Grayscale’s Bittensor Trust Makes Public Debut – Fails To Lift Token Price Amid Crypto Market Slump

• Grayscale has launched the Bittensor Trust (GTAO) on the OTC market, which will give exposure to the Bittensor (TAO) token.
• GTAO is the first U.S. fund to offer regulated exposure to the TAO token.
• According to Grayscale, the GTAO shares can be held in certain IRAs, Roth IRAs, and brokerage accounts.

Grayscale announced on Thursday that its Bittensor Trust (GTAO) has begun trading on the OTCQX market, expanding investor access to the Bittensor (TAO) token through a regulated security.

The fund is the first in the U.S. market to give investors regulated access to Bittensor (TAO). Like other crypto exchange traded products (ETPs), it will let investors gain exposure to the TAO token without having to directly own it. Each share of the GTAO represents approximately 0.01927714 TAO held by the Trust.

According to Grayscale, the Trust is currently in charge of about $10.8 million in assets. Certain IRAs, Roth IRAs, and other brokerage and investor accounts can hold the shares. The move comes after the fund’s debut in August 2024. Moving from being private to a publicly listed entity, it will be available to a wider range of investors. 

TAO’s price was trading at $293.81 in morning trade on Thursday, down nearly 2% in the last 24 hours. On Stocktwits, the retail sentiment around TAO improved to ‘neutral’ from ‘bearish’ territory over the past day, as chatter remained at ‘low’ levels.

Grayscale’s Single-Asset Crypto Trusts

The Bittensor Network is a decentralized, blockchain-based system that allows users to trade its native token, TAO, in a peer-to-peer network that is controlled by cryptographic protocols. 

Over the years, Grayscale has set up a number of single-asset crypto trusts, which provide investors direct access to specific digital assets through regulated vehicles. The Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) are two of its most well-known products. Both of these have since been turned into spot ETFs. GTAO is now part of the firm's larger group of single-asset crypto trusts. 

Grayscale currently manages about 14 single-asset crypto trusts for a total of about $2.02 billion in assets under management (AUM).

Read also: GEMI Stock On Track For Biggest Single-Day Gain Since Nasdaq Debut After CFTC Nod For Prediction Markets

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Editor's Note: This story has been updated to clarify that Grayscale launched a Bittensor 'Trust,' not an ETF.

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