Grayscale is aiming to provide U.S. buyers publicity to Bittensor’s TAO, pushing decentralized synthetic intelligence additional into mainstream crypto markets.
The digital asset supervisor filed an preliminary S-1 registration assertion with the U.S. Securities and Alternate Fee on Tuesday for what could be the primary U.S.-listed exchange-traded product (ETP) providing publicity to TAO.
The proposed Grayscale Bittensor Belief, anticipated to commerce underneath the ticker GTAO, would maintain TAO immediately if accepted, giving buyers regulated entry to one of many largest tokens related to decentralized AI. TAO at present has a market cap of round $2.3 billion, in keeping with CoinDesk information.
“Right now we filed the preliminary S-1 for Grayscale Bittensor Belief (ticker: $GTAO) with the SEC,” the agency mentioned in a put up on X, calling the submitting the subsequent step towards changing the belief into an ETP.
Barry Silbert, chairman of Grayscale, wrote on X that the transfer displays how rapidly decentralized AI is evolving. “Decentralized AI is creating rapidly, and Grayscale is pioneering entry,” Silbert mentioned.
The submitting marks the primary such ETP within the U.S. for TAO. Beforehand, Deutsche Digital Belongings, a Germany-regulated supplier of exchange-traded merchandise (ETPs), mentioned it might record a Bittensor ETP, which is able to commerce on the SIX Swiss Alternate underneath the ticker STAO.
Bittensor operates as an open community that makes use of crypto-economic incentives to coordinate machine studying improvement, rewarding contributors of fashions and computing energy with TAO. The venture has garnered consideration as buyers search publicity to AI-related crypto property past conventional sensible contract platforms.
Whereas approval just isn’t assured, the submitting underscores how asset managers are more and more racing to package deal rising crypto narratives, together with decentralized AI, into regulated funding merchandise, signaling rising institutional urge for food for the sector.
