Grayscale's Bittensor ETF Makes Public Debut Fails To Lift Token Price Amid Crypto Market Slump

Grayscale announced on Thursday that its Bittensor Trust (GTAO) has begun trading on the OTCQX market, expanding investor access to the Bittensor (TAO) token through a regulated security.

The fund is the first in the U.S. market to give investors regulated access to Bittensor (TAO). Like other crypto ETFs, it will let investors gain exposure to the TAO token without having to directly own it. 

According to Grayscale, the Trust is currently in charge of about $10.8 million in assets. Certain IRAs, Roth IRAs, and other brokerage and investor accounts can hold the shares. The move comes after the fund's debut in August 2024. Moving from being private to a publicly listed entity, it will be available to a wider range of investors. 

TAO's price was trading at $293.81 in morning trade on Thursday, down nearly 2% in the last 24 hours. On Stocktwits, the retail sentiment around TAO improved to 'neutral' from 'bearish' territory over the past day, as chatter remained at 'low' levels.

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