Grayscale Bittensor Trust (TAO) 8-K

What Happened

• Grayscale Bittensor Trust (TAO) filed an 8‑K on April 22, 2026 announcing it issued 182,600 Shares in private placement transactions to accredited investors. The Shares were sold at varying prices determined by reference to the Trust’s NAV per share. After these issuances, 2,185,400 Shares were outstanding as of April 22, 2026. The filing was signed by Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC (the Sponsor).

Key Details

• 182,600 Shares issued in private placements under Rule 506(c) to accredited investors.
• Aggregate reported amount: 3,488.07875456 TAO representing $1,000,457 (as stated in the filing).
• Grayscale Securities, LLC acted as the Authorized Participant and facilitated the distributions; it may be deemed an “underwriter” under the Securities Act.
• No underwriting discounts or commissions were paid with respect to these sales.

Why It Matters

• The Trust is continuing to create and issue Shares periodically, which can affect supply and the Trust’s outstanding share count (2,185,400 after this issuance). Investors should note that these were unregistered private placements to accredited investors, not a public offering.
• The filing flags a potential legal/regulatory point: Grayscale Securities’ role in creating and distributing Shares may subject it to the definition of “underwriter” under the Securities Act, although no fees were paid for these transactions. This is a disclosure of how the Trust is being distributed, not a statement about performance or NAV.