Grayscale Investments said it confidently submitted a draft of S-1 registration statement to US Securities and Exchange Commission (SEK)an archiving that signalizes plans for an initial public offer (IPO).
Asset Manager, owned by Barry Silbert’s digital currency group, did not reveal details of the submission and said that registration is expected to take place after SEC has completed its review process, subject to market and other conditions, according to a press release.
Confidential archives allow companies to negotiate with the agency behind closed doors before revealing their plans. It is a common tactic for measuring regulatory feedback while keeping competitive details out of the public until a launch is ready.
The relocation adds gray scale to the number of growing companies that are running to look after their businesses in public as the market for digital assets warms up, with Bitcoin
hits new all-time highs.
StableCOin Essuer Circle (CRCL) Gave his public debut in early June and the stock has risen more than 500% since then. A few weeks before it, stock trading app etoro (Etor) also made the move. Its shares are now 10% higher.
While Circle and Etoro hit the market in challenging macroeconomic times due to customs discussions led by President Donald Trump, both debuted with higher valuations than expected, hinting at renewed interests in digital assets, as U.S. lawmakers are closer to clearer rules for cryptic companies, especially stableecoin issuers.
Grayscale’s proposal, on the other hand, comes at one point with Bullish Momentum for Krypto assets. The price of Bitcoin, the largest cryptocurrency by market value, hits record heights almost daily. Token is currently shopping for $ 121,728, an increase of 30% year to date and just overtook gold as the best priest of the year.
Grayscale is one of the biggest crypto active conductors. Its core products are Trusts and Stocked Funds (ETFS) such as its flagship Graysale Bitcoin Trust (GBTC) and Ethereum Trust (Ethe)which both converted to ETFs last January. The two alone have a total $ 24 billion of assets under management.
Both have suffered heavy outflows since their conversion because the asset manager charges a higher fee for its products than competitors, making it more expensive for investors to buy and keep the product.
However, many believe that Grayscale is one of the reasons why Spot -Bitcoin ETFs were approved to begin with after winning a legal match against SEC on its Spot Bitcoin Etf application, which ultimately led to the approval of multiple Bitcoin ETFs.
Update (July 14, 13:25 UTC): Changes the main photo.
Update (July 14, 13:48 UTC): Adds recent IPOs in the fifth paragraph, gray -tone products, background that starts in eighth.
