Grayscale Bittensor Trust Issues 148,800 TAO Shares in Private Placement

What Happened
Grayscale Bittensor Trust (TAO) filed an 8-K on September 15, 2026, reporting that it issued 148,800 Shares in private placement transactions to selected accredited investors under Rule 506(c) of Regulation D. The placements were priced by reference to the trust’s NAV per share and in the aggregate amounted to 2,814.13415038 TAO representing $650,589. Grayscale Securities, LLC served as the Authorized Participant for these distributions. As of September 15, 2026, there are 2,842,300 Shares issued and outstanding.

Key Details

• 148,800 Shares issued in private placements to accredited investors (Rule 506(c)).
• Aggregate reported amount: 2,814.13415038 TAO representing $650,589.
• Grayscale Securities, LLC acted as Authorized Participant and distributor; no underwriting discounts or commissions were paid.
• Outstanding Shares as of Sept 15, 2026: 2,842,300. The filing notes share creation and issuance occur periodically and distributions may be ongoing.

Why It Matters
This 8-K documents a recent private issuance that increased the Trust’s outstanding shares. Retail investors should note the explicit increase in share count and that the Trust continues to create and issue shares periodically. The filing also states Grayscale Securities, by facilitating creations and distributions, may be considered an “underwriter” under the Securities Act, although no commissions were paid for these transactions.