Grayscale announces it filed a confidential S-1 form with the SEC

Grayscale Investments announced it submitted a confidential filing with the US Securities and Exchange Commission (SEC). The preliminary registration may precede an IPO for Grayscale, with the number of shares to be authorized after the initial review. 

Grayscale Investments announced it filed a confidential form for an IPO, currently awaiting review and approval from the US Securities and Exchange Commission. Grayscale plans to register its shares after the SEC issues a statement and approves the next step of the process. 

The IPO will be yet another attempt to combine traditional and crypto finance. The move follows a recent IPO by crypto-backed ReserveOne, as companies seek to tap the crypto enthusiasm to boost their stock offers. 

Grayscale has been one of the leading issuers of ETPs based on BTC, ETH, and multiple altcoins and tokens. Previously, Grayscale sat on one of the biggest ETH treasuries, with some coins acquired as low as $90. 

Over the years, Grayscale has accrued multiple crypto baskets with actual holdings, which can back multiple ETP or ETF products. Grayscale itself has proposed to transform its Solana trust into an ETF, also awaiting a verdict from the SEC. Grayscale products have been created for both retail holders and institutions. 

As a result, Grayscale carries over $33B in assets linked to its OTC-traded products. The company is now reaccumulating ETH and BTC, joining the overall increased demand for ETF investments. 

Grayscale IPO comes with mixed reactions

The announcement of an eventual Grayscale IPO was met with mixed reactions. For some, it was a bullish example of mainstream acceptance for crypto-backed companies. 

For others, the IPO may be an attempt to cash out close to a market peak. Grayscale has not set a deadline for the token sale or any other parameters, and it is uncertain if this approach would be timed correctly. 

The IPO filing news arrived just as BTC set new records above $122,000, sparking more optimism for an ongoing bull market until the end of 2025. 

Grayscale joins crypto IPO season

Grayscale’s announcement arrives after a long series of crypto companies revealing plans for an IPO. Multiple crypto companies are in various stages of the IPO process. Exchanges like Gemini, Kraken, Bithumb, and Upbit all plan to attempt exposure to the US markets via a stock sale. Exchanges are the most numerous class in pre-IPO companies. 

Crypto custodian BitGo has also stated intentions to go public. Other categories include funds like Parataxis and Animoca Brands, the FalconX brokerage, and even the TRON Group, seeking trading through a reverse merger. 

The new wave of crypto company IPOs shows a return to mainstream investors, after crypto startups evolved over the years. Influencer Arthur Hayes noted that the token sales that replaced IPOs in 2017 were no longer sufficient to raise funds, and companies switched to exchange representation. 

Currently, token sales cannot tap the same liquidity and are limited to small-scale meme projects. A high-profile IPO, however, can tap greater interest from investors who are finally willing to gain exposure to crypto via exchange-traded stock. 

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