Institutional funds continue to deploy in the AI computing power track. It is reported that the asset management giant Grayscale Investments has submitted a preliminary registration statement to the U.S. Securities and Exchange Commission, planning to launch an exchange-traded product (ETP) targeting Bittensor.

This new product is coded GTAO, with a straightforward core selling point—allowing ordinary investors to access Bittensor's native token TAO through compliant channels. In other words, Grayscale is helping investors "solve the last mile" problem.

From the timeline perspective, the related S-1 filing was submitted at the end of December 2025, indicating that the approval process has already begun. Grayscale's move is not new, but each time it stirs ripples in the market—what they promote, institutional investors follow. This has become an industry unwritten rule.

It is worth noting that Bittensor, as a representative of the distributed AI infrastructure concept, has recently seen increasing popularity for its TAO token. Grayscale's involvement undoubtedly further confirms the attractiveness of this track in the eyes of institutions. For investors who want to participate but face no barriers, this product comes at a timely moment. Once approval is granted, another wave of subscription enthusiasm is expected.