Grayscale Signals Plans to Go Public Amid Crypto IPO Revival

Grayscale has confidentially submitted preliminary paperwork with U.S. regulators that could lead to the listing of its shares on the public market, the asset manager said Monday in a statement. 

The firm filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission, according to the press release. Grayscale did not disclose the number of shares it plans to register, nor the price range for the proposed registration. Draft S-1’s are introductory filings, enabling a company to refine a proposal after SEC review.

Stamford, Connecticut-based Grayscale declined to provide additional comment on the matter.

Grayscale expects to file its official S-1 registration statement following the SEC’s completion of its review process, according to the firm’s public statement. 

The asset manager’s plans come as IPOs rally in the U.S. Across all sectors, IPOs have raised $15.7 billion in proceeds this year, up 103% from 2022, according to data from market research provider Renaissance Capital. Meanwhile, IPO proceeds year-to-date appear on track to exceed the $19.3 billion that companies amassed in 2023. 

Amid the revival, several U.S. cryptocurrency companies have gone public or are considering public listings. 

Stablecoin issuer Circle notched the largest two-day pop in decades last June, amassing roughly $1.1 billion in gross proceeds. And, several centralized crypto exchanges—among them, Gemini, Bullish, and OKX—are also reportedly gearing up for their own public listings. Digital asset prime brokerage FalconX is also considering an IPO, Decrypt first reported in June.

Grayscale has spot Bitcoin and Ethereum exchange-traded funds among its offerings and has submitted multiple filings to the SEC for funds based on leading altcoins.