Grayscale Files IPO Registration as Bitcoin Tops $120,000
- Grayscale Investments has filed a confidential IPO registration with the SEC.
- The move comes as the House advances pro-crypto legislation this week.
- The firm is battling the SEC over its Digital Large Cap Fund ETF approval delay.
Grayscale Investments filed a confidential draft registration statement with the Securities and Exchange Commission for an initial public offering, the crypto asset manager announced Monday.
The filing comes during what lawmakers have dubbed "Crypto Week" in the House of Representatives, where three key bills aimed at reshaping U.S. crypto policy are advancing through votes this week.
Grayscale Files for IPO
The IPO filing puts Grayscale in position to benefit from clearer crypto rules as Congress weighs new legislation, building on the firm's history of fighting regulators that helped create spot Bitcoin ETFs, which have pulled in $52.3 billion in net inflows since their January 2024 launch, according to Farside Investors.
Grayscale Investments did not disclose the number of shares or price range for the proposed registration in its announcement Monday morning. The registration is expected to take place after the SEC completes its review process, subject to market and other conditions, according to the filing.
The timing coincides with renewed crypto market momentum, with Bitcoin trading over $120,000 and Ethereum near $3,020 as of midday Monday, according to CoinMarketCap. Bitcoin surged early Monday morning and briefly touched an all-time high above $123,000.
The asset manager faces ongoing regulatory challenges. Last week, Grayscale's lawyers publicly contested the SEC's decision to pause approval of its Digital Large Cap Fund ETF, citing a missed statutory deadline, according to a letter sent by the firm.
Expanding Product Pipeline
Amid these regulatory challenges, Grayscale updated its "Assets Under Consideration" list on July 10, exploring new crypto products including Aptos, Arbitrum, Mantle and Toncoin, according to the company.
The firm's 2022 lawsuit that compelled a court to overturn an SEC denial was pivotal in establishing spot Bitcoin ETFs. This legal victory strengthened Grayscale's position, with lawmakers now advancing the GENIUS Act, CLARITY Act and Anti-CBDC Surveillance State Act through House votes this week.
The three bills advancing through House votes this week would reshape crypto regulation. The GENIUS Act establishes a federal framework for stablecoins with reserve requirements and issuer licensing. The CLARITY Act clarifies whether the SEC or Commodities Futures Trading Commission (CFTC) oversees different digital assets, while the Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital currency.
