Grayscale Investments Files to Go Public in Yet Another Crypto IPO — Barrons.com
By Nate WolfThe crypto industry has helped prop up the initial public offering market so far this year, and that trend looks set to continue.Grayscale Investments, the crypto-focused asset manager, has filed confidentially for an IPO, the company said Monday. It said it hasn't determined the price range or number of registered shares, and a confidential filing means it doesn't have to publicly disclose those detail until closer to the listing.Grayscale is perhaps best known for its exchange-traded funds that mirror the price movement of major cryptocurrencies like Bitcoin and Ethereum. Its Grayscale Bitcoin Trust ETF was among the first spot Bitcoin ETFs to secure approval from the Securities and Exchange Commission in January 2024.The company says it had more than $33 billion in assets under management across more than 35 investment products as of Friday.Grayscale's announcement came the same morning Bitcoin hit a record high. The cryptocurrency climbed to $123,166 a coin Monday, clearing the $120,000 milestone for the first time.Crypto companies have jolted an otherwise calm IPO scene over the past few months. Shares of Circle Internet Group, the stablecoin issuer, have soared to $197.30 from a June 5 listing price of $31. Meanwhile, crypto brokerage firm eToro Group made its debut on May 14, and crypto investment firm Galaxy Digital listed on the Nasdaq two days later.Gemini, the crypto exchange led by Mark Zuckerberg's one-time nemeses Tyler and Cameron Winklevoss, filed confidentially for its own IPO in June.A friendlier regulatory environment has helped. Since President Donald Trump took office, the SEC has dropped enforcement actions against several big-name crypto companies. Now, Congress is set to debate a trio of industry-backed bills that aim to clarify digital-asset regulations during what some onlookers have dubbed "Crypto Week."Write to Nate Wolf at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.