Crypto asset manager Grayscale Investments has confidentially submitted a draft registration statement for an initial public offering 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.
Several crypto-related entities could be poised to tap public markets, including names like Kraken, BitGo, Anchorage, OKX, Uphold, Ledger, and even DCG, The Block’s Yogita Khtari reports in this week’s The Funding newsletter. Experts also mentioned Ripple, but as a “long-shot” IPO candidate.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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