STAMFORD, Conn., December 11, 2025 – Grayscale, the world’s largest digital asset-focused investment platform, today announced Grayscale® Bittensor Trust (the “Trust”) has begun trading on OTCQX®, a premier secondary U.S. market operated by OTC Markets Group Inc, under the ticker GTAO. The firm also announced that GTAO is now SEC reporting.
Bittensor is a decentralized network for artificial intelligence (AI) that enables anyone to build, train, and access machine-learning models. Connecting more than 50 subnets across artificial intelligence (AI) use cases like chatbots, translations, and image generation, the network offers an open, global foundation for decentralized AI.
Investor and Developer Perspectives
“With Grayscale Bittensor Trust now available on public markets, investors can access what we believe is a fundamental shift in how intelligence is created and shared,” said Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale. “Bittensor is emerging as the Internet of AI, an open ecosystem where collective intelligence can grow in a way that is transparent, decentralized, and fair.”
“Wider market access marks an important milestone for Bittensor. It allows more investors to take part in the emergence of decentralized AI and supports the accelerating momentum we’re seeing across the ecosystem,” said Jacob Steeves, Co-Founder of Bittensor.
SEC Reporting and Market Milestones
With this development, GTAO becomes the first publicly quoted investment product in the U.S. designed to provide exposure to TAO, the token underlying the Bittensor network. As a new SEC reporting entity, the Trust’s shares are now registered under Section 12(g) of the Exchange Act. As a result, the Trust will file periodic reports and financial statements with the SEC, including Forms 10-Q and 10-K, as well as current reports on Form 8-K, and will be subject to all other applicable obligations under the Securities Exchange Act of 1934, as amended.
The public quotation and SEC reporting milestones also coincide around the time of the first Bittensor halving, a key event that reduces the rate at which new TAO tokens are created in the Bittensor network. Similar to Bitcoin, Bittensor has a maximum supply of 21 million TAO and halves its emission rate approximately every four years.
Grayscale® Bittensor Trust has been available via private placement to eligible accredited investors since August 2024. The quotation marks a step in Grayscale’s strategy aimed to transition private products to public markets and, over time, ETPs, enabling greater investor participation in next-generation protocols.
For more information about GTAO, please visit: https://www.grayscale.com/funds/grayscale-bittensor-trust
About Grayscale
Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform, with approximately $31 billion in assets under management (AUM). Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.
Disclosures and Risk Factors
*Largest digital asset-focused investment platform based on asset under management (“AUM”) as of September 30, 2025. For other companies in this category, AUM is considered as of most recent public disclosure.
**Additionally, accredited investors who purchased shares in the Trusts’ private placements will have an earlier liquidity opportunity, as the statutory holding period of private placement shares will be reduced from 12 months to 6 months under Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”). The holding period reduction goes into 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.
This voluntary filing should not be confused as an application or effort to classify the Trust as an exchange traded product (ETP). The structure of the Trust will not change and it will continue to not operate a redemption program nor trade on a national securities exchange. The Trust does not currently satisfy the Generic Listing Standards for Commodity-Based Trust Shares. We would seek to list the Trust as an ETP if and when we believe it meets such standards.
This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Private placement securities are speculative, illiquid, and entail a high level of risk, including the risk that an investor could lose their entire investment. The Bittensor protocol was relatively recently conceived, and its particular underlying technological mechanisms may not function as intended, which could have an adverse impact on the value of TAO, respectively, and an investment in the Shares. Grayscale Bittensor Trust is distributed by Grayscale Securities, LLC.
Although the shares of certain Grayscale products have been approved for trading on a secondary market, investors in the new products should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators, such as the SEC, FINRA, or other regulatory bodies may have regarding such products. As a result, shareholders of such products should be prepared to bear the risk of investment in the shares indefinitely. To date, certain products have not met their investment objective, and the shares of such products quoted on OTC Markets have not reflected the value of the digital assets held by such products, less such products’ expenses and other liabilities, but have instead traded at a premium over such value, which at times has been substantial. There have also been instances where the shares of certain products have traded at a discount.
Extreme volatility of trading prices that many digital assets have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Trust and the shares could lose all or substantially all of their value.
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