10-K - Grayscale Bittensor Trust (TAO) | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Grayscale Bittensor Trust (TAO) reported a net decrease in net assets resulting from operations of -$6.0 million for fiscal year 2025, driven by a net investment loss of -$237K and net realized and unrealized loss on investment of -$5.8M. The trust's total assets were $8.0 million as of December 31, 2025, consisting entirely of its investment in TAO at fair value. Net assets totaled $8.0 million with 1.9 million shares outstanding and a Principal Market NAV per Share of $4. The trust incurred a Sponsor's Fee of $237K to related party Grayscale Investments Sponsors, LLC. The investment in TAO showed significant unrealized depreciation of -$5.8M during the period, reflecting market volatility in the digital asset space.

Key Takeaways

1Net decrease in net assets from operations was -$6.0M for FY 2025

2Total assets of $8.0M consist entirely of investment in TAO at fair value

3Principal Market NAV per Share is $4 with 1.9M shares outstanding

4Net realized and unrealized loss on investment was -$5.8M for the period

5Sponsor's Fee to related party Grayscale Investments was $237K

Key Financial Metrics

Net Income

-$6.0M

N/A