Crypto-focused Grayscale confidentially files for potential US listing

Audio By Carbonatix

Enlarge

By Niket Nishant

(Reuters) -Crypto-focused asset manager Grayscale said on Monday it has confidentially submitted paperwork with the Securities and Exchange Commission, signaling potential plans for a U.S. listing as bitcoin scales new highs.

The move coincides with the start of the “crypto week” in Washington, where lawmakers are set to debate three major bills that could offer long-awaited clarity to the industry.

Investor enthusiasm around the bills, which are expected to pave the way for digital assets to potentially be further integrated into traditional finance, has pushed bitcoin above $120,000 for the first time.

“All the previous crypto cycles were led by retail in absence of regulatory clarity. However, this cycle has been led by institutions,” analysts at Bernstein wrote in a note.

Grayscale’s announcement comes more than a month after stablecoin giant Circle’s blockbuster debut, and could add to a growing cohort of high-profile IPO candidates looking to list in the coming months.

Gemini, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, is also preparing to go public.

Crypto firms have seen a surge of interest since President Donald Trump returned to the White House. So far this year, shares of crypto giants Coinbase and Strategy have jumped 56% and 50%, respectively.

Grayscale, founded in 2013, manages over $33 billion of assets across more than 35 investment products.

A prominent player in the crypto space, the Stamford, Connecticut-based company also oversees a leading spot bitcoin exchange-traded fund.

The company’s legal challenge against the SEC was instrumental in paving the way for the approval of spot bitcoin ETFs last year.

Confidential filings allow companies to withhold details about their finances and offering terms until closer to the actual listing.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)