Grayscale Files Confidential IPO With SEC, Signals Renewed Crypto Push Into Public Markets

Crypto asset management giant Grayscale has submitted a confidential filing with the U.S. Securities and Exchange Commission (SEC) to pursue an initial public offering (IPO)—a move that may pave the way for new capital-raising strategies and deepen the firm’s footprint in traditional financial markets.

Announced on Monday, the confidential filing allows Grayscale to engage in behind-the-scenes dialogue with regulators while delaying disclosure of sensitive information until closer to its official IPO date. This route has been increasingly favored by tech and crypto firms seeking to test public market waters discreetly before going fully public.

While specific terms of the offering—including valuation, timeline, and share structure—remain undisclosed, going public would open up key funding avenues for Grayscale. These may include public stock offerings, as used by Michael Saylor’s Strategy, or convertible notes, a structure recently leveraged by GameStop in its $2.25 billion raise last month.

Grayscale’s IPO filing follows in the footsteps of Circle, issuer of the USDC stablecoin, which debuted on the New York Stock Exchange on June 5. Circle’s IPO was upsized to $1.05 billion and gave the company a $6.9 billion valuation, sparking renewed speculation that a second wave of crypto IPOs could unfold in 2025.

As one of the largest crypto-focused asset managers, Grayscale oversees multiple exchange-traded products and gained attention after converting its flagship Bitcoin Trust into a spot Bitcoin ETF earlier this year. An IPO would likely boost its profile further among institutional investors and offer broader public exposure to its suite of digital asset investment vehicles.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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