S-1/A - Grayscale Bittensor Trust (TAO) | StockGist

AI Analysis

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

Grayscale Bittensor Trust (TAO) is a Delaware statutory trust formed in April 2024 to hold TAO tokens and issue exchange-traded shares (GTAO) tracking their value, with plans to list on NYSE Arca under the new name Grayscale Bittensor Trust ETF.

Key Takeaways

1The Trust holds only TAO — a digital asset powering the decentralized AI marketplace Bittensor Network — and does not engage in active management or leverage.

2Shares are issued and redeemed exclusively in Baskets of 10,000 shares, with creation/redemption requiring deposit or distribution of TAO (or cash via Liquidity Providers).

3The Trust uses the CoinDesk Bittensor Benchmark Rate (as of March 6, 2026) as its Index Price for NAV calculation, replacing the prior Coin Metrics Real-Time Rate.

4As of December 31, 2025, the Trust held 36,193 TAO valued at $7.97 million, with net assets up 81% year-over-year despite TAO price depreciation from $444 to $220 per token.

5Staking is prohibited unless the 'Staking Condition' is satisfied — a tax-related requirement ensuring grantor trust status — and no staking has occurred to date.

6The Sponsor (Grayscale Investments Sponsors, LLC) is a consolidated subsidiary of Digital Currency Group (DCG), which holds a minority stake (<1%) in Kraken, one of the Index’s constituent trading platforms.

7Key risks include extreme TAO price volatility (Index Price ranged $188–$709 from June 2024–Dec 2025), regulatory uncertainty over TAO’s security status, and reliance on third-party custodians with capped liability ($100M per cold storage address).

Offering Details

Shares Offered

1,881,500

Underwriters

and subject them to the prospectus delivery

liability provisions of the Securities Act

Offering Details

Share Type

Common units of fractional undivided beneficial interest

Exchange

NYSE Arca

Ticker

GTAO

Use of Proceeds: Proceeds from Basket issuances consist of TAO deposited with the Trust; such TAO is used to pay expenses, fund redemptions, support staking (if permitted), or liquidate upon termination.

Business Overview

Grayscale Bittensor Trust (TAO) is a passive Delaware Statutory Trust formed on April 30, 2024, that holds TAO tokens and issues exchange-traded Shares designed to reflect the value of TAO less expenses.

Industry: Digital asset investment vehicle / spot crypto ETF

HQ: Stamford, Connecticut

Key Shareholders

Single shareholdera significant portion

Amendment History

2 filings

S-1
Original
Dec 30, 20250001193125-25-335992
S-1/A
Amendment 1
Latest
Viewing
Apr 2, 20260001193125-26-140409