According to Crowdfundinsider, Grayscale Investments has filed a preliminary registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded product (ETF) focused on Bittensor. The trust, codenamed GTAO, aims to provide investors with the opportunity to directly invest in Bittensor's native token, TAO, through a regulated channel. The S-1 filing, filed on December 30, 2025, marks the initial stage of converting the existing Grayscale Bittensor Trust into a spot ETF. If approved, GTAO will become the first TAO-focused ETP listed in the U.S., allowing retail and institutional investors to access investment opportunities without directly holding the underlying crypto token.