- Grayscale’s confidential filing signals the next major U.S. crypto IPO after Circle’s debut and could gauge renewed investor demand.
- The submission comes as a listing pipeline for crypto companies is reopening on Wall Street under Donald Trump’s administration.
- Confidential filings allow companies to negotiate with the SEC privately, a strategy used to keep competitive details under wraps until a public launch is ready.
Grayscale Investments confidentially submitted a draft S-1 registration statement to the SEC, indicating plans for an initial public offering (IPO).
However, the crypto asset manager did not disclose details of the submission, which will proceed after the SEC’s review and market conditions.
Grayscale Files Confidential Submission for IPO With SEC
Crypto asset manager Grayscale Investments has confidentially submitted a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission, according to a Monday announcement.
The release did not disclose the number of shares to be offered or a valuation target, and the timing of a listing could still change.
Under SEC rules, companies that file confidentially can keep sensitive financial details out of public view until they decide to move forward with an offering, typically unveiling the prospectus 15 days before a roadshow begins.
An IPO would cap a busy 18 months for the Digital Currency Group subsidiary. In January, the firm converted its flagship Grayscale Bitcoin Trust GBTC into a spot bitcoin ETF after winning a landmark court battle with the SEC.
A similar conversion of its Ethereum trust followed in May. Those launches place Grayscale’s assets under management across both products at more than $30 billion as bitcoin and ether set record highs this year, The Block’s data dashboard shows.
A Grayscale IPO would test investor appetite, just as Wall Street’s reopening to crypto listings is gathering pace under President Donald Trump’s pro-crypto regime. Last month, stablecoin issuer Circle Internet Group (CRCL) debuted on the New York Stock Exchange. Gemini and Bullish also filed for public offerings following Circle’s megahit listing.
Grayscale Is Not Alone In The Game
The move adds Grayscale to the number of growing companies lining up to take their companies public as the digital assets market heats up.
Stablecoin issuer Circle (CRCL) made its public debut at the beginning of June, and the stock has surged more than 500% since then. A few weeks prior to that, stock-trading app eToro (ETOR) also made the move. Its shares are now 10% higher.
While Circle and eToro hit the market during challenging macroeconomic times due to tariff discussions led by President Donald Trump, both debuted at higher valuations than anticipated, suggesting renewed interest in digital assets as U.S. legislators inch closer to clearer rules for crypto companies, especially stablecoin issuers.
Several crypto-related entities could be poised to tap public markets, including names like Kraken, BitGo, Anchorage, OKX, Uphold, Ledger, and even DCG. Experts also mentioned Ripple, but as a “long-shot” IPO candidate.
