The Grayscale Bittensor Trust is a passive investment vehicle that holds TAO, the native token of the Bittensor Network, a decentralized blockchain-based marketplace for AI models. On the Bittensor Network, participants called Miners host AI models and make them available to the network, while Validators rank the quality of those models' outputs. TAO is used to reward participants and govern resource allocation across the network's Subnets — specialized sub-networks focused on specific AI tasks. The Trust's sole purpose is to give accredited investors exposure to TAO's price without requiring them to directly buy, store, or custody the token themselves. Grayscale, as Sponsor, charges an annual fee of 2.5% of NAV, which accrues daily and is paid monthly in TAO transferred out of the Trust's holdings, causing the amount of TAO per Share to gradually decline over time. Shares are created exclusively through private placements in blocks of 100, called Baskets, and only Grayscale Securities — an affiliate of the Sponsor — can place creation orders. There is currently no redemption program, so Shares cannot be returned to the Trust for TAO. Shares trade on OTCQX under the ticker "GTAO," and without a redemption mechanism to anchor prices to NAV, Shares have traded at significant premiums. The Trust filed a Form S-1 in December 2025 to convert into an ETF listed on NYSE Arca, which would introduce ongoing Share creation and redemption and should reduce the premium to NAV. The Trust holds actual TAO in cold storage via custodian BitGo Trust Company, and does not stake, lend, or otherwise generate income from its holdings.