Grayscale Investments, a major player in digital asset management, is planning to launch a new investment product linked to the cryptocurrency TAO, the native token of the AI-focused blockchain network Bittensor.

On Tuesday, Grayscale submitted an official request to the U.S. Securities and Exchange Commission (SEC) to list this product—called the Bittensor Trust (TAO)—as an exchange-traded product (ETP) on the NYSE Arca stock exchange. This move aims to shift Grayscale’s existing over-the-counter (OTC) TAO product into a more accessible and regulated format for public trading under the ticker symbol GTAO. However, the SEC still needs to review and approve the filing before it can go live.

This development follows more than a year after Grayscale first introduced the TAO trust and comes shortly after Bittensor completed its first halving event in December. This halving reduced the rate at which new TAO tokens are created, part of a long-term plan to cap the total supply at 21 million tokens, similar to Bitcoin’s model. As of now, the TAO token is priced at around $222, according to data from Nansen.

Bittensor is a decentralized, open-source network designed for artificial intelligence services. It launched in 2021 under the name Kusanagi. Its native token, TAO, has experienced big price swings over time. In January 2025, TAO reached a peak of over $560 before falling to its current level in April.

Grayscale is not new to launching crypto-related investment products. The SEC has already approved several of its exchange-traded funds (ETFs), including those based on popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

In addition to its crypto trusts, Grayscale is also looking to go public. In November, the company filed paperwork with the SEC to list shares of its Class A common stock on the New York Stock Exchange under the ticker GRAY. That IPO is still awaiting progress.

Meanwhile, other crypto companies are also preparing for public offerings. For example, U.S.-based exchange Kraken confidentially filed for an IPO in November and was valued at $15 billion after raising $500 million in a funding round earlier in September.

With this new filing, Grayscale continues to expand its reach in the cryptocurrency investment space, especially with projects focused on AI like Bittensor and its TAO token.