PANews reported on January 2nd that, according to Crowdfundinsider, Grayscale Investments has filed a preliminary registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded product focused on Bittensor. The trust, codenamed GTAO, aims to provide investors with the opportunity to directly invest in Bittensor's native token, TAO, through a regulated channel.

The S-1 filing, submitted on December 30, 2025, marks the initial phase of converting the existing Grayscale Bittensor Trust into a spot ETF. If approved, GTAO will become the first TAO-focused ETP listed in the US, allowing retail and institutional investors to access investment opportunities without directly holding the underlying crypto tokens.