Grayscale Bittensor Trust Issues 182,600 Shares in Private Sale

Grayscale Bittensor Trust (GTAO) has issued 182,600 shares to accredited investors in a private placement. This transaction raised approximately $1.0 million in exchange for 3,488 TAO tokens. The trust uses these periodic private offerings to expand its holdings.

How the Private Placement Operates

The trust utilizes Rule 506(c) of the Securities Act to execute these offerings. Under this regulation, issuers may solicit and raise capital from accredited investors if they take reasonable steps to verify that the investors meet specific financial criteria.

Grayscale Securities, LLC serves as the Authorized Participant for these distributions. According to a recent SEC filing, the Authorized Participant may be deemed an underwriter under Section 2(a)(11) of the Securities Act. The trust noted that no underwriting discounts or commissions were paid for this issuance.

Comparison to Prior Activity

This issuance follows a pattern of capital accumulation for the fund. Previously, the trust reported a separate private placement of 121,300 shares to accredited investors, which raised $715,103 in exchange for approximately 2,323 TAO.

As of September 17, 2026, the Grayscale Bittensor Trust has 2.8 million shares outstanding. The trust shares were most recently trading at $5.55 per share.

Market Context for GTAO

The Grayscale Bittensor Trust provides investors with exposure to Bittensor (TAO), a decentralized machine learning network. By holding the digital asset within a trust structure, the fund allows investors to gain exposure to the token through traditional brokerage accounts. This avoids the need for direct management of digital wallets or private keys.

For the trust, these private placements serve as a mechanism to grow the amount of TAO held under custody. Because the trust does not currently offer a redemption program for shareholders, the supply of shares is driven by these periodic capital raises.