Grayscale Bittensor Trust Adds 151,900 Shares as Count Nears 3 Million
The new shares were created against roughly 2,869 TAO tokens worth about $891,000, placed with accredited investors at prices tied to net asset value.
September 29, 2026
Grayscale Bittensor Trust (TAO), the single-asset vehicle holding the native token of the Bittensor network, has issued 151,900 new shares in private placements since its previous share-issuance report, bringing shares outstanding to 2,994,200 as of September 28, 2026.
The new shares went to selected accredited investors in exchange for an aggregate of 2,869.41581933 TAO, valued at $891,272. Because the consideration was denominated in TAO, the placements added tokens directly to the trust's holdings. Pricing was not fixed: each sale was set by reference to the trust's net asset value per share at the time, so the price varied across transactions.
How the Shares Were Placed
The trust relied on Rule 506(c) of Regulation D to sell the shares without registering them under the Securities Act. Unlike the more common Rule 506(b) route, 506(c) allows general solicitation, provided the issuer takes reasonable steps to verify that every purchaser is accredited. Shares acquired this way are restricted securities and cannot be freely resold in the public market at issuance.
Grayscale Securities, LLC acted as authorized participant for the creations and also serves as distributor and marketer of the shares. Because shares have been, and continue to be, created and issued on a periodic basis, the trust notes that a distribution may be under way at any given time, and that Grayscale Securities could therefore be deemed an underwriter under the Securities Act. The firm received no underwriting discounts or commissions on these sales.
Where the Trust Stands
The trust is a Delaware entity sponsored by Grayscale Investments Sponsors, LLC. Its shares are registered under Section 12(g) of the Exchange Act and carry the ticker GTAO, but they are not listed on a national securities exchange. The trust also identifies itself as an emerging growth company.
The update picks up from the trust's most recent prior report of share sales, and each round of creations expands both the share count and the pool of TAO backing it.
