The manager is considered the 'golden goose' of the Digital Currency Group (DCG), one of the largest holdings in the sector, as it is its most profitable subsidiary.
Grayscale logo with Bitcoin coins.
Grayscale, the manager responsible for various ETFs and funds for Bitcoin and other cryptocurrencies, is planning to conduct an IPO (Initial Public Offering) in the U.S. The information was presented this Monday (14).
The announcement states that the company has already sent a draft statement to the SEC. However, it awaits completion to determine the number of shares and price range.
The move comes after a major regulatory change post-American elections, as well as the market's upward trend, especially for Bitcoin, which surpassed $123,000 this week.
Another point that may have influenced the company was the success of the recent IPO of Circle, the issuer of the USDC stablecoin. This is because its shares were launched at $31, but today are traded close to $200.
One month after the IPO, Circle's shares rose 543% and the company has a market value of $49.4 billion.
Grayscale plans IPO and could be another crypto giant traded on the stock exchange.
Grayscale was responsible for launching the first truly structured and regulated Bitcoin investment fund. At its peak, GBTC had over 619 thousand bitcoins.
Transformed into an ETF in 2024, the fund had many exits and today the manager administers only 229 thousand bitcoins through the GBTC (Grayscale Bitcoin Trust) and the BTC (Grayscale Mini Trust).
Despite this setback, Grayscale remains one of the leading managers in the sector, ranking behind only BlackRock and Fidelity.
In addition to this, they also manage two of the largest Ethereum ETFs in the world, the ETHE and the ETH, as well as several private cryptocurrency funds.
In a statement released this Monday (14), Grayscale revealed its intention to go public.
"Grayscale Investments announced today that it has confidentially submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission (the 'SEC')."
"The number of shares to be registered and the price range for the proposed registration have not yet been determined. The registration is expected to occur after the completion of the SEC review process, subject to market conditions and other factors," the text continues.
Grayscale Investments® Announces Confidential Submission of Draft Registration Statement https://t.co/YN19xKLL9k
— Peter Mintzberg (@PeterMintzberg) July 14, 2025
The manager is also considered the 'golden goose' of the Digital Currency Group (DCG), one of the largest holdings in the sector, as it is its most profitable subsidiary.
Another giant that recently announced its IPO was the Gemini exchange, founded by the Winklevoss twins. The favorable market conditions, along with a more open government, explain the stance of these companies.