Grayscale Bittensor Trust

Grayscale Bittensor Trust (TAO) is a Delaware Statutory Trust formed on April 30, 2024, to hold Bittensor tokens ("TAO"). These digital assets are created and transmitted through the peer-to-peer Bittensor Network, a decentralized computer network operating on cryptographic protocols. As of December 31, 2025, the Trust holds approximately 0.3% of the TAO in circulation. The Trust's position size does not allow its Sponsor or the Trust to influence the Bittensor Network's development. However, DCG, the sole equity holder and indirect parent of the Sponsor, is reported to be one of the largest holders of TAO and has investments in companies involved in the Bittensor ecosystem. The Bittensor Network includes various stakeholders like core developers, Miners, Validators, Consumers, and other users, with the Trust being one constituent. Ownership of TAO does not grant governance rights in the network. The Trust issues common units of fractional undivided beneficial interest, called Shares, to accredited investors in exchange for TAO deposits. These Shares represent ownership in the Trust and are quoted on OTC Markets Group, Inc.'s OTCQX® Best Market under the ticker symbol "GTAO." As a passive investment vehicle, the Trust aims for the value of its Shares (based on TAO per Share) to reflect the value of TAO held by the Trust, determined by the Index Price, minus the Trust's expenses and other liabilities.