Crypto ETF issuer Grayscale is seeking to convert its GTAO fund into the first Bittensor ETF, a move that will further widen its crypto ETF offerings. The TAO price has climbed above $220 on the back of Grayscale’s filing, erasing its intraday losses in the process.
Grayscale Files S-1 For Bittensor ETF With SEC
An SEC filing shows that Grayscale has filed a Form S-1 to convert its Bittensor Trust into an ETF, which could potentially become the first ETF to provide institutional investors with 100% spot exposure to the AI token, TAO. The asset manager also revealed that it plans to list the fund on the NYSE Arca under the ticker ‘GTAO.’
The Bittensor ETF will hold the AI crypto coin, including tokens earned from staking, as the asset manager plans to implement staking. The filing lists Bank of New York Mellon as the transfer agent. Furthermore, top crypto exchange Coinbase is the Trust’s prime broker, while its custody arm is the custodian, with BitGo acting as an additional custodian.
This Bittensor ETF filing comes just weeks after the Grayscale Bittensor Trust began trading on the OTCQX under the ticker symbol “GTAO,” following the effectiveness of its Form 10 filing with the SEC. The asset manager earlier mentioned back then how the effectiveness of the registration statement would bring it one step closer to becoming an ETP.
Notably, as an SEC reporting company, it has a holding period reduced to six months, which takes effect after the Trust has been a reporting company for at least 90 days and has satisfied the other requirements under Rule 144 of the Securities Act. Based on this rule, the registration statement for the Grayscale Bittensor ETF could become effective next year.
Grayscale already offers several crypto ETFs that provide exposure to crypto assets such as Bitcoin, Ethereum, XRP, Dogecoin, Solana, and Chainlink. As CoinGape reported, it also recently updated the S-1 for its Avalanche ETF, which is among the new crypto ETFs it plans to launch soon.
Source: https://coingape.com/grayscale-files-s-1-for-first-bittensor-tao-etf-with-u-s-sec/
