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Grayscale Reveals Confidential Submission With the U.S. SEC to Go Public

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Investment management firm Grayscale has disclosed its plan to go public in the United States. The company noted in a press release that it confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC).

Grayscale to Go Public

Since its inception in 2013, Grayscale has grown into one of the most prominent investment managers in the U.S. As of 2021, the firm managed an AUM (Assets Under Management) of $50 billion. Among the assets currently in its custody are its Bitcoin exchange-traded funds – GBTC and BTC.

Details, such as the stock’s ticker, number of shares to be registered, and the intended price range, have yet to be disclosed.

Hinting at the certainty that the public listing will come to fruition, the press release stated:

“The registration is expected to take place after the SEC completes its review process, subject to market and other conditions.”

Going public means that Grayscale will have its own unique stock, which will be tradable on a U.S.-based stock exchange like Nasdaq, Cboe, or NYSE.

It could also enable the investment company to explore funding mechanisms like convertible note offerings or public stock offerings. Various crypto-linked public companies, such as Strategy and Semler Scientific, have explored this channel to raise cash to fuel their Bitcoin treasury goal.

More Crypto Firms Seek Public Listing

Grayscale’s quest for public listing is not a standalone case. Various crypto-centric firms have applied or recently received approval to offer their stocks on the public market. Last week, ReserveOne, a crypto treasury firm, revealed plans to go public on Nasdaq.

A few weeks ago, Circle, the second-largest stablecoin issuer, went public with its ticker, CRCL. At the time of writing, CRCL has a market capitalization of $43.77 billion with a trading price of $196.31.

Notably, stocks owned by crypto-focused firms have performed well over the past few months. A recent report disclosed that an index tracking these stocks’ performance has seen a 700% surge as of earlier this month.

The post Grayscale Reveals Confidential Submission With the U.S. SEC to Go Public appeared first on Cointab.

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