Grayscale Advances Plans to List Bittensor ETF on NYSE Arca, Will TAO Price Jump?
Highlights
- Grayscale files amendment No. 2 to its Form S-1 registration statement for Bittensor ETF.
- The issuer intends to list under NYSE Arca Generic Listing Standards for commodity-based trust shares.
- Primary custodian changed to BitGo Bank & Trust from Coinbase Custody.
- TAO price jumps amid buying sentiment in derivatives markets.
Grayscale has updated its S-1 form for Bittensor ETF with the US SEC, advacing closer to launching the spot exchange-traded fund on NYSE Arca. TAO price has jumped as traders responded to the announcement and other developments.
Grayscale Bittensor ETF Updates Filing with the US SEC
Grayscale has filed amendment no. 2 to its Form S-1 registration statement for Bittensor ETF, according to the latest US SEC filing. It advances to rename the trust to Grayscale Bittensor ETF, offering regulated exposure to TAO.
The issuer aims to list shares on NYSE Arca under the ticker GTAO. The issuer has not revealed a management fee or any waiver for the first spot ETF tracking the TAO price. Shares currently trade on the OTCQX market under GTAO.
A notable change from the previous amendment is related to the intention to list under Generic Listing Standards for commodity-based trust shares once TAO meets eligibility criteria.
Moreover, the primary custodian for Grayscale Bittensor ETF has changed to BitGo Bank & Trust. Coinbase Custody will serve as an additional custodian, with Coinbase as prime broker and The Bank of New York Mellon as transfer agent and administrator.
Creations and redemptions will occur in Baskets of 10,000 shares via in-kind transfers of TAO. Grayscale Bittensor ETF will not trade until approval by the exchange. Staking plans are still under consideration.
Will TAO Price Surge?
TAO price jumped more than 3% but pared gains to trade within the $245-$255 range in the past 24 hours. The price is currently trading at $250, with a 24-hour low and high of $244.91 and $255.27, respectively.
However, trading volume has decreased by 19% in the last 24 hours despite the Grayscale Bittensor ETF amendment. TAO dropped amid concerns related to AI safety and rising AI expenditures.
Recently, Bittensor’s TAO went live on Robinhood Chain through a Forever Money bridge built on Chainlink CCIP. It also released the Null Consensus protocol update to expand subnet capacity from 256 to 2,500 participants.
Meanwhile, CoinGlass data showed buying sentiment in the derivatives market. The total TAO futures open interest across Binance and other exchanges jumped 4% in the past 24 hours. However, it climbed more than 1% to $400 million in the last hour.
Traders looking to trade these shifting trends can find competitive fees and deep liquidity on the best crypto futures trading platforms currently leading the derivatives sector.
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