Crypto-focused asset manager Grayscale has announced that it has confidentially submitted documentation with the Securities and Exchange Commission (SEC) for a potential US listing.
The decision overlaps with the start of the crypto week in the US, where regulators plan to debate three major bills that could provide long-awaited clarity to the crypto industry. Investors' present interest in the bills, which are anticipated to support the development of digital assets to potentially be further integrated into traditional finance, has sent bitcoin over USD 120,000 for the first time. According to specialists in the cryptocurrency sector, talking about the current US market, companies operating in this industry should seize the opportunity.
Grayscale’s US IPO
Grayscale operates several crypto exchange-traded funds, including a spot Bitcoin ETF that offers investors exposure to bitcoin’s price movement without owning any of the coin itself. The company delivers over 35 investment products and manages over USD 33 billion in assets, according to its data. By filing for the IPO confidentially, Grayscale can withhold details about its finances and provide terms until closer to the actual listing.
Grayscale’s legal challenge against the SEC supported the approval of spot bitcoin in 2024. At that time, the regulator did not approve money managers who wished to issue these eight ether ETFs on the NYSE and Nasdaq. This decision was a preliminary step towards allowing the ETFs to trade. Also, the move came after the SEC approved ETFs that invested directly in bitcoin. The group looking for approval for ether ETFs included prominent Wall Street companies such as BlackRock, Fidelity, and Franklin Templeton, as well as crypto-focused ones like Grayscale, Bitwise, and Hashdex.
Furthermore, Grayscale’s move follows stablecoin issuer Circle’s listing from June 2025, with its shares reaching over sixfold from their USD 31 IPO price. Additionally, Gemini, a crypto exchange company, and Bullish, an exchange, have also recently filed to go public in the US.
