Grayscale, a US asset management firm, has officially submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), planning to convert its Bittensor Trust Fund into an Exchange-Traded Product (ETP). If approved, this will create the first TAO ETP product in U.S. history.

The trust fund is designed to faithfully reflect the actual value performance of the TAO token. Once officially launched, the product will be listed and traded on the New York Stock Exchange, allowing ordinary investors to participate in the TAO ecosystem as easily as buying and selling stocks.

This move marks that Bittensor, as an AI infrastructure token, is gaining increasing recognition from mainstream financial institutions. Grayscale’s step reflects the broader trend of the cryptocurrency asset market gradually moving toward standardization and institutionalization. The launch of ETF products typically brings greater liquidity and market attention to the related assets.