Key Insights
- Grayscale filed to convert its Bittensor Trust into a spot ETF under the ticker GTAO on NYSE Arca.
- Bittensor’s supply halving and ETF filing closely aligned, impacting long-term TAO token valuation.
- TAO remains stable above $220 as broader crypto markets rise and traders eye a potential $300 target.
Grayscale Investments has submitted an S-1 registration to the U.S. Securities and Exchange Commission for the Grayscale Bittensor Trust. If approved, the trust would convert into a spot exchange-traded fund (ETF) under the ticker symbol GTAO and list on NYSE Arca. This would mark the first U.S.-based investment product offering direct exposure to Bittensor’s native token, TAO.
ETF to broaden institutional access to TAO
According to the filing, Coinbase Custody Trust Company and BitGo Trust Company will manage asset custody. Grayscale has not disclosed a launch date or the ETF’s expense ratio. Previously available through private placements for accredited investors, the trust will now aim for broader market access. Grayscale’s move comes shortly after Bittensor’s recent supply reduction.
In mid-December, Bittensor’s issuance rate halved from 7,200 TAO to 3,600 TAO per day. The timing of Grayscale’s filing appears closely aligned with this supply change. The reduction has created speculation around potential long-term value increases for TAO due to restricted token circulation.
TAO price climbs with bullish sentiment in broader market
Bittensor (TAO) rose to $223 in the last 24 hours, a 0.63% increase, following the ETF announcement. The price remains stable above the $220 support level as traders target a breakout. The broader crypto market also recorded a 1.04% rise in the same period, pushing total capitalization to $2.99 trillion. Bitcoin hovered above $88,000, and Ethereum traded near $2,900.
Other major altcoins, including BNB, XRP, SOL, DOGE, and ADA, experienced modest gains, contributing to improved market sentiment. The TAO token remains under investor focus as institutional interest expands. Technical indicators show consolidation, with TAO’s Relative Strength Index near 49.31 and the MACD indicator reflecting flat momentum.
Market watchers are now observing a possible breakout if TAO closes above $250. If the token moves past this resistance, traders expect targets between $280 and $300 by early January. In the event of a reversal, support could develop around the $200 level, but the current trend remains cautiously optimistic.
