Grayscale submits confidential IPO filing with SEC

Cryptocurrency-focused asset manager and exchange-traded fund (ETF) issuer Grayscale joined a growing list of crypto companies seeking to launch IPOs in the United States.

On Monday, Grayscale said it had filed to list its company shares with the Securities and Exchange Commission (SEC) under a new clause that enables confidential filings ahead of a final public offering.

Entering public markets would enable Grayscale to seek more funding opportunities through strategies such as public stock offerings, which was leveraged by Michael Saylor’s Strategy, or convertible note offerings, such as GameStop’s $2.25 billion offering from June 13.

Related: ‘Apple should buy Bitcoin,’ Saylor says, as share buyback disappoints

Grayscale’s filing comes over a month after Circle, the issuer of the world’s second-largest stablecoin USDC (USDC), upsized its IPO to over $1.05 billion and debuted on the New York Stock Exchange on June 5.

CRCL/USD 1-day price chart, after Circle IPO. Source: Yahoo FinanceThe IPO pricing gave Circle a valuation of $6.9 billion based on the more than 220 million outstanding shares listed in a June 2 filing.

Circle’s IPO success may inspire more crypto-native firms to move into public markets with similar offerings, sparking a renewed crypto IPO season in 2025.

Related: Blockchain Group adds $68M in Bitcoin to corporate treasury

This is a developing story, and further information will be added as it becomes available.

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