Grayscale Joins Wave of Crypto Firms with Confidential IPO Filing

Grayscale Investments has confidentially filed an S-1 registration with the SEC to pursue an IPO, joining a growing list of crypto firms going public. The company, known for its Bitcoin and Ethereum trusts, will proceed with the IPO following SEC review and subject to market conditions. Grayscale joins a wave of crypto firms heading to public markets, with stablecoin issuer Circle and trading platform eToro having launched IPOs in recent months.

Grayscale Investments LLC has confidentially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intention to pursue an initial public offering (IPO). The move comes amidst a growing trend of crypto firms seeking public listings, with stablecoin issuer Circle and trading platform eToro having recently gone public [1].

Grayscale, founded in 2013, is known for its Bitcoin and Ethereum trusts. The company manages over $33 billion in assets and has more than three dozen products, according to its website. The confidential filing allows Grayscale to keep financial details private until 15 days before its investor roadshow, minimizing public scrutiny during the regulatory process [2].

The filing follows a series of regulatory changes under the Donald Trump administration, including the rescission of SAB 122, which permits banks to engage with crypto. Grayscale's prior experience with the SEC will aid negotiations, and the company is expected to go public later this year based on typical IPO timelines [3].

Grayscale's IPO would provide access to broader capital markets, enabling it to raise funds beyond its ETF products. If successful, it would cement Grayscale as a dominant player in the crypto space, allowing the company to expand and issue stablecoins, as seen with major TradFi firms. Grayscale may also consider creating a crypto treasury to bolster its reserves [4].

The move comes a few months after Gemini, the crypto firm backed by the Winklevoss twins, filed confidentially for an IPO. It also follows the frenzied debut of Circle Internet Group Inc. in June, which was the highest-profile crypto debut since Coinbase Global Inc. went public in 2021 [1].

Companies typically pursue confidential IPO filings to maintain greater control over the process and limit reputational risk. This approach allows them to engage with regulators and respond to SEC feedback without public scrutiny. Publicly announcing a confidential filing, on the other hand, can serve strategic purposes such as building market momentum and gauging investor interest [1].

Grayscale's IPO filing is a significant milestone in the crypto industry, reflecting the growing acceptance of digital assets by traditional financial institutions and investors. The company's success in navigating the regulatory landscape and expanding its product offerings has positioned it as a key player in the crypto space.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-14/crypto-asset-manager-grayscale-files-confidentially-for-us-ipo
[2] https://99bitcoins.com/news/altcoins/grayscale-public-listing-plans-to-materialize-soon-company-submits-ipo-filing-to-sec/
[3] https://www.coindesk.com/business/2025/07/14/grayscale-files-confidential-submission-for-ipo-with-sec
[4] https://www.theblock.co/post/362457/grayscale-confidentially-files-draft-ipo-paperwork-with-us-sec