Grayscale Investments has filed a preliminary registration statement with the SEC to launch an exchange-traded product focused on Bittensor. The proposed trust, trading under the ticker GTAO, aims to provide investors with exposure to Bittensor's native TAO token through a regulated instrument. The S-1 filing, submitted on December 30, 2025, marks the initial phase of converting the existing Grayscale Bittensor Trust into a spot ETF. If approved, GTAO would become the first U.S.-listed ETP dedicated to TAO, allowing investors to participate without directly holding the token.