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Crypto asset manager Grayscale has filed for an initial public offering in the US, in the latest sign of how the Trump’s administration’s warm embrace of the industry has set off a rush of listings by digital assets groups.
The company said on Monday that it had confidentially submitted an IPO registration statement to the Securities and Exchange Commission, but did not provide details of the number of shares to be sold or the anticipated price range.
The listing plans represent a recent reversal of fortune for Grayscale, which years ago sparred publicly with former President Joe Biden’s SEC about converting its flagship Bitcoin Trust into an exchange traded fund. Wall Street’s top financial watchdog in 2022 rejected Grayscale’s application, but that decision was overruled the following year by a federal appeals court.
The ETF was approved in early 2024 and has grown to $21.7bn in assets, making it among the world’s biggest bitcoin ETFs.
Grayscale’s IPO plans underscore how Donald Trump is taking a far more liberal approach to cryptocurrencies than his Democratic predecessor Biden. Several other crypto companies have also rushed to list in recent weeks, fuelled by investor enthusiasm for the industry and US government support for digital assets.
The price of bitcoin hit a record of more than $122,000 on Monday ahead of landmark legislation expected to be passed this week in Washington that will bring crypto more closely to the financial system. Crypto exchange Gemini, run by twins Tyler and Cameron Winklevoss, and Peter Thiel-backed exchange Bullish are among the companies that have filed for IPOs in recent weeks.
Stablecoin operator Circle and exchange Coinbase are the only major crypto companies to have listed so far, with the former making its debut on the New York Stock Exchange in June. The group’s shares surged on the day of its IPO, with trading halted three times because of volatility.
Grayscale’s IPO filing also coincides with the US opening the door to Americans buying crypto tokens within their retirement accounts, in yet another indication of how the Trump administration is encouraging investment into digital assets. The Department of Labor said in May that it had rescinded previous guidance in 2022 for “extreme care” to be exercised before cryptocurrency options were considered as an addition to 401(k) investment menus.
Grayscale said on Monday that it expected registration for its IPO to take place after the SEC completes its review process.
https://www.ft.com/content/e0a0667c-dd4d-48cd-852a-fe616f4860fc
