Grayscale Bittensor Trust posts 47.01% Q3 return
GTAO holders cannot currently redeem shares; a future redemption program would require SEC approval and the sponsor’s approval in its sole discretion.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Grayscale Bittensor Trust (TAO) reported a $4.867 million increase in net assets from operations for the third quarter of 2026, compared with a $1.529 million decrease a year earlier. Net assets were $17.732 million at September 30, 2026, versus $9.855 million at September 30, 2025. The trust’s third-quarter total return was 47.01%, compared with -11.39% in 2025.
At September 30, 2026, the trust held 59,165.79397381 TAO, valued at $17.732 million, with a principal-market price of $299.70 per TAO. For the first nine months of 2026, the increase in net assets from operations was $3.244 million, compared with a $2.633 million decrease in 2025; the trust issued 1,252,300 shares in the 2026 period. Its portfolio was entirely invested in TAO, whose price directly affects net asset value and results and which the trust describes as historically highly volatile. The trust said its shares have traded at premiums to the value of its TAO holdings less expenses and liabilities, at times substantial. It was not operating a redemption program or accepting redemption requests; a future program would be subject to SEC regulatory approval and the sponsor’s approval in its sole discretion.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointQ3 2026 operations: $4.867 million increase, versus a $1.529 million decrease.
Negative
- Moderate pointTAO concentration: 100% of net assets in historically volatile TAO.
Filing Explained
The trust creates shares only in 100-share blocks for authorized participants in exchange for TAO; the sponsor’s
Key Figures
Key Terms
Creation Basket financial
Authorized Participant financial
Index Price financial
Sponsor’s Fee financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was GTAO’s third-quarter 2026 return?
How much TAO did GTAO hold at September 30, 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
l
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
or
For the transition period from ______ to ______ |
Commission File Number
SPONSORED BY GRAYSCALE INVESTMENTS SPONSORS, LLC
(Exact Name of Registrant as Specified in Its Charter)
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(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(g) of the Act:
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Number of Shares of the registrant outstanding as of November 2, 2026:
Grayscale® Bittensor Trust (tao)
Table of Contents
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PART I – FINANCIAL INFORMATION
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Item 1. |
Financial Statements (Unaudited) |
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Statements of Assets and Liabilities at September 30, 2026 and December 31, 2025 |
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Schedules of Investment at September 30, 2026 and December 31, 2025 |
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Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025 |
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Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2026 and 2025 |
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Notes to the Unaudited Financial Statements |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
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Item 4. |
Controls and Procedures |
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PART II – OTHER INFORMATION
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Item 1. |
Legal Proceedings |
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Item 1A. |
Risk Factors |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 3. |
Defaults Upon Senior Securities |
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Item 4. |
Mine Safety Disclosures |
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Item 5. |
Other Information |
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Item 6. |
Exhibits |
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SIGNATURES |
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PART I – FINANCIAL INFORMATION:
Item 1. Financial Statements (Unaudited)
GRAYSCALE BITTENSOR TRUST (TAO)
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
(Amounts in thousands, except Share and per Share amounts)
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September 30, 2026 |
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December 31, 2025 |
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Assets: |
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Investment in TAO, at fair value (cost $ |
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Total liabilities |
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Net assets |
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Shares |
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Principal Market NAV per Share |
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See accompanying notes to the unaudited financial statements.
3
GRAYSCALE BITTENSOR TRUST (TAO)
SCHEDULES OF INVESTMENT (UNAUDITED)
(Amounts in thousands, except quantity of TAO and percentages)
September 30, 2026 |
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Total Investment |
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Net assets |
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December 31, 2025 |
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Quantity of TAO |
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Total Investment |
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See accompanying notes to the unaudited financial statements.
4
GRAYSCALE BITTENSOR TRUST (TAO)
STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands)
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Nine Months Ended September 30, |
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Investment income: |
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Investment income |
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Expenses: |
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Sponsor’s Fee, related party |
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Net investment loss |
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Net realized and unrealized gain (loss) from: |
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Net realized loss from: |
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TAO sold to pay expenses |
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Net realized loss |
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Net change in unrealized appreciation/depreciation |
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Net realized and unrealized gain (loss) |
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Net increase (decrease) in net assets resulting from operations |
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See accompanying notes to the unaudited financial statements.
5
GRAYSCALE BITTENSOR TRUST (TAO)
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(Amounts in thousands, except change in Shares outstanding)
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Three Months Ended |
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Nine Months Ended September 30, |
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2025 |
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2025 |
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Increase (decrease) in net assets from operations: |
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Net investment loss |
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Net realized loss |
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Net change in unrealized appreciation/depreciation |
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Net increase (decrease) in net assets resulting from operations |
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Increase in net assets from capital share transactions: |
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Shares issued |
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Net increase in net assets resulting from capital share transactions |
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Total increase in net assets from operations and capital share transactions |
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Net assets: |
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Beginning of period |
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End of period |
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Change in Shares outstanding: |
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Shares outstanding at beginning of period |
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Shares issued |
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Net increase in Shares |
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Shares outstanding at end of period |
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See accompanying notes to the unaudited financial statements.
6
GRAYSCALE BITTENSOR TRUST (TAO)
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. Organization
Grayscale Bittensor Trust (TAO) (the “Trust”) is a Delaware Statutory Trust that was formed on April 30, 2024 and commenced operations on June 10, 2024. As of September 30, 2026, the Trust did not operate a redemption program. Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust’s investment objective is for the value of the Shares (based on the TAO per Share) to reflect the value of the Bittensor tokens (“TAO”) held by the Trust, less the Trust’s expenses and other liabilities. The Trust issues Shares only in one or more blocks of
Grayscale Investments, LLC (“GSI”) was the sponsor of the Trust before January 1, 2025, Grayscale Operating, LLC (“GSO”) was the co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC (“GSIS” or the “Sponsor”) was the co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and is the sole remaining sponsor thereafter. GSI was, and each of GSO and GSIS are, a consolidated subsidiary of Digital Currency Group, Inc. (“DCG”). The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. The Sponsor is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As partial consideration for the Sponsor’s services, the Trust pays the Sponsor a Sponsor’s Fee as discussed in Note 6. The Sponsor also acts as the sponsor and manager of other single-asset and diversified investment products, each of which is an affiliate of the Trust. Information related to the affiliated investment products can be found on the Sponsor’s website at www.grayscale.com/resources/regulatory-filings. Any information contained on or linked from such website is not part of nor incorporated by reference into these unaudited financial statements.
CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”), Continental Stock Transfer & Trust Company is the transfer agent of the Trust (the “Transfer Agent”), BitGo Bank & Trust, National Association is the custodian of the Trust (the “Custodian”), Grayscale Securities, LLC is the Authorized Participant of the Trust (“Grayscale Securities” or, in such capacity, the “Authorized Participant”), and Coinbase Custody Trust Company, LLC (the “Additional Custodian”) is an available alternative custodian of the Trust.
The Trust’s Shares have traded on OTC Markets since December 12, 2025. The Trust’s trading symbol on the OTCQX Best Market® of OTC Markets Group Inc. (“OTCQX”) is “GTAO” and the CUSIP number for its Shares is 38963B100.
2. Summary of Significant Accounting Policies
In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2026 and December 31, 2025 and results of operations for the three and nine months ended September 30, 2026 and 2025 have been made. The results of operations for the periods presented are not necessarily indicative of the results of operations expected for the full year. These unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2025 included in our Annual Report.
The following is a summary of significant accounting policies followed by the Trust:
The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Trust uses fair value as its method of accounting for TAO in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material.
The Trust conducts its transactions in TAO, including receiving TAO for the creation of Shares and delivering TAO for the redemption of Shares and for the payment of the Sponsor’s Fee. At this time, the Trust is not accepting redemption requests from shareholders. Since its inception, the Trust has not held cash or cash equivalents. The Sponsor will determine the Trust’s net asset value (“NAV”) on each business day as of 4:00 p.m., New York time, or as soon thereafter as practicable.
Principal Market and Fair Value Determination
To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s net asset value in accordance with U.S. GAAP (the “Principal Market NAV”), the Trust follows ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for TAO in a current sale, which assumes an orderly transaction between market participants on the
7
measurement date. ASC 820-10 requires the Trust to assume that TAO is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
The Trust only receives TAO in connection with a creation order from the Authorized Participant (or a service provider that facilitates the purchase of TAO in connection with the creation of Baskets, i.e., “Liquidity Provider”) and does not itself transact on any Digital Asset Markets (as defined herein). Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (referred to as “Trading Platform Markets” in this Report), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”).
In determining which of the eligible Digital Asset Markets is the Trust’s principal market, the Trust reviews these criteria in the following order:
First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.
Second, the Trust sorts these Digital Asset Markets from high to low by market-based volume and level of activity of TAO traded on each Digital Asset Market in the trailing twelve months.
Third, the Trust then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material, notable variances that may impact the volume or price information of a particular Digital Asset Market.
Fourth, the Trust then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Trading Platform Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Trading Platform Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned analysis, a Trading Platform Market has been selected as the Trust’s principal market.
The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market.
Investment Transactions and Revenue Recognition
The Trust considers investment transactions to be the receipt of TAO for Share creations and the delivery of TAO for Share redemptions or for payment of expenses in TAO. At this time, the Trust is not accepting redemption requests from shareholders. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s Fee in TAO.
Fair Value Measurement
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date.
U.S. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
8
The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust.
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Fair Value Measurement Using |
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(Amounts in thousands) |
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Level 1 |
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Level 3 |
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September 30, 2026 |
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Assets |
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Investment in TAO |
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December 31, 2025 |
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Assets |
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Investment in TAO |
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Segment Reporting
The Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”). The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s passive investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information in the form of the Trust’s total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations and capital share transactions), which are used by the CODM to assess the segment’s performance, are consistent with that presented within the Trust’s financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor’s Fee, related party, is included in the accompanying Statements of Operations.
3. Fair Value of TAO
TAO is held by the Custodian on behalf of the Trust and is carried at fair value. As of September 30, 2026 and December 31, 2025, the Trust held
The Trust determined the fair value per TAO to be $
The following represents the changes in quantity of TAO and the respective fair value:
(Amounts in thousands, except TAO amounts) |
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Fair Value |
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Balance at December 31, 2024 |
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TAO contributed |
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TAO distributed for expenses |
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Net change in unrealized appreciation/depreciation |
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Net realized loss |
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Balance at September 30, 2025 |
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(Amounts in thousands, except TAO amounts) |
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Fair Value |
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Balance at December 31, 2025 |
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TAO contributed |
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TAO distributed for expenses |
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( |
) |
Net change in unrealized appreciation/depreciation |
|
|
|
|
|
|
||
Net realized loss |
|
|
|
|
|
( |
) |
|
Balance at September 30, 2026 |
|
|
|
|
$ |
|
||
4. Creations and Redemptions of Shares
The Trust creates (and, should the Trust commence a redemption program, redeems) Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of TAO to the Trust or the distribution of TAO by the Trust. The amount of TAO required for each Basket of Shares issued by the Trust (“Creation Basket”) or the amount of TAO for each Basket of Shares redeemed by the Trust (“Redemption Basket”) is determined by dividing (x) the amount of TAO owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of TAO representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 100. Each Share represented approximately
9
December 31, 2025, respectively. The decrease in the amount of TAO represented by each Share is primarily a result of the periodic withdrawal of TAO to pay the Sponsor’s Fee.
At this time, the Trust is not operating a redemption program and is not accepting redemption requests. Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program.
5. Income Taxes
The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s net assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares.
If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of
In accordance with U.S. GAAP, the Trust has defined the threshold for recognizing the benefits of tax positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. Tax positions deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit in the current period. As of, and during the periods ended September 30, 2026 and December 31, 2025, the Trust did not have a liability for any unrecognized tax amounts. However, the Sponsor’s conclusions concerning its determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and ongoing analyses of and changes to tax laws, regulations and interpretations thereof.
The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of September 30, 2026 or December 31, 2025.
6. Related Parties
The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of September 30, 2026: DCG, GSO, GSIS, and Grayscale Securities, LLC. As of September 30, 2026 and December 31, 2025,
In accordance with the Trust Agreement governing the Trust, the Trust pays a fee to the Sponsor, calculated as
10
As partial consideration for receipt of the Sponsor’s Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including marketing fees; administrator fees, if any; custodian fees; transfer agent fees; trustee fees; the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including customary legal, marketing and audit fees and expenses) in an amount up to $
The Trust may incur certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of shareholders (including in connection with any Incidental Rights and any IR Virtual Currency), any indemnification of the Custodian or other agents, service providers or counterparties of the Trust, the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including legal, marketing and audit fees and expenses) to the extent exceeding $
For the three months ended September 30, 2026 and 2025, the Trust incurred Sponsor’s Fees of $
7. Concentration Risk
The Trust’s investment portfolio is concentrated in TAO, and its net asset value and results of operations are directly affected by the price of TAO, which has historically been highly volatile. As a result, the Trust may experience significant fluctuations in net asset value, including periods of substantial losses. This concentration also exposes the Trust to risks specific to TAO and its supporting infrastructure, including market liquidity constraints and operational or cybersecurity risks associated with the custody and transfer of TAO.
11
8. Financial Highlights Per Share Performance
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Principal Market NAV, beginning of period |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net increase (decrease) in net assets from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net realized and unrealized gain (loss) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Net increase (decrease) in net assets resulting from operations |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Principal Market NAV, end of period |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Total return |
|
|
% |
|
|
- |
% |
|
|
% |
|
|
- |
% |
||
Ratios to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment loss |
|
|
- |
% |
|
|
- |
% |
|
|
- |
% |
|
|
- |
% |
Total expenses |
|
|
- |
% |
|
|
- |
% |
|
|
- |
% |
|
|
- |
% |
Ratios of net investment loss and expenses to average net assets have been annualized.
An individual shareholder’s return, ratios, and per Share performance may vary from those presented above based on the timing of Share transactions. The amount shown for a Share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the number of Shares issued in creations occurring at an operational value derived from an operating metric as defined in the Trust Agreement.
Total return is calculated assuming an initial investment made at the Principal Market NAV at the beginning of the period and assuming redemption on the last day of the period.
9. Indemnifications
In the normal course of business, the Trust enters into certain contracts that provide a variety of indemnities, including contracts with the Sponsor and affiliates of the Sponsor, DCG and its officers, directors, employees, subsidiaries and affiliates, and the Custodian and Additional Custodian, as well as others relating to services provided to the Trust. The Trust’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Sponsor does not consider it necessary to record a liability in this regard.
10. Subsequent Events
The Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure in the financial statements.
12
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, our unaudited financial statements and related notes included elsewhere in this Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Unless otherwise stated, the terms “we,” “our” and “us” in this Report refer to Grayscale Investments Sponsors, LLC (the “Sponsor”) acting on behalf of the Trust. Statements preceded by, followed by or that include words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Report that address activities, events or developments that will or may occur in the future, including such matters as changes in prices and market conditions (for TAO and the Shares), the operations of the Trust, the plans of the Sponsor and references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions is subject to a number of risks and uncertainties, including the special considerations discussed in this Report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of the Shares issued by the Trust. Moreover, neither the Sponsor nor any other person assumes responsibility for the accuracy or completeness of the forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
This Report supplements and where applicable amends the Memorandum, as defined in the Trust’s Second Amended and Restated Declaration of Trust and Trust Agreement, for general purposes.
Trust Overview
The Trust is a passive entity that is managed and administered by the Sponsor and does not have any officers, directors or employees. The Trust holds TAO tokens (“TAO”), a type of digital asset based on an open-source cryptographic protocol, and, from time to time, issues blocks of 100 common units of fractional undivided beneficial interest in, and ownership of, the Trust (each such unit, a “Share,” and collectively, the “Shares”; each such block, a “Basket”) to certain eligible financial institutions that are registered broker-dealers, have entered into agreements with the Trust and the Sponsor concerning the creation of Shares, and each own a digital wallet address that is known to the Custodian as belonging to the financial institution or a Liquidity Provider (each, an “Authorized Participant”) in exchange for deposits of TAO. As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on TAO per Share) to reflect the value of the TAO held by the Trust, determined by reference to the U.S. dollar value of a TAO derived from the digital asset trading platforms reflected in the CoinDesk Bittensor Benchmark Rate (the “Index”), calculated at 4:00 p.m., New York time, on each business day (the “Index Price”), less the Trust’s expenses and other liabilities. While an investment in the Shares is not a direct investment in TAO, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to TAO. To date, the Trust has not met its investment objective and the Shares quoted on OTC Markets have not reflected the value of the TAO held by the Trust, less the Trust’s expenses and other liabilities, but instead have traded at premiums to such value, which at times have been substantial. The Trust is not managed like a business corporation or an active investment vehicle. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
Critical Accounting Policies and Estimates
Investment Transactions and Revenue Recognition
The Trust considers investment transactions to be the receipt of TAO by the Trust in connection with Share creations and the delivery of TAO by the Trust in connection with Share redemptions or for payment of expenses in TAO. At this time, the Trust is not accepting redemption requests from shareholders. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including transfers of TAO to satisfy the Trust’s obligation to pay the Sponsor a fee that accrues daily in U.S. dollars at an annual rate of 2.5% of the aggregate value of the Trust’s assets, less its liabilities, as calculated and published by the Sponsor, and is payable in TAO monthly in arrears (the “Sponsor’s Fee”).
13
Principal Market and Fair Value Determination
To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s net asset value in accordance with U.S. GAAP (“Principal Market NAV”), the Trust follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for TAO in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that TAO is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
For purposes of this Report, a “Digital Asset Market” is a Brokered Market, Dealer Market, Principal-to-Principal Market or Exchange Market, each as defined in the FASB ASC Master Glossary. An Exchange Market is referred to as a “Trading Platform Market” in this Report.
The Trust receives TAO only in connection with a creation order from the Authorized Participant or an unaffiliated service provider that facilitates the purchase or sale of TAO in connection with creations or redemptions of Baskets (a “Liquidity Provider”) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. Authorized Participants and Liquidity Providers may transact in Digital Asset Markets.
In determining which of the eligible Digital Asset Markets is the Trust’s principal market, the Trust reviews these criteria in the following order:
The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market.
Investment Company Considerations
The Trust is an investment company for U.S. GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services—Investment Companies. The Trust uses fair value as its method of accounting for TAO in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material.
14
Review of Financial Results (unaudited)
Financial Highlights for the Three and Nine Months Ended September 30, 2026 and 2025
(All amounts in the following table and the subsequent paragraphs, except Share, TAO and price of TAO amounts, are in thousands)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net realized and unrealized gain (loss) |
|
$ |
4,937 |
|
|
$ |
(1,458 |
) |
|
$ |
3,435 |
|
|
$ |
(2,467 |
) |
Net increase (decrease) in net assets resulting from operations |
|
$ |
4,867 |
|
|
$ |
(1,529 |
) |
|
$ |
3,244 |
|
|
$ |
(2,633 |
) |
Net assets(1) |
|
$ |
17,732 |
|
|
$ |
9,855 |
|
|
$ |
17,732 |
|
|
$ |
9,855 |
|
Net realized and unrealized gain for the three months ended September 30, 2026 was $4,937, which includes a realized loss of ($35) on the transfer of TAO to pay expenses and net change in unrealized appreciation/depreciation of $4,972. Net realized and unrealized gain for the period was driven by TAO price appreciation from $202.57 per TAO as of June 30, 2026, to $299.70 per TAO as of September 30, 2026. Net increase in net assets resulting from operations was $4,867 for the three months ended September 30, 2026, which consisted of the net realized and unrealized gain, and the net investment loss of ($70). Net assets increased to $17,732 at September 30, 2026, an 89% increase for the three-month period. The increase in net assets resulted from the aforementioned TAO price appreciation and the contribution of approximately 13,146 TAO with a value of $3,480 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 312 TAO to pay the foregoing Sponsor’s Fee.
Net realized and unrealized loss for the three months ended September 30, 2025 was ($1,458), which includes a realized loss of ($2) on the transfer of TAO to pay expenses and net change in unrealized appreciation/depreciation of ($1,456). Net realized and unrealized loss for the period was driven by TAO price depreciation from $342.29 per TAO as of June 30, 2025, to $305.40 per TAO as of September 30, 2025. Net decrease in net assets resulting from operations was ($1,529) for the three months ended September 30, 2025, which consisted of the net realized and unrealized loss, and the net investment loss of ($71). Net assets increased to $9,855 at September 30, 2025, a 2% increase for the three-month period. The increase in net assets was due to the contribution of approximately 4,125 TAO with a value of $1,683 to the Trust in connection with Share creations during the period, partially offset by the aforementioned TAO price depreciation and the withdrawal of approximately 197 TAO to pay the foregoing Sponsor’s Fee.
Net realized and unrealized gain for the nine months ended September 30, 2026 was $3,435, which includes a realized loss of ($91) on the transfer of TAO to pay expenses and net change in unrealized appreciation/depreciation of $3,526. Net realized and unrealized gain for the period was driven by TAO price appreciation from $220.32 per TAO as of December 31, 2025, to $299.70 per TAO as of September 30, 2026. Net increase in net assets resulting from operations was $3,244 for the nine months ended September 30, 2026, which consisted of the net realized and unrealized gain, and the net investment loss of ($191). Net assets increased to $17,732 at September 30, 2026, an 122% increase for the nine-month period. The increase in net assets resulted from the aforementioned TAO price appreciation and the contribution of approximately 23,781 TAO with a value of $6,514 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 809 TAO to pay the foregoing Sponsor’s Fee.
Net realized and unrealized loss for the nine months ended September 30, 2025 was ($2,467), which includes a realized loss of ($4) on the transfer of TAO to pay expenses and net change in unrealized appreciation/depreciation of ($2,463). Net realized and unrealized loss for the period was driven by TAO price depreciation from $444.19 per TAO as of December 31, 2024, to $305.40 per TAO as of September 30, 2025. Net decrease in net assets resulting from operations was ($2,633) for the nine months ended September 30, 2025, which consisted of the net realized and unrealized loss, and the net investment loss of ($166). Net assets increased to $9,855 at September 30, 2025, an 124% increase for the nine-month period. The increase in net assets was due to the contribution of approximately 22,841 TAO with a value of $8,092 to the Trust in connection with Share creations during the period, partially offset by the aforementioned TAO price depreciation and the withdrawal of approximately 487 TAO to pay the foregoing Sponsor’s Fee.
15
Cash Resources and Liquidity
The Trust has not had a cash balance at any time since inception. When selling TAO, Incidental Rights and/or IR Virtual Currency in the Digital Asset Market on behalf of the Trust to pay expenses incurred by the Trust in addition to the Sponsor’s Fee that the Sponsor is not obligated to assume, the Sponsor endeavors to sell the exact amount of TAO, Incidental Rights and/or IR Virtual Currency needed to pay expenses in order to minimize the Trust’s holdings of assets other than TAO. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements.
In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the periods covered by this Report was the Sponsor’s Fee. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Selected Operating Data
|
|
As of September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Price of TAO on principal market |
|
$ |
299.70 |
|
|
$ |
305.40 |
|
Principal Market NAV per Share(1) |
|
$ |
5.66 |
|
|
$ |
5.91 |
|
Principal Market NAV(1) |
|
$ |
17,731,988 |
|
|
$ |
9,855,117 |
|
Index Price |
|
$ |
299.68 |
|
|
$ |
305.35 |
|
NAV per Share(2) |
|
$ |
5.66 |
|
|
$ |
5.91 |
|
NAV(2) |
|
$ |
17,730,805 |
|
|
$ |
9,853,504 |
|
For accounting purposes, the Trust reflects creations and the TAO receivable with respect to such creations on the date of an accepted creation order by the Authorized Participant. The Trust does not issue Shares until the requisite amount of TAO is received on T+1, and therefore the TAO for proceeds receivable with respect to such creations are recorded as a receivable until the TAO are delivered to the Trust for settlement. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program.
Historical NAV and TAO Prices
As movements in the price of TAO will directly affect the price of the Shares, investors should understand recent movements in the price of TAO. Investors, however, should also be aware that past movements in the TAO price are not indicators of future movements. Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
16
The following chart illustrates the movement in the Trust’s NAV per Share versus the Index Price and the Trust’s Principal Market NAV per Share from June 10, 2024 (the commencement of the Trust’s operations) to September 30, 2026. For more information on the determination of the Trust’s NAV, see “Item 1. Business—Overview of the TAO Industry and Market—TAO Value—The Index and the Index Price” in our Annual Report.
17
The following table illustrates the movements in the Index Price from June 10, 2024 to September 30, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms individually, or as a group.
|
|
|
|
|
High |
|
Low |
|
|
|
|
|
|
|||||||||||
Period |
|
Average |
|
|
Index Price |
|
|
Date |
|
Index Price |
|
|
Date |
|
End of period |
|
|
Last business day |
|
|||||
June 10, 2024 (the commencement of the Trust's operations) September 30, 2024 |
|
$ |
311.97 |
|
|
$ |
583.69 |
|
|
9/29/2024 |
|
$ |
219.59 |
|
|
7/7/2024 |
|
$ |
579.26 |
|
|
$ |
579.26 |
|
Twelve months ended September 30, 2025 |
|
$ |
404.90 |
|
|
$ |
709.06 |
|
|
12/6/2024 |
|
$ |
188.82 |
|
|
4/6/2025 |
|
$ |
305.35 |
|
|
$ |
305.35 |
|
Twelve months ended September 30, 2026 |
|
$ |
260.46 |
|
|
$ |
505.98 |
|
|
11/1/2025 |
|
$ |
146.45 |
|
|
2/11/2026 |
|
$ |
299.68 |
|
|
$ |
299.68 |
|
June 10, 2024 (the commencement of the Trust's operations) to September 30, 2026 |
|
$ |
329.90 |
|
|
$ |
709.06 |
|
|
12/6/2024 |
|
$ |
146.45 |
|
|
2/11/2026 |
|
$ |
299.68 |
|
|
$ |
299.68 |
|
The following table illustrates the movements in the Digital Asset Market price of TAO, as reported on the Trust’s principal market, from June 10, 2024 to September 30, 2026.
|
|
|
|
|
High |
|
Low |
|
|
|
|
|
|
|||||||||||
Period |
|
Average |
|
|
Digital Asset Market Price |
|
|
Date |
|
Digital Asset Market Price |
|
|
Date |
|
End of period |
|
|
Last business day |
|
|||||
June 10, 2024 (the commencement of the Trust's operations) to September 30, 2024 |
|
$ |
311.97 |
|
|
$ |
583.69 |
|
|
9/29/2024 |
|
$ |
219.48 |
|
|
7/7/2024 |
|
$ |
579.38 |
|
|
$ |
579.38 |
|
Twelve months ended September 30, 2025 |
|
$ |
405.08 |
|
|
$ |
708.85 |
|
|
12/6/2024 |
|
$ |
188.87 |
|
|
4/6/2025 |
|
$ |
305.40 |
|
|
$ |
305.40 |
|
Twelve months ended September 30, 2026 |
|
$ |
260.47 |
|
|
$ |
506.06 |
|
|
11/1/2025 |
|
$ |
146.45 |
|
|
2/11/2026 |
|
$ |
299.70 |
|
|
$ |
299.70 |
|
June 10, 2024 (the commencement of the Trust's operations) to September 30, 2026 |
|
$ |
329.99 |
|
|
$ |
708.85 |
|
|
12/6/2024 |
|
$ |
146.45 |
|
|
2/11/2026 |
|
$ |
299.70 |
|
|
$ |
299.70 |
|
18
The following chart sets out the historical closing prices for the Shares as reported by OTC Markets and the Trust’s NAV per Share from December 12, 2025 to September 30, 2026.
GTAO Premium: GTAO Share Price vs. NAV per Share (Non-GAAP) ($)
The following chart sets out the historical premium for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTC Markets divided by the Trust’s NAV per Share from December 12, 2025 to September 30, 2026.
GTAO Premium: GTAO Share Price vs. NAV per Share (Non-GAAP) (%)
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
The Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of January 12, 2026, between the Trustee and the Sponsor establishing and governing the operations of the Trust, as may be further amended from time to time (the “Trust Agreement”), does not authorize the Trust to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust does not invest in derivative financial instruments and has no foreign operations or long-term debt instruments.
Item 4. Controls and Procedures
The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor, and to the audit committee of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e). Based on this evaluation, the Principal Executive Officer and the Principal Financial and Accounting Officer of the Sponsor concluded that the Trust’s disclosure controls and procedures were effective as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There was no change in the Trust’s internal controls over financial reporting that occurred during the Trust’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, these internal controls.
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PART II – OTHER INFORMATION:
Item 1. Legal Proceedings
There have been no material changes to the Legal Proceedings last reported under “Part I, Item 3. Legal Proceedings” of our Annual Report on Form 10-K for the year ended December 31, 2025 (our “Annual Report”).
Item 1A. Risk Factors
There have been no material changes to the Risk Factors last reported under “Part I, Item 1A. Risk Factors” of our Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None during the quarter ended September 30, 2026.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
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Item 6. Exhibits
Exhibit Number
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Exhibit Description
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10.1†
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Amended and Restated BitGo Custodial Services Agreement, dated as of June 5, 2026, by and between BitGo Bank & Trust, National Association and the entities listed on Schedule B thereto (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on October 5, 2026). |
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10.2†
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Amendment to the Amended and Restated BitGo Custodial Services Agreement, dated as of September 30, 2026, by and between BitGo Bank & Trust, National Association and the entities listed on Schedule B thereto, adding Grayscale Bittensor Trust (TAO) as a party (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed by the Registrant on October 5, 2026). |
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10.3†
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Coinbase Prime Broker Agreement, dated as of October 3, 2025, by and between Grayscale Investments Sponsors, LLC, Coinbase, Inc., on behalf of itself and as agent for the Coinbase Entities, and Grayscale Investments Sponsors, LLC, on behalf of the Registrant (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed by the Registrant on October 5, 2026). |
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10.4†
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Amendment to the Coinbase Prime Broker Agreement, dated as of September 29, 2026, by and between Coinbase, Inc., on behalf of itself and as agent for the Coinbase Entities, and Grayscale Investments Sponsors, LLC, on behalf of the Registrant, adding Grayscale Bittensor Trust (TAO) as a party (incorporated by reference to Exhibit 10.4 of the Current Report on Form 8-K filed by the Registrant on October 5, 2026). |
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31.1 |
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Report on Form 10-Q for the quarter ended September 30, 2026. |
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31.2 |
Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Report on Form 10-Q for the quarter ended September 30, 2026. |
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32.1 |
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Report on Form 10-Q for the quarter ended September 30, 2026. |
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32.2 |
Certification of Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Report on Form 10-Q for the quarter ended September 30 2026. |
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101.INS* |
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
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101.SCH* |
Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents. |
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104 |
Cover Page Interactive Data File—The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
†
* |
Portions of this exhibit (indicated by asterisks) have been omitted as the Registrant has determined that (i) the omitted information is not material and (ii) the omitted information is of the type that the Registrant treats as private or confidential.
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.
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Grayscale Investments Sponsors, LLC as Sponsor of Grayscale Bittensor Trust (TAO) |
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By: |
/s/ Peter Mintzberg |
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Name: |
Peter Mintzberg |
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Title: |
Chief Executive Officer (Principal Executive Officer)* |
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By: |
/s/ Kathryn Masci |
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Name: |
Kathryn Masci |
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Title: |
Interim Chief Financial Officer (Principal Financial and Accounting Officer)* |
Date: November 5, 2026
* The Registrant is a trust and the persons are signing in their capacities as officers of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.
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