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Highlights
- Grayscale confidentially filed an IPO draft with the SEC under the JOBS Act.
- Filing follows SEC delay over GDLC ETF conversion decision.
- Bitcoin rallies above $123K as Grayscale signals move to public markets.
Grayscale Investments has submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), beginning the process of a potential initial public offering (IPO). This Grayscale IPO news arrives just as Crypto Week begins in Washington, where lawmakers will discuss key regulatory decisions around digital assets.
Grayscale IPO In Focus As Asset Manager Looks To Go Public
Grayscale’s confidential filing positions it among a growing number of crypto companies looking to list shares on public markets. Other firms, such as Gemini, Kraken, and Bullish, are also preparing for IPOs, while Circle has already completed its public debut in June.
In a press release, Grayscale stated, “The registration is expected to take place after the SEC completes its review process, subject to market and other conditions.” The confidential filing was made under the JOBS Act, which allows companies to keep early IPO details out of the public eye.
However, the Grayscale IPO release did not disclose the number of shares or the expected price range for the offering. The IPO will proceed once the SEC completes its review, and this will also depend on market conditions.
Regulatory Tensions with SEC Over GDLC ETF Conversion
The Grayscale IPO follows a separate dispute between the asset manager and the SEC. The firm has been pushing for the conversion of its Digital Large Cap Fund (GDLC) into an ETF.
The company’s lawyers recently argued that the SEC missed the 240-day deadline required to approve or deny the conversion. As such, the fund has gained approval under Section 19(b)(2)(D) of the Exchange Act.
Grayscale’s lawyers said in a letter, “The law does not authorize the Commission to impose a stay. It can only approve or disapprove.” If the SEC does not take action soon, Grayscale and NYSE Arca may consider filing a petition to move the process forward.
Moreover, earlier this year, Grayscale secured approval to convert its bitcoin trust into a spot ETF, a move that many saw as a breakthrough for crypto investment products. Concurrently, the Ethereum Trust also followed a similar path in May.
Crypto Week Begins as Regulation Takes Center Stage
Meanwhile, the Grayscale IPO news arrives at the start of Crypto Week, a five-day event (July 14–July 18) where the U.S. House of Representatives will meet to debate various crypto bills. These discussions could shape future rules for digital assets, with particular focus on stablecoins and market structure.
Lawmakers will vote on several proposed regulations that could influence how companies like Grayscale operate in the U.S. digital asset market. With Bitcoin rising to ATH at over $123K the crypto sector is drawing renewed interest from both regulators and investors.
Grayscale’s decision to move toward a public offering comes amid increased interest in crypto firms, thanks to lawmakers’ efforts to provide a regulatory framework for the industry. It is worth noting that Circle raised just over $1 billion, thanks to factors like the stablecoin bill.
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