Grayscale files Form 10 with the SEC for its Bittensor Trust, aiming to expand institutional access to the $TAO token.
Author: Akshat Thakur
October 12, 2025 — Grayscale Files Form 10 for its Bittensor Trust, marking a major regulatory milestone in expanding institutional access to decentralized AI. The voluntary SEC filing moves the trust toward becoming an SEC-reporting company, potentially enhancing transparency, compliance, and investor confidence for the $TAO token.
Bittensor powers a decentralized, open-source AI network that rewards participants for training and validating machine-learning models using its native token, $TAO. With a total supply capped at 21 million, mirroring Bitcoin’s scarcity model, TAO incentivizes collaboration across globally distributed nodes.
As of today, TAO trades near $296 with a $3 billion market capitalization and $338 million in 24-hour volume, ranking among the top 35 cryptocurrencies. Its halving schedule, validator staking, and performance-based rewards align incentives for decentralized AI growth while preserving network integrity.
By filing Form 10, Grayscale brings Bittensor into the same compliance pathway that previously transformed its Bitcoin and Ethereum trusts into spot ETFs. Once the registration becomes effective, the Bittensor Trust would gain SEC-level oversight, including audited reports and mandatory disclosures—features that attract institutional investors seeking regulatory clarity.
This step also signals confidence in the long-term viability of AI-linked digital assets. Enhanced transparency and reduced holding restrictions could increase demand for TAO while lowering volatility across its trading markets.
Analysts view the move as a catalyst for broader institutional participation in decentralized AI. Enhanced reporting requirements may unlock partnerships with custodians and fund managers, paving the way for potential exchange listings or passive investment products.
However, Grayscale clarified that the trust has not yet applied for ETP conversion and will not be listed on national exchanges until it meets additional regulatory standards. The company emphasized that this filing focuses on disclosure and accountability, not product restructuring.
If the SEC approves the registration, Grayscale’s Bittensor Trust could become the first fully reporting vehicle providing compliant exposure to decentralized AI infrastructure.
The filing underscores the growing intersection of AI, blockchain, and finance positioning Grayscale to shape how institutional capital interacts with intelligent, permissionless systems.
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