Grayscale Bittensor Trust (TAO) (GTAO) is a digital asset investment trust that holds Bittensor tokens (TAO) as its sole underlying asset. The Trust generates no operating revenue; its financial results consist entirely of net realized and unrealized gains or losses on its TAO holdings, as reported for the fiscal year ended December 31, 2025 and the period from June 10, 2024 (commencement of operations) through December 31, 2024. Sponsored by Grayscale Investments Sponsors, LLC, a Delaware limited liability company and subsidiary of Digital Currency Group, the Trust is structured as a Delaware statutory trust and is not registered as an investment company under the Investment Company Act. Shares are held through the Depository Trust Company. Grayscale Securities, LLC serves as the sole acting Authorized Participant as of the filing date. The Trust provides investors with exposure to TAO price movements without requiring direct custody of the digital asset.

Revenue model

The Trust charges no disclosed management fee in the excerpts provided. Its net asset value moves directly with the Digital Asset Market price of TAO. Financial results are driven entirely by unrealized and realized gains or losses on the Trust's TAO holdings, not by operating revenue.

Products and services

A single-asset trust holding Bittensor tokens (TAO), a digital asset native to the Bittensor Network, a decentralized blockchain protocol. Shares represent fractional beneficial ownership in the Trust's TAO holdings. The Trust may also receive Incidental Rights or IR Virtual Currency from forks or airdrops, which the Sponsor evaluates case-by-case for sale or abandonment.

Customers and end markets

Investors seeking exposure to TAO price appreciation through a securities wrapper, accessible via traditional brokerage accounts. The filing does not disclose individual investor counts or customer concentration data.

Value-chain role

Passive custodial vehicle. The Trust holds TAO on behalf of shareholders and does not mine, validate, or develop the Bittensor Network. Grayscale Securities, LLC acts as the sole Authorized Participant for share creation and redemption as of the filing date.

Geographic exposure

Organized and domiciled in the United States as a Delaware statutory trust. The filing does not disclose non-U.S. investor exposure.

Source: SEC 10-K, filed 2026-03-12

Industry: Commodity Contracts Brokers & Dealers