Grayscale Submitted Another Bittensor ETF Filing to the SEC

Grayscale submitted another amendment to its registration statement with the U.S. Securities and Exchange Commission (SEC) on October 23, 2026, providing updated details about its plans to convert the Grayscale Bittensor Trust into an exchange-traded fund (ETF).

The filing, known as Amendment No. 2 to Form S-1, is part of a process that began in December 2025. Grayscale’s existing Bittensor Trust already holds TAO and trades on the OTCQX market under the ticker GTAO.

The company wants to move the product to NYSE Arca, a major U.S. stock exchange, and rename it the Grayscale Bittensor ETF.

If successful, the conversion could make TAO more accessible to traditional investors through a major exchange. Investors would be able to buy shares representing exposure to the Trust’s TAO holdings without purchasing or managing the cryptocurrency themselves.

One important detail in the latest filing concerns the proposed listing process. Grayscale expects to use NYSE Arca’s existing listing rules without requiring a separate rule-change application. However, TAO must first meet the exchange’s eligibility requirements before trading can begin.

The filing also confirms the Trust’s institutional arrangements. BitGo serves as the primary custodian, with Coinbase Custody providing additional custody services. Coinbase is the prime broker, while BNY Mellon handles administrative and share-transfer responsibilities. The TAO Daily previously reported on the addition of Coinbase Custody earlier this month.

Staking is another consideration. Grayscale’s proposed structure allows for the possibility of earning additional TAO through staking, but the Trust is currently prohibited from doing so until specific tax and other requirements are satisfied. There is no guarantee that staking will eventually be permitted.

For Bittensor, the proposed conversion could expand TAO’s presence in traditional financial markets and potentially introduce the asset to a broader investor base.

However, the October 23 filing does not mean the ETF has been approved. The registration statement is still preliminary; the proposed listing must meet applicable requirements, and no launch date has been confirmed.

Here’s a simple breakdown of where things stand.