Grayscale just made another bold move that could push one of crypto’s most promising AI tokens into the big leagues.
Meanwhile, technical indicators suggest a significant upside in the cards for the token, potentially reclaiming its April 2024 all-time high (ATH).
This Altcoin Could Join Bitcoin and Ethereum in Grayscale’s Trusted Circle
Grayscale Investments recently filed a Form 10 registration statement with the US SEC (Securities and Exchange Commission) for its Bittensor Trust (TAO).
The filing aims to cut the private placement holding period from 12 to six months. This would allow faster liquidity for early backers and potentially attract fresh institutional inflows.
If approved, the trust would begin reporting under Section 12(g) of the Exchange Act. This would require Grayscale to file 10-Ks, 10-Qs, and audited financial statements with the SEC, bringing a new level of transparency to TAO investors.
“We just filed a Form 10 for Grayscale Bittensor Trust ($TAO), the first step toward becoming an SEC Reporting Company, increasing its accessibility, transparency, and regulatory status,” Grayscale wrote in a post.
This marks the first step toward making TAO a publicly tradable, SEC-reporting investment product. The move effectively puts TAO in the same category as Grayscale’s flagship Bitcoin, Ethereum, and Solana trusts.
If the Form 10 becomes effective, Grayscale plans to publicly quote the trust’s shares on OTC Markets, similar to its existing products like GBTC (Bitcoin Trust) and ETHE (Ethereum Trust).
More importantly, the move brings Bittensor one step closer to an exchange-traded product (ETP). Such a milestone would vastly expand TAO’s accessibility to both institutional and retail investors.
On-chain data further underscores Bittensor’s growing influence, with TAO commanding roughly 33% of the DePIN (Decentralized Physical Infrastructure Network) sector’s total mindshare.
TAO Price Outlook: Is 2024 ATH In the Cards for Bittensor Price?
From a technical standpoint, TAO’s price chart is forming a falling wedge pattern, often a precursor to bullish reversals. Specifically, the TAO/USDT trading pair has been consolidating withing a falling wedge since October 2024, and with the technical formation filling, a breakout may be imminent for TAO price.
The target objective of the falling wedge is determined by measuring the longest height of the chart and superimposing it at the prospective breakout point. Based on this, the TAO price may be coiling up for a 236% breakout.
Such a move could see the TAO price ascend to $1,353, effectively clearing the $1,248 ATH recorded on April 11, 2024. However, traders looking to take long positions for TAO should probably wait for a break above the immediate resistance at $402.3.
A decisive candlestick close above this level, confirmed by a successful retest or a break and hold above $499.6, would set the tone for further upside.
The RSI (Relative Strength Index) indicator’s position at 63 suggests the TAO price still has room for further upside before the Bittensor token is considered overbought. Its trajectory, climbing, points to a growing moment, adding credence to the bullish thesis.
Meanwhile, the bullish volume profiles (green horizontal bars) indicate that the TAO price is in the hands of the bulls, with a significant volume of bulls waiting to interact with the price above $402.3.
Bittensor (TAO) Price Performance. Source: TradingView
Conversely, a rejection from the upper boundary of the wedge could send the TAO price lower, with the bearish volume profiles (black horizontal bars) showing sellers wait to interact with the price below $219.6.
If this level fails to hold, the subsequent selling pressure could exacerbate the losses, potentially sending the TAO price to the lower boundary of the falling wedge at $130.3.
