Grayscale quietly sent a draft registration on Form S‑1 to the U.S. SEC. The paperwork doesn’t yet spell out how many shares the digital asset manager intends to offer or the price range under consideration.
By filing confidentially under Rule 135 of the Securities Act, Grayscale gains the freedom to adjust its numbers and narrative as it responds to SEC feedback, without having to disclose every detail to the public right away.
Also Read: Japanese Financial Giant SBI & Shinsei Bank Back Circle With $50M Investment After IPO
IPO Rally Fuels Market Momentum
This step lands against a backdrop of renewed enthusiasm for U.S. initial public offerings. Renaissance Capital reports that, through mid‑July, companies have collectively raised about $15.7 billion in IPO proceeds, more than twice the amount at this point in 2024.
Consider BitGo, the custodial services provider. Its executives are aiming for a late‑2025 IPO debut. They point to rising demand from institutional investors: as more Wall Street players seek secure digital‑asset storage, BitGo’s custody volumes have ballooned.
OKX, a global exchange based in Seychelles has started internal discussions about a U.S. listing, though no S‑1 has landed at the SEC just yet.Â
Block.one, the blockchain developer behind the Bullish exchange, recently filed confidential paperwork, after its 2021 SPAC approach drew a regulatory block.
Gemini, the Winklevoss twins’ brainchild, quietly filed its own draft S‑1 earlier this spring, setting the stage for a future IPO.
On June 5th, Circle went public on the NYSE, with an IPO price of $31 a share. CRCL opened at $69 a 120% jump from its IPO price, before trading was paused when the price hit $75.
After the brief halt, shares settled into a tighter range but stayed north of the offer price. At Press time, CRCL is priced at $195.33 with a market cap of $48.37B.
That volatility underlines two things: investors are eager for crypto exposure, and newcomers can still make a big splash.
Regulatory Backdrop and Disclaimers
For the wider crypto ecosystem, a steady flow of IPOs could rewrite the narrative. Right now, crypto lives partly in a grey area, thriving on innovation yet subject to shifting rules. Publicly traded status offers legitimacy.
Regulators, analysts and pension funds all take a second look when they see a ticker symbol on the NYSE or NASDAQ. But tougher reporting standards and SEC oversight come along for the ride.
In Grayscale’s case, the next chapter unfolds during the SEC review. We’ll learn the share count and pricing range once Grayscale submits its final S‑1, probably later this year. Until that happens, the July 14 draft filing itself represents a meaningful inflexion point.
Also Read: Circle Internet raises $1.05B in upsized IPO at $31 per share, oversubscribed 25 times