Grayscale, a renowned digital asset manager, has announced the submission of an S-1 filing for Grayscale Bittensor Trust ($GTAO). With S-1 submission, Grayscale intends to launch the earliest $TAO ETP in the United States. As per the announcement of Grayscale, the platform attempts to transform $GTAO into an exchange-traded product (ETP) to operate in the United States. The move takes place after the recent start of the public trading of $GTAO.
Grayscale Aims to Launch 1st $TAO ETP in U.S. with $GTAO S-1 Filing
Grayscale’s S-1 filing seeks approval for the conversion of Grayscale Bittensor Trust ($GTAO) into an exchange-traded product (ETP) from the U.S. SEC. The move would make $GTAO the initial $TAO ETP in the country. This comes after the platform’s start of the public trading of its $GTAO token. Additionally, with the effective Form 10, Grayscale has already achieved the status of an SEC reporting entity.
Apart from that, Grayscale has also decreased the holding phase for its investors. At the same time, the latest S-1 filing highlights Grayscale’s efforts to provide investors with a regulated and seamless avenue to get noteworthy exposure to $TAO. The Grayscale Bittensor Trust ($GTAO) issues shares denoting its fractional ownership. It holds $TAO, which is the flagship asset of Bittensor Network. $TAO’s circulating supply is nearly 10M coins while its market cap stands at $3B.
Ensuring Secure Investment into $TAO with NYSE Arca Listing
According to Grayscale, after the SEC approval, the platform will list the $GTAO shares via NYSE Arca. The Trust also complies with the stringent custodial protocols for the protection of digital assets, guaranteeing that the investors’ holdings remain secure. Overall, this development denotes a landmark move in delivering $TAO-based products to the investors in the U.S.
Source: https://blockchainreporter.net/grayscale-files-s-1-to-launch-first-u-s-tao-etp-via-bittensor-trust/