Grayscale Files Form 10 for Bittensor Trust, Eyes Potential ETF Path

Grayscale Investments has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for its Bittensor Trust (TAO) — a key step toward becoming an SEC-reporting entity and potentially paving the way for a future exchange-traded product (ETP).

If the filing is approved, the Bittensor Trust would:

• Register its shares under Section 12(g) of the Securities Exchange Act.
• Begin filing regular financial statements (Forms 10-K, 10-Q, and audited reports).
• Allow public quotation of shares on OTC Markets.
• Shorten the private placement holding period from 12 months to six months (after conditions are met).
• Move closer to eligibility for an eventual ETP listing, though no such application has been filed yet.

The filing, available on the SEC’s EDGAR database, does not change the trust’s structure or introduce redemption rights, but it does increase transparency and regulatory oversight — both key requirements for institutional participation.

Grayscale launched the Bittensor Trust in late 2024 as a private placement vehicle for accredited investors, providing exposure to Bittensor’s $TAO token, which powers a decentralized compute network. The trust’s first anniversary in mid-2025 reflected growing institutional interest in the intersection of crypto and AI infrastructure.

The move mirrors Grayscale’s earlier strategy with its Bitcoin and Ethereum trusts, which began as private offerings before advancing to SEC-reporting status — and eventually becoming spot ETFs.

Community sentiment has been strongly positive, viewing the filing as a bullish signal for $TAO adoption. Some analysts described it as “the first real bridge” between Bittensor and traditional capital markets.

Grayscale’s broader AI exposure also includes its Decentralized AI Fund, holding assets like $TAO, $RENDER, $FIL, $IP, and $NEAR — further reinforcing its push into decentralized computing.

While the SEC review process may take up to 60 days, the filing marks another milestone in the ongoing institutionalization of crypto networks like Bittensor, bringing them one step closer to mainstream accessibility.