Grayscale Investments has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) to initiate an initial public offering (IPO), according to a Monday announcement. The cryptocurrency asset manager stated that the number of shares and price range remain undetermined, with the registration expected to proceed after SEC review, subject to market conditions.
The filing coincides with a robust cryptocurrency bull market, where Bitcoin recently set a new all-time high above $123,000 and trades near $121,000. Grayscale follows industry precedents like Coinbase's 2021 listing and Circle's recent debut – the latter seeing its shares (CRCL) surge from under $50 to nearly $190 since early June.
Confidential filings allow companies to maintain strategic flexibility and mitigate reputational risks if plans change. This trend is accelerating across crypto, with Gemini, Bullish, Galaxy Digital, and eToro pursuing public listings, while Kraken, Consensys, and Chainalysis are anticipated to follow.