It is reported that Grayscale has officially submitted a Form S-1 registration statement for the Bittensor Trust to the U.S. Securities and Exchange Commission. Once approved, the product will be listed on the NYSE Arca and renamed Grayscale Bittensor Trust ETF. The core asset of this trust fund is the native token TAO of the Bittensor Network. This marks another breakthrough for crypto asset products in the U.S. market following the launch of several spot Bitcoin ETFs by various institutions. As a decentralized machine learning network, Bittensor's token TAO is continuously increasing in liquidity and institutional recognition. Once the ETF is officially listed, it will provide more traditional investors with convenient exposure to TAO assets, helping to promote the market development of such innovative crypto assets.