Grayscale Bittensor Trust Files Amendment No. 2 to S-1 for NYSE Arca Listing as ETF
GTAO sits 49% above its 52-week low of $3.98.
Summary
Grayscale Bittensor Trust filed Amendment No. 2 to its S-1 to list on NYSE Arca as Grayscale Bittensor ETF and to run a redemption program, a step that would let arbitrage close the Trust's persistent premium to NAV. The filing also puts hard numbers on the fee (2.5% annually) and the Q2 2026 loss ($4.7 million) as TAO fell.
Key Events · Product Development and Regulatory · GTAO
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S-1 Amendment Filed for NYSE Arca Listing
Amendment No. 2 to Form S-1 (Registration No. 333-292481) registers an indeterminate number of Shares for continuous issuance and proposes listing on NYSE Arca under Rule 8.201-E (Generic), with the Trust renamed Grayscale Bittensor ETF.
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Redemption Program Planned on Listing
The Trust intends to rely on a Regulation M exemption to operate a redemption program; as of June 30, 2026 it did not operate one, and the Shares have traded at a premium to NAV that at times has been substantial.
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Fee and Q2 Loss Disclosed
Sponsor's Fee is 2.5% of assets less liabilities (2.50% expense ratio); Q2 2026 net decrease in net assets from operations was $4.7 million as TAO fell from $306.80 on March 31, 2026 to $202.57 on June 30, 2026.
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Listing Still Conditional
Shares will not trade on NYSE Arca unless the Trust meets Rule 8.201-E(d)(1) eligibility and the exchange confirms all listing requirements; the Trust does not expect a Rule 19b-4 filing.
Analysis · GTAO · Crypto Assets
This registration step would move GTAO off the OTCQX quote and onto NYSE Arca as a listed ETF, with a redemption program the Trust does not currently operate. That matters because the Shares have traded at a premium to NAV, which at times has been substantial, and an arbitrage mechanism only works once creations and redemptions are live. The filing also discloses the economics: a 2.5% annual Sponsor's Fee, a 2.50% expense ratio, and a Q2 2026 net decrease in net assets from operations of $4.7 million as TAO fell from $306.80 to $202.57 per token. Listing is not assured — the Trust must satisfy NYSE Arca Rule 8.201-E(d)(1) eligibility and the exchange must confirm compliance before trading begins.
How filings like this one have moved
In the 30 days to Oct 24, 2026, 29.5% of the 1521 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.14%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, GTAO was trading at $5.92 on OTC in the Crypto Assets sector, with a market capitalization of approximately $19.2M. The 52-week trading range was $3.98 to $19.89. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.