# Grayscale Basic Attention Token Trust (BAT)

Grayscale Basic Attention Token Trust (BAT) is an Asset Manager based in Stamford, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Stamford, United States
- **Region:** North America
- **Address:** Stamford, CT, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** grayscale.co

## Regulatory record

- **Reports private funds:** No

## About

Grayscale Investments, headquartered in Stamford, Connecticut, launched the Grayscale Basic Attention Token Trust (BAT) in 2018 as part of its family of single-asset digital currency trusts. The firm, led by CEO Michael Sonnenshein, offers exposure to the Basic Attention Token, the utility token powering the Brave browser's privacy-focused advertising platform. Grayscale's structure isolates each token into its own trust, providing a regulated, reporting vehicle for accredited investors. The Basic Attention Token Trust acquires BAT through in-kind subscriptions and open-market purchases, custodied by Coinbase Custody. It does not engage in staking or lending—only buy-and-hold. The trust's investment objective is to track the price of BAT, with shares that trade on OTCQX under the ticker BAT (per Grayscale, 2018). The underlying token is part of a digital advertising ecosystem that rewards user attention via the Brave browser. As of late 2024, Grayscale's total AUM across all trusts exceeded $20 billion (per CoinDesk, November 2024). The BAT trust itself does not disclose separate AUM. The firm has over 30 employees and operates no known additional offices. Grayscale also manages a philanthropic arm, the Grayscale Community Fund, focused on blockchain education and adoption. A structural differentiator: Grayscale converted its flagship Bitcoin Trust (GBTC) into an ETF in January 2024 after a legal battle with the SEC, becoming the first Bitcoin spot ETF in the US. The BAT trust remains a closed-end trust, not an ETF, operating under a different regulatory framework and with no public plans to convert.

## Sectors

- Digital Assets
- Infrastructure

## People

- Michael Sonnenshein — CEO
- Edward McGee — CFO

## Questions

### Who runs investment decisions at Grayscale Basic Attention Token Trust (BAT)?

Michael Sonnenshein serves as CEO of Grayscale Investments, the sponsor of the trust. Edward McGee is CFO. Investment decisions—specifically the purchase and holding of BAT tokens—are executed by Grayscale's portfolio management team under Sonnenshein's oversight, using a passive buy-and-hold strategy.

### How does Grayscale generate exposure to BAT without direct token custody?

Grayscale issues shares of the trust that trade over-the-counter, representing proportional ownership of BAT tokens held by Coinbase Custody. Investors subscribe through in-kind contributions of BAT or cash, and receive shares in return. The structure eliminates the need for individual wallet management.

### Is Grayscale Basic Attention Token Trust (BAT) eligible for IRA or 401(k) accounts?

Yes, in many cases. The trust's shares are considered securities and can be held within self-directed IRAs, brokerage accounts, and other tax-advantaged structures, subject to the custodian's policies. Consult a tax advisor for specific eligibility.

### Does the trust engage in staking or lending of BAT?

No. The trust's mandate is solely to hold BAT tokens in custody with Coinbase Custody. It does not stake, lend, or otherwise use the tokens to generate yield. This is a passive product designed for price exposure only.

### What is the underlying utility of the Basic Attention Token (BAT)?

BAT is the native utility token of the Brave browser ecosystem, a privacy-focused web browser developed by Brave Software, co-founded by Brendan Eich (creator of JavaScript and co-founder of Mozilla). BAT is used to reward users for viewing attention-based advertisements and to facilitate micropayments in the browser.

### What regulatory reports does the trust file?

The trust files periodic reports with the SEC under the Securities Exchange Act of 1934, including annual and quarterly reports (Form 10-K, 10-Q). It is not an SEC-registered investment company, but operates under Reg. D exemption for its initial offerings.

## Related profiles

- [Grayscale Chainlink Trust ETF](https://altss.com/profile/grayscale-chainlink-trust-etf)
- [Grayscale Litecoin Trust (LTC)](https://altss.com/profile/grayscale-litecoin-trust-ltc)

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Last updated: 2026-06-03T20:00:00.000Z

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