Grayscale Files SEC Form 10 for Bittensor Trust

Grayscale Investments filed SEC Form 10 on October 10, 2025, to convert its Bittensor Trust into an Exchange-Traded Product, which will be publicly listed for broader market access.

The filing represents a push for institutional adoption of Bittensor, impacting market participation and liquidity.

Background and Impact

Grayscale Investments, a leading cryptocurrency asset manager, filed Form 10 with the SEC to convert the Bittensor Trust into an Exchange-Traded Product. This move is expected to expand market presence and enhance regulatory compliance.

By converting the Bittensor Trust, Grayscale aims to provide greater access for institutional investors. The move will temporarily shorten the holding period of shares bought during private placement from 12 to 6 months.

“We believe that converting the Bittensor Trust into an Exchange-Traded Product reflects our commitment to increasing accessibility and regulatory alignment for institutional investors.” – Michael Sonnenshein, CEO, Grayscale Investments

Market Reaction and Regulatory Precedents

The price of Bittensor (TAO) rose by nearly 20% following the announcement and its Coinbase listing. Increased interest from investors highlights the growing demand for crypto Exchange-Traded Products.

The SEC’s approval of Bitcoin and Ethereum ETPs in 2024 has set a precedent for regulatory compliance and influenced this recent filing. Grayscale’s initiative is believed to strengthen investor protection and market liquidity.

Future Prospects

Market analysts suggest potential regulatory developments may increase institutional adoption of blockchain assets. The creation of an ETP enhances compliance oversight, benefiting both retail and institutional investors.

Grayscale’s move reflects historical trends in asset conversion strategies for cryptocurrencies. Such shifts are expected to bolster technological advances in the crypto sector, particularly within AI-integrated blockchains like Bittensor.