Grayscale’s Move Could Send This Altcoin To A New ATH

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Photo by BeInCryptoGrayscale 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).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.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.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,639.25 -55.50 (-0.83%)Dow Futures46,059.00 -239.00 (-0.52%)Nasdaq Futures24,647.75 -274.50 (-1.10%)Russell 2000 Futures2,452.80 -22.00 (-0.89%)VIX21.79 +2.76 (+14.50%)Gold4,157.00 +24.00 (+0.58%)PortfolioSign in to access your portfolioSign inTop gainersCRML Critical Metals Corp. 23.28 +8.30 (+55.41%)UAMY United States Antimony Corporation 16.71 +4.50 (+36.86%)BITF Bitfarms Ltd. 5.39 +1.19 (+28.33%)BE Bloom Energy Corporation 109.91 +23.04 (+26.52%)RGTI Rigetti Computing, Inc. 54.91 +10.99 (+25.02%)Top losersSRRK Scholar Rock Holding Corporation 34.28 -5.18 (-13.14%)PTGX Protagonist Therapeutics, Inc. 79.17 -7.83 (-9.00%)FAST Fastenal Company 42.33 -3.45 (-7.54%)CRSP CRISPR Therapeutics AG 68.29 -4.80 (-6.57%)LVS Las Vegas Sands Corp. 46.47 -3.14 (-6.33%)Most activeBBAI BigBear.ai Holdings, Inc. 8.81 +1.59 (+22.02%)PLUG Plug Power Inc. 3.9000 +0.4800 (+14.04%)RGTI Rigetti Computing, Inc. 54.91 +10.99 (+25.02%)BITF Bitfarms Ltd. 5.39 +1.19 (+28.33%)NVDA NVIDIA Corporation 188.32 +5.28 (+2.88%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 112,072.83 -3,337.51 (-2.89%)NVTS Navitas Semiconductor Corporation 9.97 +1.74 (+21.14%)CRML Critical Metals Corp. 23.28 +8.30 (+55.41%)AI C3.ai, Inc. 19.37 +1.46 (+8.15%)ARM Arm Holdings plc 171.94 +17.08 (+11.03%)Top economic events