Grayscale Bittensor Trust (TAO): issues 253,100 shares in unregistered sale

What happened

• The filing reports that the Trust issued 253,100 Shares at varying prices determined by reference to its NAV per Share to selected "accredited investors" in private placement transactions exempt under Rule 506(c).
• The filing states these issuances were for an aggregate of 4,777.99171760 TAO representing $1,451,029 and that Grayscale Securities, LLC acted as the Authorized Participant with respect to these distributions.
• The filing reports there are 3,247,300 Shares issued and outstanding as of Oct 13, 2026.

Key details

• 253,100 Shares issued since the Trust's most recent Form 8-K filing.
• Aggregate of 4,777.99171760 TAO representing $1,451,029.
• Grayscale Securities, LLC acted as Authorized Participant and may be deemed an "underwriter" under Section 2(a)(11) of the Securities Act.
• No underwriting discounts or commissions were paid to Grayscale Securities with respect to these sales.

Why it may matter

• Item reported: Item 3.02 — Unregistered Sales of Equity Securities. This item covers the Trust's private placements of Shares to accredited investors and disclosures about parties that facilitated the distributions.
• The filing notes that because Shares are created and issued periodically, a "distribution" may be occurring from time to time and that the Authorized Participant facilitating creations and distributions may be deemed an "underwriter" under the Securities Act.
• The filing does not show why the insider traded or why the company acted.