Crypto asset manager Grayscale said on Monday it has confidentially filed for a US initial public offering, as enthusiasm for digital assets gains momentum with Bitcoin surging to fresh record highs.
The firm submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission. Grayscale did not disclose the number of shares to be offered or the proposed price range.
The move comes on the heels of stablecoin issuer Circle Internet Group’s high-profile listing last month, which raised $1.1 billion and marked the biggest crypto-related IPO since Coinbase Global Inc.'s 2021 debut. It also follows a confidential filing from Gemini, the crypto company founded by the Winklevoss twins.
Grayscale operates the Grayscale Bitcoin Trust, a spot bitcoin exchange-traded fund that allows investors to gain exposure to the cryptocurrency’s price movements without holding the asset directly. Founded in 2013, it launched the first publicly traded bitcoin and Ethereum investment funds and now manages more than $33 billion in assets across over three dozen products.
Bitcoin (BTCUSD) traded above $120,000 on Monday, extending its rally as major companies continue accumulating the token and lawmakers prepare to debate a trio of crypto-focused bills that could boost the industry’s regulatory clarity and legitimacy.