As Bitcoin hits new highs, crypto asset management giant Grayscale files for U.S. IPO
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As Bitcoin hits new highs, crypto asset management giant Grayscale files for U.S. IPO
Grayscale's submission of an IPO application is seen as a result of the Trump administration's shift toward a more crypto-friendly policy.
Navigating Web3 tides with focused insightsBy Long Yue, Wall Street Insights
As Bitcoin prices surpass the $120,000 mark, the cryptocurrency industry is entering a new wave of IPO activity.
Spurred by the pro-crypto policies of the Trump administration, Grayscale has become the latest digital asset firm to file for a U.S. IPO—after previously clashing with the SEC under the Biden administration over its Bitcoin ETF application.
On Monday, crypto asset manager Grayscale announced it had submitted an initial registration statement for an IPO to the U.S. Securities and Exchange Commission (SEC), though it did not disclose details such as the number of shares to be offered or the expected price range. Grayscale said it expects the IPO registration to proceed following the SEC’s review process, but did not provide a specific timeline.
Bitcoin hit a record high above $122,000 on Monday, and its sustained rally has prompted several crypto firms to recently file for public listings. Gemini, the cryptocurrency exchange operated by twins Tyler and Cameron Winklevoss, along with Bullish—a Peter Thiel–backed exchange—have both filed IPO applications in recent weeks.
Policy Shift Fuels Listing Surge
Grayscale’s IPO plans reflect a significant policy shift under the Trump administration regarding cryptocurrency regulation. The company had previously engaged in a public legal battle with the SEC during the Biden era over converting its flagship Bitcoin Trust into an exchange-traded fund (ETF).
The U.S. SEC rejected Grayscale’s application in 2022, but that decision was overturned the following year by a federal appeals court. The ETF was approved in early 2024 and has since grown to manage $21.7 billion in assets, making it one of the world’s largest Bitcoin ETFs.
Currently, stablecoin issuer Circle and exchange Coinbase are the only two major publicly listed crypto companies in the U.S. Circle made its debut on the New York Stock Exchange in June, halting trading three times on its first day due to extreme volatility.
Retirement Accounts Open to Crypto Investments
Grayscale’s IPO filing comes as the U.S. opens the door for citizens to invest in cryptocurrencies through retirement accounts—further signaling the Trump administration’s supportive stance toward digital asset adoption.
In May, the U.S. Department of Labor revoked prior guidance issued in 2022 that urged “extreme caution” before including cryptocurrency options in 401(k) investment menus.
Wall Street Insights reported that this week, Congress will host a “Crypto Week,” during which lawmakers plan to review three key pieces of cryptocurrency legislation, including the CLARITY Act and the GENIUS Act.
This legislative momentum is providing strong tailwinds for the digital asset market. Analysts believe the advancement of these bills could position the U.S. as a global leader in cryptocurrency regulation. House Financial Services Committee Chairman French Hill described the proposed laws as “landmark legislation” that would establish a clear regulatory framework for digital assets.
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