Bittensor (TAO)：Grayscale 增加 Coinbase 为第二托管方，价格较周高点下跌10.7%

Grayscale introduces second custodian for Bittensor Trust

Grayscale announced that its TAO assets of Bittensor Trust (token code: GTAO) will be jointly held by two institutions rather than the previous one. The asset management company has added Coinbase Prime as a second custodian, while BitGo continues to serve as the main custodian. This change is reflected in Grayscale's Form 8-K filed with the Securities and Exchange Commission (SEC) on October 5, 2026. For Bittensor holders, this is not direct good price news, but a structural adjustment on the core question of "who holds the private key?"

Market Performance and Price Review

The recent trend of TAO prices has been weak. As of 9:00 a.m. Friday, TAO was trading at $275.96, down 10.7% from its highest intraday value in the past seven days, according to CoinGecko data. Looking at the longer time dimension, TAO has fallen by 11.99% in the past seven days, but still recorded a 6.39% increase in the past 30 days. Taken together, this shows that the market has experienced a certain degree of correction within a month when the overall situation is still in the positive income range.

8-K Document

Form 8-K is a mandatory document for a listed company or registered issuer to disclose material events between quarterly reports. In the document, Grayscale Bittensor Trust reported two newly signed contracts and one terminated contract, all dates pointing to the end of the month.

• Coinbase Prime protocol: 2026 年 9 月 29 日，代表信托基金签署了 2025 年 10 月 3 日达成的 Coinbase Prime Broker Agreement 的修正案。通过此举，Coinbase 将持有部分信托基金的 TAO 资产。
• BitGo 协议更新： 次日，即 2026 年 9 月 30 日，签署了针对 2026 年 6 月 5 日修订版 BitGo Bank & Trust 托管协议的修正案，使信托基金纳入该协议范围。同时，2025 年 3 月 12 日的旧版 BitGo 协议在同一天被终止。

值得注意的是，文件中并未明确说明有多少比例的 TAO 转移至 Coinbase。据称，具体分配比例尚未由发起人确定。因此，若未来几周出现关于分配百分比的报道，需核实其来源，因为该信息并不源自本次 filing。相反，文件记录显示，托管费用由发起人承担，且费用和支出以 TAO 代币形式收取。

双托管架构的风险与优势

算力是 Bittensor 网络的核心价值所在，而托管问题仅涉及流转过程中的代币归属，不影响网络本身的算力基础。BitGo 仍保持主要托管人的地位，Coinbase Prime 则作为补充托管方加入。

In the institutional custody space, this means that some of the positions will be held in a second infrastructure, with separate private keys, approval processes and operations teams. It needs to be distinguished that "Prime Broker" is not synonymous with "Custodian" here. Master broker agreements often bundle trading, clearing and custody services and are designed to allow institutional clients to process large amounts of money without having to maintain separate relationships for each step. The trust extends the agreement to demonstrate that it has trading capabilities, not just storage needs.

The main purpose of introducing a second custodian is to spread operational risks. Under the single custody model, once an operation fails, the fund will stagnate, no matter how healthy the internal assets are. The dual custody model spreads this risk of operational disruption among two independent institutions. However, it also introduces a new attack surface: Each additional infrastructure brings its own private key, people and software, and any link can become a point of intrusion. Multiple hacking attacks in 2026 often target edge software rather than cryptography itself. Therefore, whether this split brings net benefits depends on the quality of the second institution's qualifications, rather than just the increase in quantity.

The nature of GTAO transactions and investors 'notes

Grayscale Bittensor Trust uses GTAO as a trading symbol and trades on the over-the-counter market (OTC) rather than listed on the U.S. Regular Stock Exchange. Although Grayscale is on its way to an exchange-traded fund (ETF)-its S-1 registration statement was filed with the SEC on December 30, 2025, and its first amendment was filed on April 2, 2026-it has not yet been approved.

The practical implications for investors are that an OTC trust fund may remain above or below the value of its underlying assets for long periods of time because it lacks the mechanism for continuous creation and redemption of shares like an ETF. It would be wrong to equate such structures with spot ETFs. In addition, the U.S. trust structure is not open to German retail investors; for distribution to EU retail customers, the PRIIPs regulation requires a key information document (KID), which is usually not available for such products. Therefore, the news in the 8-K file only provides information reference, not purchase channels.

Technical Analysis and Supply

Price Dynamics: 本周日线呈现清晰弧线：10 月 3 日为 292.09 美元，随后四天在 304 至 309 美元之间波动，峰值出现在 10 月 7 日的 308.88 美元。此后 10 月 8 日回落至 291.29 美元，10 月 9 日开盘跌至 268.40 美元。过去 24 小时内，最低价为 254.82 美元，最高价为 287.30 美元。当前市值约为 31.3 亿美元，24 小时交易量约为 3.08 亿美元。TAO 距离 2024 年 3 月创下的 757.60 美元历史高点仍有 63.6% 的差距，目前的回调属于远离历史记录的阶段。

流通供应： Bittensor 的总量上限为 2100 万枚，与比特币类似。目前已有 11,339,646 枚 TAO 进入流通，占总量的 54.0%。发行量随时间逐步递减，下一步发行的时间点取决于已发行数量而非日历日期。目前尚无具体的公开日期，预测仅为推测。

子网经济与托管选择

Bittensor 的子网（Subnet）是一个自包含的竞争环境，提供商在其中提供特定服务（如语言模型或数据准备），并根据评估质量获得奖励。网络的发行量分配给这些子网，持有或委托 TAO 的经济利益与该分配紧密相连。

这对托管问题至关重要。将 TAO 进行委托质押（Delegation）而非单纯持有，意味着需要积极使用私钥参与网络运作。“躺在托管金库中”与“在网络中工作”之间存在显著的风险差异，无论是基金还是个人持有者均需考虑这一点。

德国投资者的合规路径

若希望在德国接触 TAO，应通过持有 MiCA（加密资产市场监管法案）牌照的交易平台，或通过欧盟授权的代币证书进行操作。美国的信托结构不对个人投资者开放。在购买前，务必确认平台的监管许可状态。

在首次购买之前，应慎重决定私钥的保管方式：留在交易所意味着承担其运营风险；提取至自有钱包则消除对手方风险，但需自行承担安全责任。具体选择取决于持仓规模和转账频率。

风险提示与税务建议

杠杆产品在短期内大幅波动时极易触发清算。鉴于本周价格从高点下跌 10.7%，十倍杠杆的头寸在账面上可能已经归零。在税务方面，德国目前仍适用私人处置的一年持有期免税规则（尽管废除该规则的讨论正在进行中，但尚未决定）。因此，跨年度分批购买时需要清晰记录 acquisition dates（获取日期）。

关键价位观察

The upper resistance is focused on this week's high of $308.88 and the integer mark of $300. The support below is focused on the past 24-hour low of $254.82 and the round mark of $250. These are observation points based on this week's price data rather than explicit target prices.

The direct impact of hosted news on prices is difficult to quantify. Amendments to custody agreements are structural events and have no immediate impact on supply and demand. To treat it as a price driver is an overinterpretation.

Summary: First confirm whether you are eligible to access the product (U.S. trust funds are not open to German retail investors, and purchasing directly through licensed platforms is a feasible way). Deliberate resolves private key retention issues before the first purchase. Use the Hardware Wallet Comparison Guide to select the right device and use tax software tools to establish a clear record of the holding period.

(As of October 9, 2026. This article does not constitute investment advice. Price and fee structures may change; please check terms with your provider before purchasing.)