Grayscale has filed Amendment No. 1 to Form S-1 for a spot Bittensor TAO ETF with the U.S. Securities and Exchange Commission. According to the source material, the update was submitted on April 2, 2026, keeping the listing process active as Grayscale works to convert the existing Grayscale Bittensor Trust (GTAO) into an exchange-traded fund that could list on NYSE Arca.
The amended filing shows the application is still moving
The source says Grayscale first sought to launch the ETF in late 2025. This amendment adds new details and responds to questions from the SEC. It does not mean approval has been granted. It does show the proposal remains under review rather than sitting idle.
Right now, GTAO trades over the counter, a format that can be less accessible for some investors. A listed ETF would change the distribution channel. It would make exposure to the fund available through a structure that trades more like a standard stock product inside regulated market rails.
Token supply mechanics are part of the TAO ETF discussion
The source describes TAO as the “Bitcoin of AI” because its maximum supply is capped at 21 million tokens, matching Bitcoin’s fixed-supply model. It also frames the Bittensor network as a system of subnets where smaller teams compete to deliver stronger AI services.
Another key point is the network’s December 2025 halving, which reduced the rate of new token issuance. That matters. If lower new supply is paired with a potential ETF route for regulated access, market participants are likely to assess both sides together: fewer tokens entering circulation and a possible expansion in demand channels.
Price range, prior high, and trust premium remain in focus
The source places TAO at about $305 to $307 at present, well below its earlier high of $758. It also cites views that, if the SEC ultimately approves the fund, TAO could return toward $600 or even $1,000 by the end of 2026. Those figures are presented in the source as projections, not outcomes.
The report also notes that the trust has often traded at a premium, meaning investors have been willing to pay extra for a regulated wrapper. That can signal demand for listed exposure. It still leaves the big unknown in place: whether the ETF is approved and how much capital actually enters once a spot product is live.
Grayscale’s move puts decentralized AI back in the regulatory frame
On a broader level, the filing ties decentralized AI more closely to mainstream investment packaging. The source argues that backing from a firm such as Grayscale gives the TAO narrative more institutional visibility and places Bittensor within a more formal product pathway.
What is confirmed at this stage is narrow but important: Grayscale filed the amended S-1, the goal is to convert GTAO into a spot ETF, the intended listing venue is NYSE Arca, and TAO is trading around $305 to $307 based on the source. The approval decision and any price reaction remain open questions until regulators and the market provide the next signal.