As reported by Blockchainreporter, Grayscale has submitted an S-1 filing with the U.S. SEC to convert its Grayscale Bittensor Trust ($GTAO) into an exchange-traded product (ETP), which would make it the first $TAO ETP in the United States. The move follows the public trading of $GTAO and aims to provide investors with a regulated avenue to gain exposure to $TAO, the native token of the Bittensor Network. The trust holds $TAO, with a circulating supply of nearly 10M coins and a market cap of $3B. If approved, the $GTAO shares will be listed on NYSE Arca.
Grayscale Files S-1 to Launch First U.S. $TAO ETP via Bittensor Trust
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Summary
Grayscale has filed an S-1 with the SEC as part of its plan to launch the first U.S. $TAO ETP through its Grayscale Bittensor Trust ($GTAO). The trust, which holds nearly 10M $TAO tokens with a $3B market cap, will convert to an ETP if approved. The product will trade on NYSE Arca. This token launch news highlights Grayscale’s push to offer regulated exposure to Bittensor’s native token. The SEC news underscores ongoing regulatory developments in the crypto asset space.
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