NEW YORK, March 4, 2026 — Grayscale Investments-sponsored Grayscale Bittensor Trust said it will begin calculating the trust’s net asset value using the CoinDesk Bittensor Benchmark Rate, replacing the Coin Metrics Real-Time Rate for Bittensor, according to a Form 8-K filing with the U.S. Securities and Exchange Commission reporting an event dated March 4, 2026.
The trust said the change takes effect March 6, 2026, and that the NAV and NAV per share will be calculated using the index price derived from the CoinDesk Bittensor Benchmark Rate.
Prior to the change, the trust valued its holdings of Bittensor tokens using the Coin Metrics Real-Time Rate for Bittensor as the reference index used for operational valuation.
Benchmark shift changes trust valuation reference
The filing states that references to the “Reference Rate” in earlier regulatory disclosures referred to the Coin Metrics pricing rate. Beginning March 6, references to the “Index” in future filings will refer to the CoinDesk Bittensor Benchmark Rate.
The benchmark is used to determine the daily value of the digital assets held by the trust, which in turn determines the net asset value reported to investors.
If the benchmark becomes unavailable or is determined not to reflect an accurate market price, the sponsor may apply a cascading methodology that includes the Coin Metrics Real-Time Rate as a secondary index, followed by a spot price derived from the trust’s principal trading market.
CoinDesk index to determine daily NAV calculations
According to the filing, the benchmark price is calculated using an algorithm that aggregates trading activity across selected digital-asset trading platforms.
The index price is calculated every five seconds over a 24-hour period and applies a methodology designed to reflect trading activity across multiple venues while limiting the influence of anomalous prices.
The methodology includes volume-weighted pricing across trading venues, foreign-exchange normalization to U.S. dollars, detection of price outliers and adjustments for inactive trading venues.
Trading venues must meet regulatory and market standards
Trading platforms included in the benchmark must satisfy inclusion criteria related to market quality, cybersecurity safeguards, regulatory compliance, anti-money-laundering and know-your-customer controls, data reliability and operational transparency.
The filing states that eligible platforms must also be licensed or permitted to operate in at least one major financial jurisdiction, including the United States, United Kingdom, European Union, Hong Kong, Singapore or the United Arab Emirates.
Platforms that no longer meet the criteria may be removed from the benchmark, and the index provider may apply adjustments in the event of material incidents such as regulatory penalties, security breaches or operational disruptions affecting constituent trading venues.
Index provider may revise benchmark methodology
The filing states that the benchmark provider may modify the index calculation methodology, the trading venues used in the benchmark or other technical parameters over time.
Such changes may occur during scheduled periodic reviews or in response to market events affecting constituent trading venues.
The sponsor said shareholders would be notified of material changes to the benchmark calculation methodology through the trust’s periodic or current reports filed with the SEC.
