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

Grayscale 的 S-1 申请标志着向美国首个去中心化 AI ETF 迈出的重大一步，可能会因机构需求而提振 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 在推出首个专注于去中心化人工智能的美国交易所交易产品 (ETP) 方面迈出了重大一步，此举在去中心化人工智能和加密货币领域引发了连锁反应。该公司已提交 SEC S-1 表格注册声明，这是将其 Grayscale Bittensor Trust (GTAO) 转变为公开交易 ETF（计划在 NYSE Arca 上市）的关键一步。

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

从私募到公开ETP：Bittensor的新时代

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 最初成立于 2024 年 4 月 30 日，目前在 OTCQX 市场运营，管理资产 (AUM) 约为 790 万美元。此次 S-1 备案标志着从私人产品到广泛公开发行的关键转变。如果获得批准，转换后的 ETP 将采用涉及授权参与者的实物创建和赎回机制，该结构旨在提高流动性和跟踪效率。

Supply Shock Meets Institutional Appetite

供应冲击满足机构需求

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.

市场对此消息反应热烈，Bittensor 的原生代币 TAO 在消息公布后价格显着上涨。 Bittensor 最近的网络事件（2025 年 12 月 14 日首次“减半”）进一步放大了这种激增，该事件将每日奖励发行量从 7,200 TAO 削减至 3,600 TAO。新供应量的减少，加上 ETF 的预期机构需求，正在推动围绕 TAO 的强劲看涨叙述。

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，如果监管条件允许，灰度还表示有意探索该信托的质押能力。这可能会在未来为 ETF 持有者释放创收机会，为投资者增加另一层吸引力。

Grayscale's Strategic Expansion into Decentralized AI

灰度向去中心化人工智能的战略扩张

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.

这一战略举措强调了灰度致力于将其产品范围扩展到比特币和以太坊等传统加密货币之外。通过瞄准 Bittensor（一家拥有大量市值的去中心化机器学习领域公认的领导者），Grayscale 巧妙地将自己定位在人工智能和加密货币这两个最主要趋势的交汇处。该文件利用了第 144 条规则，有可能将私募投资者的持有期缩短至六个月。尽管 SEC 的审查流程十分严格，但行业观察人士预计批准时间表可能会延长至 2026 年。随着 NYSE Arca 已经为实物机制的必要规则变更开绿灯，Grayscale 似乎准备带头为机构投资者提供直接投资新兴去中心化人工智能领域的机会。

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!

对于去中心化人工智能来说，这是一个激动人心的时刻，看起来 Bittensor 已经准备好在大舞台上特写了。让我们看看结果如何——这肯定是一次疯狂的旅程！