Overview

• Grayscale confidentially filed a draft S-1 registration statement with the SEC, signaling plans for an IPO.
• The filing omitted details on share count and price range, with official registration expected after SEC feedback.
• The firm’s flagship Grayscale Bitcoin Trust and Ethereum Trust have converted into ETFs that together manage $24 billion.
• U.S. IPO activity has raised $15.7 billion year-to-date, up 103 percent from 2022 and on track to exceed 2023 totals.
• Digital-asset firms including Circle, eToro, Gemini and OKX are eyeing public listings following recent successful debuts.