- Grayscale Investments submitted a Form S-1 on December 30, 2025, seeking to convert its Bittensor Trust into a listed exchange-traded product.
- TAO price resonated in a narrow range to recoup its prevailing bearish momentum before next breakdown.
- The 20-day exponential moving average offers dynamic resistance to the coin price.
TAO, the native cryptocurrency of the Bittensor protocol witnessed a short rebound over 1% on Tuesday to reach $220 trading value. While the uptick aligns intraday bullishness in the broader crypto market, TAO gained additional traction as anticipation grew for its first ETP launch. Earlier today, Grayscale filed the initial S-1 for Grayscale Bittensor Trust with the SEC to provide U.S. investors a regulated exposure to Bittensor’s TAO token.
Grayscale Files S-1 to Convert Bittensor Trust Into NYSE Arca TAO ETP
On December 30, 2025, Grayscale Investments filed a Form S-1 registration statement with the US Securities and Exchange Commission seeking the transformation of its current Bittensor Trust, currently trading under the ticker GTAO, into a fully-listed exchange-traded product.
The ETP would track the performance of TAO, the native Bittensor protocol, which serves as a decentralized marketplace for machine intelligence. If approved by regulators, the product would trade on the NYSE Arca exchange – on the back of which would be the first regulated ETP focused on providing direct exposure to TAO in the U.S.
The trust originally launched as a private offering to accredited investors in August of 2024. It switched to public quotation on the OTCQX market earlier in December 2025, after it completed a Form 10 registration, which made it an SEC-reporting entity. Custody is provided by Coinbase Custody and BitGo with The Bank of New York Mellon as transfer agent. The filing reveals that staking rewards are not currently planned, but this may change based upon future developments.
The submission comes just a short time after Bittensor held its first halving event sometime around the middle of December in which the daily number of tokens issued decreased by half. Following the filling, the TAO price records a short intraday surge of over 1% as its price trades at $220, while its market cap is $2.32 billion.
The registration process is underway, effectiveness and final approval pending from the SEC. This development includes Grayscale expanding its range of digital asset products, which already cover several of the major cryptocurrencies.
Also Read: Metaplanet Reaches 35K BTC, Posts 568% BTC Yield in 2025
TAO Price Stalls at $212 Before a Major Breakdown
Over the past two weeks, the TAO price has witnessed a short sideways trend between the two horizontal levels of $235 and $212. The consolidation came after a sharp downtrend in this altcoin, recording a nearly 60% value loss in the last two months.
While the pause in downtrend aligns with the current uncertainty in broader crypto market, such lateral shift typically bolsters the prevailing trend to recuperate its momentum before the next release.
The momentum indicator RSI at 35% accentuated a bearish sentiment in the market, reinforcing the anticipated drop in its price despite the recent filling for the conversion of Grayscale Bittensor Trust.
A potential breakdown below the $212 support with daily candle closing would accelerate this selling pressure for a prolonged downtrend.
The post-breakdown fall could push the price 32% down to hit the bottom trend line of a long coming falling wedge pattern at $142. Since July 2024, the TAO price has been resonating within two converging trendlines of this wedge pattern, providing investors with a dynamic support and resistance.
The potential retest to the bottom trend could emerge as a turning point for Bittensor coin price.
On the contrary, a bullish breakout from $2.35 resistance could drive a price surge to $260 mark.
