Grayscale Bittensor Trust (TAO)

Grayscale Bittensor Trust (TAO) is a Delaware statutory trust formed to hold TAO, the native digital asset of the Bittensor Network, and to issue shares that give accredited investors fractional exposure to that token. The trust does not operate the network or provide software; its business is to custody TAO, track its value, and offer a listed investment vehicle through OTCQX under the ticker GTAO.

— Grayscale Bittensor Trust (TAO)
%
Investment trust shares70% Shares representing fractional beneficial ownership in a trust that holds TAO.
Digital asset custody10% Safekeeping of TAO through the trust's custodian arrangement.
Share creation and administration10% Operational processing of creations, transfers, and related trust administration.
Valuation and reporting services10% NAV, principal-market pricing, and investor reporting tied to TAO holdings.

The trust sells shares to accredited investors who want exposure to TAO without directly holding or managing the token...

  • Accredited investorsprimary

    Buy trust shares to gain regulated, fractional exposure to TAO without self-custody.

  • Authorized participantsprimary

    Deliver TAO to create shares and facilitate primary-market trust issuance.

  • Secondary-market investorssecondary

    Trade GTAO on OTCQX for liquidity and price exposure to TAO.

  • Digital asset allocatorssecondary

    Use the trust as a portfolio vehicle for AI-linked crypto exposure.

The trust is organized in Delaware and operates as a U.S.-based investment vehicle, with shares quoted on OTCQX in the...

  • •Delaware statutory trust with U.S. reporting and legal domicile
  • •OTCQX quotation provides U.S. market access for GTAO shares
  • •TAO pricing is global and depends on digital asset trading platforms
  • •Bittensor network activity is decentralized across jurisdictions
  • •No country revenue split is disclosed because the trust is asset-based

The trust's main priority is to maintain a reliable structure for holding TAO and to value it using a principal-market...

01
Maintain robust custody and safekeeping of TAOshort-term

The trust's value depends entirely on the integrity and security of its token holdings.

02
Refine principal-market and valuation methodologyshort-term

TAO fair value drives NAV, reported results, and investor pricing.

03
Preserve investor access to TAO through a listed vehiclemedium-term

OTCQX quotation broadens access for accredited investors who prefer a trust wrapper.

The trust is exposed to the full price volatility of TAO, so changes in token value can quickly drive large gains or...

critical

TAO price volatility

The trust's asset value moves directly with TAO market prices, which can be extremely volatile.

Scope
NAV and share price
Materiality
high
high

Custody and digital asset account security

The trust relies on a third-party custodian to safeguard TAO; a breach could cause asset loss or operational disruption.

Scope
TAO holdings
Materiality
high
high

Concentration of TAO ownership

Large holders can move the market, and the trust itself holds about 0.3% of circulating TAO.

Scope
Market price and liquidity
Materiality
high
high

Regulatory and illicit-activity scrutiny

If TAO is associated with illicit use, service providers or trading platforms could restrict access.

Scope
Trading venues and banking relationships
Materiality
medium
medium

Network or platform outages and attacks

Denial-of-service or exchange outages can delay transfers and widen spreads.

Scope
TAO transferability and pricing
Materiality
medium
Fair value measurement of TAO
Large swings in reported unrealized gains/losses
Principal market determination
Can change the valuation source and reported carrying value
Non-GAAP NAV versus GAAP Principal Market NAV
Investors must reconcile two valuation measures
Creation transactions and sponsor fee in TAO
Affects realized gains/losses and expense recognition

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: 28/04/2026