Grayscale Touts Altcoin Value as It Moves Ahead With Bittensor Trust Filing

Overview

• Grayscale, which Thursday filed an amended SEC registration for a Bittensor (TAO) trust, also released a research note presenting altcoins as attractively priced.
• The firm’s FTSE Russell–based altcoin index is down about 59% from its mid‑2025 peak to roughly 165, placing it near the 150 level that defined the 2023 base.
• Grayscale says its Crypto Sectors Index rose about 4% in March while the S&P 500 fell roughly 5%, a split it argues suggests crypto prices may be washed out rather than breaking down.
• Head of research Zach Pandl wrote that he cannot confirm a bottom and warned that an active Middle East conflict, oil above $100, and very weak sentiment could pull prices lower.
• The S‑1 amendment, registration number 333‑292418 with Davis Polk as counsel, would set up a trust to give U.S. investors regulated exposure to TAO, the token of the Bittensor AI network, if the SEC signs off.