Grayscale amended the filing for Grayscale Bittensor Trust (TAO) on Oct. 23, advancing a planned NYSE Arca listing that could narrow gaps between share prices and asset value.
Grayscale plans to rename the existing trust Grayscale Bittensor ETF. Its shares already trade on the OTCQX market under GTAO, the symbol the company intends to use on NYSE Arca.
The price gap was sizable on Oct. 23. Grayscale reported a market price of $5.92 per GTAO share and a net asset value of $4.85, putting the shares at a premium of about 22.1%. Net asset value reflects the value of the trust’s holdings per share.
The proposed exchange structure would give authorized participants a way to address such gaps. They could create shares when GTAO trades above net asset value or redeem them when it trades below. Transactions would take place in baskets of 10,000 shares using Bittensor (TAO) transfers or cash orders. Grayscale warns that limited participation could weaken the process and leave shares trading at substantial premiums or discounts.
The listing has no set start date. The trust seeks to qualify under NYSE Arca Rule 8.201-E (Generic), but TAO must meet the applicable eligibility criteria and the exchange must confirm that the shares satisfy its rules before trading can begin. The SEC approved the exchange’s generic standards for qualifying commodity-based trust shares on Sept. 17, 2025.
The preliminary prospectus leaves the proposed product’s sponsor fee rate blank. Grayscale lists a 2.50% total expense ratio for the existing OTC trust as of Oct. 23; that figure does not establish the fee for the planned exchange listing. The filing says shareholders bear the sponsor fee and certain additional expenses through a reduction in the TAO represented by each share.
The amendment names BitGo Bank & Trust, National Association as primary custodian and Coinbase Custody Trust Company, LLC as an additional custodian. TAO traded at $250.52, up 1.97% over 24 hours, in a CoinGlass snapshot accessed around 09:25 UTC on Oct. 26. That price change does not establish whether the filing drove the move.
