Sector: Commodity Contracts Brokers & Dealers
GTAO: S-1/A · offering registration
Grayscale Bittensor Trust filed an S-1/A amendment to register an indeterminate number of Shares for continuous issuance, with plans to list on NYSE Arca under the ticker 'GTAO' and rename the Trust as Grayscale Bittensor ETF upon effectiveness. The Shares currently trade on OTCQX under GTAO, and the Trust issues and redeems Shares only in Baskets of 10,000 Shares with Authorized Participants, in-kind or in cash. The Trust holds TAO, the native asset of the Bittensor Network, and had net assets of approximately $9.4 million as of June 30, 2026, down 20% for the quarter as TAO fell from $306.80 to $202.57. Staking is currently prohibited because the Staking Condition has not been satisfied, and the Trust irrevocably abandons all Incidental Rights and IR Virtual Currency. Key infrastructure includes Grayscale Investments Sponsors as Sponsor (a DCG subsidiary), BitGo as primary custodian, Coinbase as prime broker and additional custodian, and BNY Mellon as transfer agent and administrator. Listing will occur under NYSE Arca Rule 8.201-E generic listing standards once TAO satisfies eligibility requirements, with no initial creation planned since Baskets are already outstanding.
Grayscale Expands Access to In-Kind Transfers Across Its Digital Asset Investment Platform
Grayscale announced that eligible investors can now make in-kind subscriptions — contributing underlying digital assets directly in exchange for shares — across select products on its platform. The eligible products list includes ten ETPs (GAVA, BTC, GLNK, ETH, GDOG, HYPG, GSOL, GSUI, GXRP, ZCSH) with approximate minimums ranging from $80,300 to $364,800; BCHG is not named among the eligible products. For BCHG holders, the news is indirect platform-level marketing from the sponsor rather than a product-specific change; access requires an Authorized Participant and remains subject to facilitator fees and product availability.
Grayscale Investments Partners with Republic to Expand Investor Access to Investment Products
Grayscale announced a partnership with Republic to distribute select Grayscale private funds to accredited investors with a $2,500 minimum. The products involved are the Grayscale DeFi Fund, Decentralized AI Fund, and Data Network Trust — the BCHG trust is not among the offerings in this deal. As such, the announcement is a Grayscale corporate update with no direct bearing on BCHG's holdings or structure.
GTAO: 8-K · offering registration
Grayscale Bittensor Trust (TAO) issued 253,100 shares to accredited investors in Rule 506(c) private placements, receiving 4,777.99 TAO valued at $1,451,029. Grayscale Securities, LLC acted as Authorized Participant, and no underwriting discounts or commissions were paid. Shares outstanding rose to 3,247,300 as of October 13, 2026. The filing is routine ongoing share creation for the trust, implying modest dilution (~8.5%) while increasing the trust's TAO holdings.
GTAO: 8-K · material agreement
Grayscale Bittensor Trust (TAO) entered into an amended and restated BitGo Custodial Services Agreement on September 30, 2026, making the Trust a party to the agreement and terminating its prior March 2025 BitGo custodial agreement. BitGo remains the Trust's primary custodian for its TAO holdings. On September 29, 2026, the Sponsor also joined the Coinbase Prime Broker Agreement, adding Coinbase as an additional custodian for a portion of the Trust's TAO. The Sponsor framed the move as risk management reflecting the Trust's growing size, though it has not determined how much TAO will move to Coinbase. Both custodial agreements require segregated accounts, insurance coverage, and sanctions screening, and give each custodian discretion over fork support for the Bittensor network. Coinbase custody fees and BitGo fees are Sponsor-paid expenses.
Grayscale Bittensor Trust (TAO) filed an 8-K reporting the private placement of 151,900 Shares to accredited investors under Rule 506(c) for 2,869.41581933 TAO, valued at approximately $891,272. The shares were issued at NAV-referenced prices with Grayscale Securities, LLC acting as Authorized Participant, and no underwriting discounts or commissions were paid. As of September 28, 2026, the Trust has 2,994,200 Shares outstanding. The disclosure notes ongoing periodic creations may constitute a "distribution" under the Securities Act, with Grayscale Securities potentially deemed an underwriter — a standard risk disclosure for Grayscale trust products.
Grayscale Investments Launches Grayscale Model Portfolios to Help Advisors Deliver Digital Asset Allocations at Scale
Grayscale Investments launched Grayscale Model Portfolios, a suite of four professionally constructed model portfolios that give financial advisors suggested digital asset allocations built from Grayscale exchange traded products. The strategies — Digital Assets Core Plus, Leaders, Next Gen, and Infrastructure — are market-cap weighted, rebalanced quarterly, and cap any single asset at 40%, with asset selection, position sizing, and diversification built into each methodology. Grayscale Advisors, LLC will deliver the models to financial platforms while advisors retain discretion over client implementation. The release is a sponsor-level business update: the BCHG trust is not referenced and no direct or quantified benefit to BCHG holders is stated.
The Zcash ETF (Ticker: ZCSH), Built By Grayscale, Begins Trading on NYSE Arca, Expanding Investor Access to the Leading Privacy-Focused Digital Currency
Grayscale has launched the Zcash ETF (ZCSH) on NYSE Arca, offering investors spot exposure to the privacy-focused Zcash token (ZEC) through an exchange-traded product structure. The fund provides access to ZEC without the operational complexities of holding the asset directly, marking the first ETP to offer spot exposure to Zcash. While Grayscale expands its product suite with this launch, the announcement pertains specifically to ZCSH and does not impact the assets or operations of the BCHG trust.
Grayscale Investments Announces Rebalancing of Multi-Asset Funds for Second Quarter 2026
Grayscale Investments announced the results of its second quarter 2026 review, updating the portfolio weightings for the Grayscale DeFi Fund (DEFG), Smart Contract Fund (GSC), and Decentralized AI Fund. The rebalancing actions included selling Uniswap from the DEFG Fund and NEAR Protocol from the AI Fund, while the GSC Fund sold components in proportion to weightings to purchase BNB. This operational update concerns other funds within the Grayscale suite and does not provide specific guidance or performance data for the BCHG fund.
Grayscale Investments Appoints Sebastian Pulido as Managing Director, Head of Onchain Asset Management
Grayscale appointed Sebastian Pulido as Managing Director and Head of Onchain Asset Management to lead the development of new onchain investment products. Pulido brings over 15 years of experience from Aave Labs, J.P. Morgan, and Goldman Sachs, focusing on institutional blockchain strategy and DeFi. The announcement follows a strong first half for Grayscale, with its Bitcoin Mini Trust ranking first in inflows and the Hyperliquid Staking ETF surpassing $100 million in AUM.
Grayscale Investments Appoints Steve Vanourny as Head of Index
Grayscale appointed Steve Vanourny as Head of Index, a newly created role reporting to CEO Peter Mintzberg. Vanourny joins from ProShares and State Street, where he held senior roles in product development and investment analytics. The hire supports Grayscale's expansion of its index platform across ETFs and private funds as the firm reports strong net inflows for its BTC product.
Grayscale Investments Launches the Lowest Gross Fee Hyperliquid ETP in the U.S. with Grayscale® Hyperliquid Staking ETF (Ticker: HYPG)
Grayscale launched the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, offering investors exposure to the HYPE token and its staking rewards. The fund carries a gross management fee of 0.29%, which Grayscale claims is the lowest among U.S. Hyperliquid ETPs. Hyperliquid generated approximately $857 million in fees in 2025, with 99% of those fees directed to the protocol via buybacks, highlighting the value-accretive nature of the underlying asset.
Grayscale Bittensor Trust reported the unregistered sale of 182,600 shares to accredited investors via private placement transactions exempt from registration under Rule 506(c) of Regulation D. The shares were issued at varying prices based on the Trust's Net Asset Value per Share for an aggregate consideration of $1,000,457. Grayscale Securities, LLC acted as the Authorized Participant for these distributions and may be deemed an underwriter under the Securities Act, though no underwriting discounts or commissions were paid. As a result of these transactions, the total number of shares issued and outstanding now stands at 2,185,400 as of April 22, 2026. The filing was signed on behalf of the registrant by Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC, the Sponsor of the Trust.
