Grayscale has submitted an S-1 registration to the SEC to transform its Bittensor Trust into a spot ETF, aiming to provide U.S. investors with regulated access to the decentralized AI token, TAO. The proposed ETF, under the ticker GTAO, will directly hold TAO, which has a capped supply of 21 million tokens and a market value of approximately $3 billion. This move targets the growing decentralized AI sector, with TAO ranking among the top 40 digital assets globally. The ETF will track TAO's value without employing leverage, derivatives, or lending, and Coinbase Custody is anticipated to serve as custodian prior to listing.