interest across major exchanges increased 4% in the same period, reaching approximately $400 million.
Recent developments for Bittensor include the launch of TAO on Robinhood Chain through a Forever Money bridge built on Chainlink CCIP and the release of the Null Consensus protocol update, which expanded subnet capacity from 256 to 2,500 participants.
