In a press release, Grayscale stated: "The registration is expected to occur once the SEC completes its review process, subject to market conditions and other conditions." The confidential filing was made under the JOBS Act, which allows companies to keep the initial details of their IPO out of the public eye.
However, the company did not disclose the number of shares or the expected price range for the offering. Therefore, the IPO will take place once the SEC concludes its review and depending on market conditions.
The news of the IPO comes at the beginning of Cryptocurrency Week, a five-day event (from July 14 to July 18) where the U.S. House of Representatives will meet to discuss various cryptocurrency bills. These debates could shape the future regulations for digital assets, with particular attention to stablecoins and market structure.
Legislators are expected to vote on several regulatory proposals that could influence the operation of companies like Grayscale in the U.S. digital asset market. With Bitcoin reaching its all-time high (ATH) of over $123,000, the cryptocurrency sector is attracting renewed interest from both regulators and investors.
Grayscale's decision to proceed with a public offering comes amid this heightened scrutiny and could allow it to raise funds through the sale of shares or debt issuance. Other companies, like Circle, have raised billions of dollars through public offerings (IPOs) to expand their operations, and their shares have risen over 500% since going public.