Core Viewpoint - Grayscale is seeking to convert its GTAO fund into the first Bittensor ETF, which will expand its crypto ETF offerings and provide institutional investors with 100% spot exposure to the AI token, TAO [1][2][7] Group 1: ETF Conversion and Listing - Grayscale has filed a Form S-1 with the SEC to convert its Bittensor Trust into an ETF, aiming to list the fund on NYSE Arca under the ticker 'GTAO' [2][7] - The filing follows the Bittensor network's first halving event, which reduced daily token issuance from 7,200 to 3,600, potentially boosting the price of TAO [2] Group 2: Fund Structure and Management - The Bittensor ETF will hold the AI crypto coin, including tokens earned from staking, as Grayscale plans to implement staking [3] - Bank of New York Mellon is listed as the transfer agent, with Coinbase as the prime broker and custodian, alongside BitGo as an additional custodian [3] Group 3: Regulatory Approval and Trading - NYSE Arca has received regulatory approval for the Trust to conduct creations and redemptions of Shares via in-kind transactions with Authorized Participants in exchange for TAO [4] - The Grayscale Bittensor Trust began trading on the OTCQX under the ticker symbol "GTAO," following the effectiveness of its Form 10 filing with the SEC [5] Group 4: Reporting and Compliance - As an SEC reporting company, the Trust has a reduced holding period of six months, which will take effect after it has been a reporting company for at least 90 days [6]