Grayscale Seeks IPO Approval as Crypto Gains Momentum

- Grayscale Investments confidentially files for IPO with the SEC. - The firm manages $33 billion in assets amid a thriving crypto market. Grayscale Investments, the largest digital asset manager, is exploring an initial public offering (IPO), having submitted a confidential draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) on July 14, 2025. This filing begins a private review process with the SEC, though Grayscale has not yet disclosed details such as the number of shares or the price range. The final decision depends on SEC approval and market conditions. The decision comes as Grayscale manages over $33 billion in assets, a figure boosted by strong performance in the cryptocurrency market where rising institutional interest and mainstream adoption recently drove Bitcoin to unprecedented highs of over $122,000 per coin. As a trailblazer in crypto-based financial products, Grayscale is strategically tapping into public equity markets during this bullish phase. This announcement coincides with a surge in IPO activity from cryptocurrency-focused companies, which market analysts have dubbed the “crypto IPO season.” Prominent names like Gemini, Kraken, Bithumb, and Upbit have signaled plans to go public, along with the custodial services provider BitGo. In addition, other firms such as Parataxis, Animoca Brands, and FalconX are exploring public offerings. Meanwhile, other companies are pursuing different routes to the public market, with ReserveOne planning a SPAC merger and the TRON Group proposing a reverse merger. Industry experts have likened this IPO wave to the speculative fervor of the 2017 Initial Coin Offering (ICO) boom. While IPOs could attract traditional investors and broaden the appeal of crypto, they may also amplify market speculation. On July 14, CoinMarketCap reported that as of 17:09 UTC, Bitcoin (BTC) was trading at $120,436.76, representing a 1.63% increase in 24-hour volume. Meanwhile, Ethereum (ETH) was priced at $3,021.23 with its trading volume up 1.47%, and Solana (SOL) traded at $164.89, reflecting a 2.40% increase in volume over the same period.