Grayscale has filed amendment No. 2 to its Form S-1 for a Bittensor ETF, moving closer to a NYSE Arca listing. The filing swaps the primary custodian to BitGo Bank & Trust. TAO trades near $250, but trading volume fell even as the news broke.
Grayscale filed amendment No. 2 to its Form S-1 registration statement for its Bittensor ETF with the US SEC. The update brings the spot fund closer to a listing on NYSE Arca.
Filing changes the listing route and custodian
The issuer aims to list shares on NYSE Arca under the ticker GTAO. It has not revealed a management fee or any waiver, and shares currently trade on the OTCQX market under the same ticker.
A notable change from the previous amendment is the intention to list under Generic Listing Standards for commodity-based trust shares once TAO meets eligibility criteria. In addition, the primary custodian is now 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 through in-kind transfers of TAO. Staking plans are still under consideration, and the fund will not trade until the exchange approves it.
TAO price holds near $250 as volume drops
TAO jumped more than 3% but pared gains to trade within the $245-$255 range over 24 hours. The price now sits at $250, with a 24-hour low of $244.91 and a high of $255.27.
However, trading volume decreased by 19% in the same period despite the amendment. The source links the drop in TAO to concerns about AI safety and rising AI expenditures.
CoinGlass data showed buying sentiment in the derivatives market, as total TAO futures open interest across Binance and other exchanges jumped 4% in 24 hours. It climbed more than 1% to $400 million in the last hour.
Source: CoinGape
Trading involves risk.
Risk Disclaimer
