Grayscale 向 SEC 提交 S-1 表格，推出由 Bittensor (TAO) 支持的首個去中心化 AI ETF

Grayscale 的 S-1 申請標誌著向美國首個去中心化 AI ETF 邁出的重大一步，可能會因機構需求而提振 Bittensor (TAO)。

In a move that's sending ripples through the decentralized artificial intelligence and crypto spheres, Grayscale Investments has taken a significant stride towards launching the first-ever U.S. exchange-traded product (ETP) focused on decentralized AI. The firm has submitted an SEC Form S-1 registration statement, a critical step in converting its Grayscale Bittensor Trust (GTAO) into a publicly traded ETF, slated for listing on NYSE Arca.

Grayscale Investments 在推出首個專注於去中心化人工智能的美國交易所交易產品 (ETP) 方面邁出了重大一步，此舉在去中心化人工智能和加密貨幣領域引發了連鎖反應。該公司已提交 SEC S-1 表格註冊聲明，這是將其 Grayscale Bittensor Trust (GTAO) 轉變為公開交易 ETF（計劃在 NYSE Arca 上市）的關鍵一步。

From Private Placement to Public ETP: A New Era for Bittensor

從私募到公開ETP：Bittensor的新時代

The Grayscale Bittensor Trust, initially established on April 30, 2024, currently operates on the OTCQX market with approximately $7.9 million in Assets Under Management (AUM). This S-1 filing marks a pivotal transition from a private product to a widely accessible public offering. If approved, the converted ETP will feature an in-kind creation and redemption mechanism involving Authorized Participants, a structure designed to enhance liquidity and tracking efficiency.

Grayscale Bittensor Trust 最初成立於 2024 年 4 月 30 日，目前在 OTCQX 市場運營，管理資產 (AUM) 約為 790 萬美元。此次 S-1 備案標誌著從私人產品到廣泛公開發行的關鍵轉變。如果獲得批准，轉換後的 ETP 將採用涉及授權參與者的實物創建和贖回機制，該結構旨在提高流動性和跟踪效率。

Supply Shock Meets Institutional Appetite

供應衝擊滿足機構需求

The market has responded with palpable enthusiasm to this news, with Bittensor's native token, TAO, experiencing a notable price increase following the announcement. This surge is amplified by Bittensor's recent network event – its first “halving” on December 14, 2025, which slashed daily reward issuance from 7,200 TAO to 3,600 TAO. This reduction in new supply, coupled with the anticipated institutional demand from the ETF, is fueling a robust bullish narrative around TAO.

市場對此消息反應熱烈，Bittensor 的原生代幣 TAO 在消息公佈後價格顯著上漲。 Bittensor 最近的網絡事件（2025 年 12 月 14 日首次“減半”）進一步放大了這種激增，該事件將每日獎勵發行量從 7,200 TAO 削減至 3,600 TAO。新供應量的減少，加上 ETF 的預期機構需求，正在推動圍繞 TAO 的強勁看漲敘述。

Furthermore, Grayscale has indicated its intention to explore staking capabilities for the trust, should regulatory conditions permit. This could potentially unlock yield-generating opportunities for ETF holders in the future, adding another layer of appeal for investors.

此外，如果監管條件允許，灰度還表示有意探索該信託的質押能力。這可能會在未來為 ETF 持有者釋放創收機會，為投資者增加另一層吸引力。

Grayscale's Strategic Expansion into Decentralized AI

灰度向去中心化人工智能的戰略擴張

This strategic move underscores Grayscale's commitment to expanding its product offerings beyond traditional cryptocurrencies like Bitcoin and Ethereum. By targeting Bittensor, a recognized leader in decentralized machine learning with a substantial market capitalization, Grayscale is adeptly positioning itself at the confluence of two of the most dominant trends: Artificial Intelligence and Crypto. The filing leverages Rule 144, potentially shortening the holding period for private placement investors to six months. While the SEC's review process is rigorous, industry observers are anticipating a potential approval timeline extending into 2026. With NYSE Arca already greenlighting the necessary rule changes for the in-kind mechanism, Grayscale appears poised to lead the charge in providing institutional investors with direct exposure to the burgeoning decentralized AI sector.

這一戰略舉措強調了灰度致力於將其產品範圍擴展到比特幣和以太坊等傳統加密貨幣之外。通過瞄準 Bittensor（一家擁有大量市值的去中心化機器學習領域公認的領導者），Grayscale 巧妙地將自己定位在人工智能和加密貨幣這兩個最主要趨勢的交匯處。該文件利用了第 144 條規則，有可能將私募投資者的持有期縮短至六個月。儘管 SEC 的審查流程十分嚴格，但行業觀察人士預計批准時間表可能會延長至 2026 年。隨著 NYSE Arca 已經為實物機制的必要規則變更開綠燈，Grayscale 似乎準備帶頭為機構投資者提供直接投資新興去中心化人工智能領域的機會。

It's an exciting time for decentralized AI, and it looks like Bittensor is getting ready for its close-up on the big stage. Let's see how this plays out – it's sure to be a wild ride!

對於去中心化人工智能來說，這是一個激動人心的時刻，看起來 Bittensor 已經準備好在大舞台上特寫了。讓我們看看結果如何——這肯定是一次瘋狂的旅程！