Grayscale has launched the Bittensor Trust ($GTAO), offering regulated exposure to TAO ahead of the network’s first halving event.
Author: Tanishq Bodh
December 13, 2025 – Grayscale Investments has launched the Grayscale Bittensor Trust, giving public-market investors regulated exposure to Bittensor’s native token, TAO, amid accelerating interest in decentralized artificial intelligence. Trading under the ticker $GTAO on the OTCQX market, the trust began public trading on December 12,, just days before Bittensor’s first-ever halving event, which reduces token emissions by 50%.
The product marks another step in Grayscale’s strategy to bring emerging crypto sectors into traditional investment rails. With AI-driven blockchain networks drawing increased attention from institutions, the Bittensor Trust positions TAO at the intersection of two fast-growing themes: decentralized compute and machine learning monetization.
The timing of the launch has drawn particular attention due to Bittensor’s scheduled halving, which cuts daily TAO issuance from 7,200 to 3,600 tokens. Historically, supply reductions have acted as long-term catalysts for crypto assets, although immediate price reactions remain mixed. TAO traded near $295 at press time, reflecting broader market weakness rather than event-specific momentum.
Market participants noted that public trading of the trust improves liquidity compared to its earlier private placement structure, which had been available only to accredited investors since August 2024. Additionally, Grayscale’s filing of Form 10 with the U.S. Securities and Exchange Commission shortens the share holding period from 12 months to six, potentially broadening institutional participation.
While volumes remain early, analysts see the listing as a structural milestone rather than a short-term price driver.
Despite growing enthusiasm around AI-linked crypto assets, risks remain substantial. TAO remains a volatile asset, and regulatory scrutiny around crypto investment vehicles continues, especially for products tied to newer token models. Moreover, decentralized AI networks face competition from well-capitalized centralized providers, raising questions about long-term sustainability and adoption.
Some observers also caution that trust products may trade at premiums or discounts to net asset value, creating additional risk for retail investors. Grayscale itself has emphasized that the Bittensor Trust is not an ETF and lacks daily redemption mechanisms.
Bittensor operates a decentralized AI marketplace that rewards contributors for providing machine learning models, data, and validation services. Using its proof-of-intelligence framework, the network coordinates over 128 active subnets, each optimized for specialized AI tasks such as text generation, vision models, or inference services.
By incentivizing open participation through TAO rewards, Bittensor aims to decentralize AI development away from dominant centralized platforms. Supporters argue this creates real economic activity rather than speculative demand, as AI services are priced, evaluated, and compensated directly on-chain.
For Grayscale, the trust underscores rising institutional curiosity around decentralized AI as a distinct asset class, one that blends crypto-native incentives with real computational utility.
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