🚨 BREAKING: Grayscale just filed Amendment No. 1 to the GTAO S-1 for $TAO. On April 2, 2026.
What you need to know:
The original S-1 was filed December 30, 2025. That was Grayscale saying "we want to convert GTAO into a spot ETF." The SEC doesn't just say yes. They send back comments questions, concerns, requests for clarification. The issuer responds by filing an amendment.
Amendment No. 1 is that response. It means Grayscale addressed the SEC's feedback, updated the prospectus with fresh details, and resubmitted. This is forward motion.
Filing now includes:
In-kind creation and redemption. NYSE Arca has already received regulatory approval for the Trust to conduct in-kind transactions, meaning Authorized Participants can deposit and receive actual $TAO, not just cash equivalents.
This is important. In-kind creates tighter arbitrage between the ETF price and $TAO's actual value, keeping the premium/discount minimal. Bitcoin ETFs with in-kind showed tighter tracking than cash-only versions.
Staking provisions built into the Trust Agreement. Shareholders already voted unanimously 100% consent to approve seven amendments in January 2026.
The Trust can now stake a portion of its $TAO holdings through Bittensor's proof-of-stake protocol, subject to maintaining grantor-trust tax status.
The Sponsor can charge a separate Staking Fee. This means the ETF can potentially earn yield on its holdings something the Bitcoin ETFs cannot do. $TAO staking currently yields 9-15% APR.
Dual custody with Coinbase and BitGo. Not one custodian. Two. Both institutional-grade. Coinbase as Prime Broker. Bank of New York Mellon as Transfer Agent and Administrator. This is the same infrastructure used by the largest crypto ETFs in existence.
Updated valuation methodology. The Index is shifting to CoinDesk $TAO CCIXber Reference Rate, pulling from Coinbase, Kraken, Binance, MEXC, https://t.co/oQfyUDB6da, and KuCoin. Over 107 million $TAO in combined 90-day trading volume across these platforms.
The Index is designed to discount anomalous price movements at individual exchanges institutional-grade price discovery.
The Grayscale Bittensor Trust is being renamed the Grayscale Bittensor Trust ETF.
$TAO is now the 4th crypto asset (after Bitcoin, Ethereum, and Solana) with a Grayscale spot ETF conversion in progress and Bitwise has filed separately. Dual filings from the two largest crypto asset managers in the world.
When Bitcoin spot ETFs launched, they pulled in $12B+ net inflows in the first three months.
Every ETF share created requires real $TAO purchased and deposited with custodians. Every basket is 10,000 shares. Every creation removes $TAO from liquid circulation.
Pension funds, endowments, wealth managers, and RIAs who couldn’t hold spot $TAO before will soon be able to.
The filing describes Bittensor as “an open-access, peer-to-peer marketplace for AI generated output” with 128 subnets, $43M in Q1 2026 AI customer revenue, 21M hard cap, 68-75% of supply staked, and first halving already complete.
Sleeper detail: The ETF could stake its $TAO holdings and generate native protocol yield something no Bitcoin ETF can do.
Bitcoin's spot ETF went through multiple amendment rounds before approval. Each amendment brings it closer. The process is advancing, not stalling.
In a market where 75% is already staked, liquid float is 3.4M, and 236,619 wallets are accumulating institutional buying through an ETF wrapper, it doesn't just add demand It compresses an already thin float.
Stack quality subnets. The flywheel is accelerating. 🚀
DYOR
https://t.co/tawVf56sCm
