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Key Notes
- Digital asset manager Grayscale confidentially filed Form S-1 with SEC without revealing share count or pricing details.
- Circle's recent IPO approval resulted in 500% stock gains, while eToro went public at $5 billion valuation this May.
- Grayscale manages $50 billion in assets and could potentially go public before end of 2025 pending SEC approval.
Grayscale Investments, a US-based digital currency asset management firm, announced on July 14 that it had confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (SEC), signaling its intent to list its shares for public offering.
According to a press release, the company has yet to determine the number of shares it intends to register or the proposed price range. The confidential filing allows the company to register with the SEC without disclosing this information during the review, a tactic that allows firms to fine-tune the details of their submissions during the approval process.
Grayscale Follows Crypto IPO Trend
While the potential public offering hinges on SEC approval, its filing signifies a recovery period for the digital assets industry as cryptocurrencies such as Bitcoin BTC $120 047 24h volatility: 0.9% Market cap: $2.39 T Vol. 24h: $67.78 B and Ethereum ETH $3 008 24h volatility: 0.3% Market cap: $363.10 B Vol. 24h: $40.12 B show signs of resurgent upward trends after seeing dips throughout the second quarter.
Grayscale’s filing comes just a month after Circle, the firm behind the USDC stablecoin, received its IPO approval. In the time since, its stock has seen a 500% increase. A few weeks prior to Circle’s approval, eToro went public at a $5 billion valuation in May after filing in January. If the same timeline holds true for Grayscale, it could go public before the end of 2025, pending SEC approval
As one of the pioneering digital assets firms to develop and offer crypto-based exchange-traded funds (ETFs), Grayscale is well-positioned to enter the public market. It currently manages approximately $50 billion in net assets under management, according to an April update shared by the firm’s X account. This portfolio, combined with timing that sees Bitcoin’s historical all-time-highs broken numerous times throughout the month of July alone, could give potential investors an opportune entry point and high-value prospect, if the SEC approves the firm’s registration.
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