Grayscale Bittensor Trust (TAO) is a digital currency investment trust and asset-holding vehicle designed to provide institutional and accredited retail investors with titled, security-based investment exposure to TAO, the native cryptocurrency of the Bittensor decentralized artificial intelligence protocol. Sponsored and administered by Grayscale Investments, LLC, a subsidiary of Digital Currency Group, Inc., the trust holds underlying TAO tokens directly and issues common shares intended to reflect the market value of the held digital assets, less trust fees and operational expenses, allowing investors to participate in the artificial intelligence token market without the technical, operational, and regulatory burdens of direct token acquisition, wallet management, or private key safekeeping. The trust operates within the alternative asset management and cryptocurrency financial services industry, offering core products and services that include: publicly quoted investment shares trading under the symbol GTAO on the OTCQX Best Market; private placement subscription mechanisms for eligible institutional and accredited investors; institutional-grade custodial safekeeping services utilizing secure, segregated cold storage architectures; daily Net Asset Value (NAV) reporting and asset price tracking via transparent benchmark reference rates; and comprehensive regulatory compliance and SEC periodic reporting administration. Founded in June 2024, the trust is organized as a Delaware statutory trust and is headquartered in Stamford, Connecticut, United States, serving investors across North America and select international jurisdictions. In recent operational developments over the past two years, the trust expanded its market accessibility by initiating public secondary market trading on the OTCQX marketplace in December 2025 under the ticker GTAO, transitioned to an SEC-reporting company, and subsequently filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission to convert the fund into an exchange-traded product (ETP) listed on the NYSE Arca exchange as part of Grayscale's strategic expansion in decentralized AI investment products.