Grayscale files for first U.S. Bittensor ETP as decentralized AI gains momentum

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Grayscale files for first U.S. Bittensor ETP as decentralized AI gains momentum The filing marks the first attempt to bring TAO, Bittensor’s native token, to U.S. markets through a regulated investment product. By Olivier Acuna | Edited by Aoyon Ashraf Dec 30, 2025, 4:51 p.m. Grayscale files to list first U.S. Bittensor ETP, betting on decentralized AI’s next big token What to know : Grayscale has filed an initial S-1 registration with the SEC for the first U.S.-listed ETP offering exposure to Bittensor's TAO token. The proposed Grayscale Bittensor Trust will be trading under the ticker GTAO, and aims to provide regulated access to decentralized AI tokens. The filing highlights the rapid evolution of decentralized AI and growing institutional interest in AI-related crypto assets. Grayscale is aiming to give U.S. investors exposure to Bittensor’s TAO, pushing decentralized artificial intelligence further into mainstream crypto markets. The digital asset manager filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission on Tuesday for what would be the first U.S.-listed exchange-traded product (ETP) offering exposure to TAO. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The proposed Grayscale Bittensor Trust, expected to trade under the ticker GTAO, would hold TAO directly if approved, giving investors regulated access to one of the largest tokens associated with decentralized AI. TAO currently has a market cap of around $2.3 billion, according to CoinDesk data. “Today we filed the initial S-1 for Grayscale Bittensor Trust (ticker: $GTAO) with the SEC,” the firm said in a post on X , calling the filing the next step toward converting the trust into an ETP. Barry Silbert, chairman of Grayscale, wrote on X that the move reflects how quickly decentralized AI is evolving. “Decentralized AI is developing quickly, and Grayscale is pioneering access,” Silbert said. The filing marks the first such ETP in the U.S. for TAO. Previously, Deutsche Digital Assets, a Germany-regulated provider of exchange-traded products (ETPs), said it would list a Bittensor ETP , which will trade on the SIX Swiss Exchange under the ticker STAO. Bittensor operates as an open network that uses crypto-economic incentives to coordinate machine learning development, rewarding contributors of models and computing power with TAO. The project has garnered attention as investors seek exposure to AI-related crypto assets beyond traditional smart contract platforms. While approval is not guaranteed, the filing underscores how asset managers are increasingly racing to package emerging crypto narratives, including decentralized AI, into regulated investment products, signaling growing institutional appetite for the sector. Grayscale decentralized AI Crypto ETPs Exchange-Traded Product SEC More For You State of the Blockchain 2025 By CoinDesk Research Dec 19, 2025 Commissioned by Input Output Group L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below. What to know : 2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns. This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026. View Full Report More For You Unleash Protocol hit by $3.9 million exploit with funds routed through Tornado Cash By Olivier Acuna | Edited by Sheldon Reback 4 hours ago The intellectual property platform on Story Protocol lost about $3.9 million after a governance exploit, with stolen funds later routed through Tornado Cash. What to know : Unleash Protocol lost about $3.9 million in a security breach, according to blockchain security firm PeckShield. The breach is attributed to a governance failure at Unleash, leading to unauthorized control and asset withdrawal. The attacker used Tornado Cash to obscure the transaction history after transferring the stolen assets to Ethereum. 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