Grayscale Investments has taken a stealthy step toward an initial public offering, submitting a confidential draft registration to the SEC, the company confirmed Monday.
The filing leaves key details—including share numbers and valuation—undisclosed for now.
If successful, the IPO would reward Grayscale’s recent wins, including converting its Bitcoin and Ethereum trusts into ETFs and surpassing $30 billion in assets under management. The timing aligns with renewed Wall Street interest in crypto listings, exemplified by Circle’s public debut and filings from Gemini and Bullish.
Investors will watch closely as Grayscale navigates the public markets under the SEC’s confidential review process.
