From $GTAO Trust to a Listed ETF

At present, the Grayscale Bittensor Trust trades on the OTCQX market under the ticker GTAO. Following regulatory approval and a successful listing on NYSE Arca, the product is expected to be rebranded as the Grayscale Bittensor Trust ETF. This transition would allow investors to gain exposure to TAO through a regulated exchange, without needing to directly purchase or store the underlying digital asset.

The ETF structure is designed to track the value of TAO held by the trust. Share pricing will reflect the market value of the underlying assets, adjusted for operating expenses and other liabilities. While the ETF does not represent direct ownership of TAO, it offers a streamlined and cost-efficient vehicle for investors seeking price exposure.

Clear Restrictions on Staking Activity

One of the key points outlined in the filing concerns staking. Under the current regulatory framework, the trust is not permitted to stake its TAO holdings or generate additional yield through staking-related mechanisms. Whether this limitation could change in the future remains uncertain and would depend on regulatory developments.

Institutional-Grade Infrastructure Behind the Product

The operational framework of the trust includes several well-known financial and crypto-native institutions. Coinbase serves as the prime broker and plays a role in custody services, while Bank of New York Mellon is responsible for administrative and transfer-related functions. Shares are created and redeemed exclusively through authorized participants and only in predefined basket sizes, ensuring controlled liquidity and market efficiency.

What Is Bittensor (TAO)?

Bittensor is a decentralized blockchain protocol focused on the development and coordination of artificial intelligence. Unlike traditional networks that connect hardware or servers, Bittensor connects machine learning models, forming a global, peer-to-peer marketplace for AI intelligence.

TAO is the native asset of the Bittensor network and is used to reward contributors who support the network’s security and functionality. Similar to Bitcoin, TAO has a fixed maximum supply of 21 million tokens and operates with a halving mechanism that gradually reduces issuance over time.

Grayscale’s move toward a TAO-based ETF highlights the growing institutional interest in projects operating at the intersection of artificial intelligence and blockchain technology. The outcome of this application will be closely monitored, as it may set an important precedent for future AI-focused crypto investment products in regulated markets.

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Litecoin ETF Decision in Focus

The first major crypto ETF decision of the month concerns the Litecoin (LTC) ETF. The SEC will rule on Canary Capital’s application on October 2. Following that, Grayscale will finalize its Litecoin and Solana ETF applications by October 10. These developments will help investors shape their portfolio planning.

The October ETF wave will conclude on October 24 with WisdomTree’s XRP ETF. The SEC may announce decisions before the final deadline. According to Nate Geraci, the SEC will review Litecoin first, followed by Solana, Dogecoin, XRP, ADA, and HBAR ETFs, and is expected to complete the approval process quickly.

SEC Accelerates the Crypto ETF Process

Recently, the SEC approved general ETF rules, speeding up the approval process. Applications now move from 240 days to 75 days. Investors and fund companies can now manage the process more easily and predictably.

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Big Funds Stay Quiet

Major investment firms like BlackRock and Fidelity have not filed crypto ETF applications beyond Bitcoin and Ether. This cautious approach may limit competition in the market. Crypto ETFs are entering a critical period, allowing investors to diversify their portfolios and boost liquidity. October’s decisions are set to shape the future of the crypto market.

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This move highlights SEC’s cautious approach toward meme coin investments. Moreover, investors and analysts anticipate short-term market reactions. The SEC’s review ensures spot crypto ETFs are introduced safely and in a regulated manner. Additionally, the delay strengthens investor protection measures. 

SEC Grayscale Files Spot HBAR ETF 

Grayscale has submitted a Spot ETF application for Hedera (HBAR). The SEC postponed its decision until November 8, 2025. This delay reflects additional questions on Nasdaq’s commodity trust compliance. As a result, HBAR ETF undergoes thorough evaluation. HBAR and Polkadot (DOT) strong market performance has increased investor interest.

Furthermore, the SEC’s postponement addresses market manipulation and custody risks. Experts predict the HBAR ETF approval may extend into the fourth quarter. This process ensures crypto assets operate under a safer regulatory framework. Lastly, investors closely monitor SEC’s transparent approach. 

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SEC Filing Signals Serious Intent

On June 25, subsidiaries of global asset manager Invesco and crypto-native firm Galaxy filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the “Invesco Galaxy Solana ETF.”

If approved, the fund would trade on the Cboe BZX exchange under the ticker QSOL. Invesco Capital Management LLC is listed as the sponsor, with administrative duties assigned to the Bank of New York Mellon. Galaxy will manage token acquisition, and Coinbase Custody Trust Company will serve as the custodian for Solana.

Fierce Competition Around Solana ETFs

Other firms including VanEck, Bitwise, and 21Shares have also filed applications for Solana ETFs over the past year. The broader momentum follows the SEC’s approval of spot Bitcoin and Ethereum ETFs, after a pivotal court ruling during the Biden administration reshaped regulatory dynamics.

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Recently, the SEC requested issuers to update their S-1 filings for Solana ETF proposals—an indication that approvals may be on the horizon.

NFT Exposure in New ETF Formats

Also on June 25, Cboe BZX filed a Form 19b-4 for the Canary PENGU ETF. First proposed in March, the fund would include the Ethereum-based NFT project Pudgy Penguins’ PENGU token, along with other crypto assets.

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SEC Initiates Extended Review for Solana ETF Applications

Major asset managers like 21Shares, Bitwise, VanEck, and Canary Capital have filed proposals for spot Solana ETFs. However, the SEC has yet to greenlight any fund linked to Solana, despite previously approving products for Bitcoin and Ethereum.

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In its latest statements, the SEC emphasized that the delay does not signal a decision to approve or reject. Instead, the agency needs more time to evaluate the applications in light of concerns over market manipulation and investor protection—especially for proposals from Bitwise and 21Shares.

This round of review includes a formal public consultation period, inviting market participants to weigh in on the proposals before a final ruling is made.

Final Decision May Not Arrive Until Late 2025

While both 21Shares and Bitwise have strong reputations in crypto asset management, the SEC appears more cautious with Solana, which—despite its fast and low-cost infrastructure—remains outside the current list of approved ETF assets.

Bloomberg analysts James Seyffart and Eric Balchunas continue to express confidence, projecting a 90% likelihood that ETFs for Solana and Litecoin (LTC) will be approved. Still, they acknowledge that decisions may not arrive until late 2025 due to bureaucratic delays.

Investors are urged to remain patient and realistic. The approval process is moving forward—but not at the pace some may have hoped.

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What is Bitcoin Plus ETF?

Bitcoin Plus ETF can be defined as a product designed to offer equity-like investment vehicles related to Bitcoin. Aiming to protect investors from the volatility of cryptocurrencies, this ETF is expected to be traded on exchanges and appeals to a wider investor base. Bitcoin Plus ETF could be an ideal tool for those looking to benefit from Bitcoin’s price increase.

Truth.Fi and Its Strategy in the Crypto Investment Space

With this filing, Truth.Fi aims to make crypto investment tools more accessible. Products like the Bitcoin Plus ETF can help investors mitigate the risks associated with cryptocurrency investments. This move signifies an important opportunity for Truth.Fi‘s investors.

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This development may create a valuable opportunity for crypto investors. Truth.Fi’s filing may lead more investors to focus on Bitcoin and crypto-related ETFs. This filing is seen as part of Truth.Fi‘s broader strategy to offer more solutions in the crypto investment space.

Investors will closely monitor Truth.Fi’s Bitcoin Plus ETF for more information and investment opportunities. This new development continues to generate excitement in the crypto world.

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