Grayscale Files For IPO With The US SEC: All About It

Key Insights:

• Grayscale has officially revealed its intentions to go public in the US with a new SEC IPO filing.
• The move follows Grayscale’s ETF conversions and comes amid a wave of crypto firms pursuing public listings.
• Details on valuation and share count remain undisclosed, with timing dependent on SEC review and market conditions.

Grayscale Investments has submitted a confidential Initial Public Offering (IPO) registration to the U.S. SEC on July 14, 2025.

The move could mark a significant shift in crypto finance as the asset manager is preparing to list publicly, following major ETF conversions and strong market momentum.

Grayscale Files for IPO Amid Growing Crypto Market Activity

Grayscale Investments filed a confidential draft registration statement with the U.S. Securities and Exchange Commission (SEC) on July 14, 2025.

The filing signaled the crypto asset manager’s intent to launch an initial public offering, the next stage in its growth trend.

Based on the development, the company did not disclose the number of shares or the valuation target.

Grayscale submitted the registration under the SEC’s rules that allow companies to withhold sensitive financial details.

Firms typically reveal more information 15 days before a public listing.

The company stated that the offering would proceed after the SEC completes its review, and depending on market conditions.

Based in Stamford, Connecticut, Grayscale operates as a subsidiary of Digital Currency Group (DCG).

The move to go public followed a busy 18-month stretch for the firm. In January 2024, Grayscale converted its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF.

This happened after the firm secured a court victory over the SEC. A similar conversion of its Ethereum Trust followed in May.

Together, both products brought Grayscale’s assets under management to over $30 billion.

These changes came as Bitcoin and Ethereum reached new price highs per recent market data.

IPO Could Test Market Sentiment Under New U.S. Crypto Climate

Grayscale’s IPO plan would come during a period of renewed interest in crypto public offerings.

The move also aligned with President Donald Trump’s administration, which signaled support for digital asset innovation.

In June 2025, Circle Internet Group, a stablecoin issuer, completed its listing on the New York Stock Exchange under the ticker CRCL.

The CoinRepublic covered that company, completed a massive IPO, and raised $1.05 billion. Since the IPO launch, Circle’s valuation has skyrocketed with a market capitalization of $48.6 billion

Following that, Gemini and Bullish also filed for IPOs. Several other crypto firms may soon seek public listings.

According to market buzz, firms like Kraken, BitGo, OKX, Ledger, Uphold, and Anchorage are among potential candidates.

DCG, Grayscale’s parent firm, was also named. While Ripple Labs was also mentioned, its chances are described as a “long-shot” IPO option.

Grayscale’s decision could act as a signal for the broader market.

It may help gauge how investors currently feel about crypto-related equity offerings in today’s financial environment.

Confidential SEC Filing Keeps Details Limited—for Now

It is worth noting that by submitting a draft registration confidentially, Grayscale delayed public access to key IPO information. Additionally, this included the number of shares to be offered and pricing expectations.

The company stated that the public filing would follow after the SEC review and other market considerations.

Grayscale’s statemen emphasized that the IPO timeline remained subject to change.

In addition, the document did not suggest any immediate listing date. It is worth mentioning that the filing has added to the firm’s list of significant moves in 2025.

After converting its major trusts to ETFs, the company’s next phase could involve greater transparency, new shareholders, and access to broader capital markets.

It is essential to add that as of mid-July 2025, Grayscale remained one of the largest crypto asset managers in the United States.

The outcome of its IPO process could influence how other firms in the space proceed with their listing ambitions.

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