Grayscale Investments has reportedly confidentially submitted a draft IPO registration to the US SEC (Securities and Exchange Commission).
The move signals a major shift by the crypto-trust giant toward becoming a publicly listed company.
Grayscale Files IPO: All We Know So Far
According to an official statement published on July 14, Grayscale submitted a draft registration statement on Form S-1 to the SEC. This is a standard step in preparing for a potential initial public offering (IPO).
Under recent SEC reforms, non-US issuers can submit confidential registration statements for both initial and follow-on offerings, even years after going public.
Grayscale’s stealth filing leverages this shift, allowing the firm to fine-tune its IPO quietly before any public disclosure.
If launched, an IPO would broaden Grayscale’s fundraising, expand investor access, and transform its market role beyond crypto-focused trusts.
The confidential submission enables management to test strategies and address regulatory feedback away from public scrutiny.
With the first project now under SEC review, Grayscale is quietly setting the stage for a potential public debut, reflecting both maturation in crypto finance and growing regulatory frameworks.
IPO Details Remain Undisclosed as Grayscale Awaits SEC Review
However, the company has not yet determined the number of shares to be registered or the price range for the proposed offering.
As noted in the announcement, the IPO process will move forward only after the SEC completes its review and remains subject to market and other conditions.
“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 take place after the SEC completes its review process, subject to market and other conditions,” read an excerpt in the press release.
This suggests that while Grayscale is serious about going public, the timeline and structure of the offering are still fluid.
The confidential filing gives Grayscale flexibility as it prepares for what could be a transformative market debut.
Meanwhile, this development strengthens the growing IPO wave, coming only weeks after Figma filed to go public. Before that, Gemini also filed for a US IPO, with reports suggesting Justin Sun’s Tron may take a similar route, though via a reverse merger.
Meanwhile, OKX exchange is also a work in progress, with the interest coming after its recent reentry into the market with a new headquarters and leadership.
The real deal, however, would be a Tether IPO, as the stablecoin issuer’s valuation sparked a public listing rumor.
However, according to Tether’s CEO, Paolo Ardoino, the company does not plan to go public, which signals confidence in its current private structure and trajectory.
