Crypto giant Grayscale confidentially files for IPO

Grayscale Investments is preparing to go public.

The firm confidentially submitted a draft registration statement on Form S-1 to the SEC. It’s the latest crypto firm filing for an IPO, coming on the heels of Circle’s mammoth offering last month and amid a massive bitcoin rally.

Grayscale didn’t include details of the submission, and a spokesperson declined to comment further due to the SEC’s quiet period.

Grayscale’s Bitcoin Trust was the first publicly traded bitcoin fund in the US back in 2015, and converted to an ETF last year. The firm holds 183,748 bitcoin. It offers both bitcoinand Ethereum ETFs, and has a slew of altcoin/meme coin ETF filings with the SEC, including for Solana, polkadot, dogecoin, and litecoin ETFs.

Earlier this month, the SEC halted the conversion of Grayscale’s Digital Large Cap Fund, a multi-asset fund including bitcoin, ethereum, solana, XRP, and cardano, into an ETF after having initially approved it.

“While this development was unexpected, it reflects the dynamic and evolving nature of the regulatory landscape surrounding a first-of-its-kind digital asset product like GDLC. Grayscale remains committed to pursuing the listing of GDLC as an ETP, and we are working closely with key stakeholders to meet all necessary requirements,” a spokesperson told Sherwood News.