Grayscale Files Confidential IPO Paperwork - Unchained

Grayscale Investments has taken a major step toward a potential public market debut by confidentially submitting a draft registration statement (Form S-1) to the U.S. Securities and Exchange Commission (SEC) on Monday.

This confidential filing is a common precursor to an initial public offering (IPO) and allows Grayscale to work privately with the SEC to finalize important details – such as the number of shares to be offered and the proposed price range – without making them public during the initial review phase.

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If approved, the largest crypto asset manager could become a publicly traded company by the end of 2025, joining a wave of similar moves by crypto firms, including stablecoin issuer Circle.

Grayscale currently manages around $50 billion in assets.