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By Aoyon Ashraf, Helene Braun|Edited by Sheldon Reback
Updated Jul 14, 2025, 1:52 p.m. Published Jul 14, 2025, 1:14 p.m.
- Grayscale Investments confidentially submitted a draft S-1 registration statement to the SEC, indicating plans for an IPO.
- The asset manager did not disclose details of the submission, which will proceed after the SEC’s review and market conditions.
- Confidential filings allow companies to negotiate with the SEC privately, a strategy used to keep competitive details under wraps until a public launch is ready.
Grayscale Investments said it confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), a filing that signals plans for an initial public offering (IPO).
The asset manager owned by Barry Silbert’s Digital Currency Group didn’t disclose details of the submission and said the registration is expected to take place after the SEC completes its review process, subject to market and other conditions, according to a press release.
STORY CONTINUES BELOW
Confidential filings allow firms to negotiate with the agency behind closed doors before revealing their plans. It’s a common tactic for gauging regulatory feedback while keeping competitive details out of public view until a launch is ready.
The move adds Grayscale to the number of growing companies lining up to take their companies public as the digital assets market heats up, with bitcoin
hitting new all-time highs.
Stablecoin issuer Circle (CRCL) made its public debut at the beginning of June, and the stock has surged more than 500% since then. A few weeks prior to that, stock-trading app eToro (ETOR) also made the move. Its shares are now 10% higher.
While Circle and eToro hit the market during challenging macroeconomic times due to tariff discussions led by President Donald Trump, both debuted at higher valuations than anticipated, suggesting renewed interest in digital assets as U.S. legislators inch closer to clearer rules for crypto companies, especially stablecoin issuers.
Grayscale’s proposal, in contrast, comes at a time of bullish momentum for crypto assets. The price of bitcoin, the largest cryptocurrency by market value, is hitting record highs on an almost daily basis. The token is currently trading at $121,728, up 30% year-to-date, and just overtook gold as the year’s best-performing asset.
Grayscale is one of the largest crypto asset managers. Its core products are trusts and exchange-traded funds (ETFs) such as its flagship Graysale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE), both of which converted into ETFs in January last year. The two alone have a combined $24 billion of assets under management.
Both have suffered heavy outflows since their conversion because the asset manager charges a higher fee for its products than competitors, making it more expensive for investors to buy and hold the product.
Many, however, believe that Grayscale is one of the reasons why the spot bitcoin ETFs were approved to begin with after it won a legal fight against SEC over its spot bitcoin ETF application, ultimately leading to the approval of several bitcoin ETFs.
UPDATE (July 14, 13:25 UTC): Changes lead photo.
UPDATE (July 14, 13:48 UTC): Adds recent IPOs in fifth paragraph, Grayscale products, background starting in eighth.
Aoyon Ashraf is CoinDesk’s Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk’s disclosure threshold of $1,000.
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
