Grayscale Investments filed a confidential draft prospectus with the SEC on July 14, marking an important step towards going public.
Such filings usually mean that a company intends to conduct an IPO, and following Circle's recent successful listing, Grayscale Investments has become the latest cryptocurrency company to seek an IPO.
Cryptocurrency exchanges Gemini and Kraken are also advancing their respective IPO plans, both of which are expected to be completed in the next 12 to 18 months. The former has taken a similar path to Grayscale Investments, submitting a confidential S-1 form in June, while Kraken is aiming to go public in 2026.
In the S-1 form submitted, Grayscale Investments has not disclosed key details such as the number of shares to be issued and the proposed offering price range. This confidential submission process enables the company to work with the SEC to finalize these elements during the review stage without public disclosure.
The submission follows the successful listing of Circle, whose stock price soared 500% in a few weeks after its listing. If Grayscale Investments can follow this path, it is expected to go public by the end of 2025 if it obtains SEC approval.
As one of the early innovators in the cryptocurrency space, Grayscale Investments currently manages approximately $50 billion in assets. The company is known for offering cryptocurrency ETFs, which are expected to attract both institutional and retail investors.
The listing also coincides with a strong performance in the cryptocurrency market, with the price of Bitcoin hitting a new high of more than $123,000, further enhancing Grayscale Investments' appeal to potential investors.
Grayscale Investments' entry into the public markets signals the broader maturity of the digital asset sector and provides new opportunities for those seeking to get involved in the growing cryptocurrency industry.
If the SEC approves its registration application, Grayscale Investments is expected to become the next high-profile company to successfully transition from a private entity to a public company, bringing digital asset investment to a wider audience.
Cryptocurrency valuations retreated in February 2025, in sync with rising macro risks and falling tech stock prices. A hack of a major cryptocurrency exchange and a drop in meme coin trading activity may have also weighed on the market.
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