Grayscale applying for Initial Public Offering (IPO) disclosed today
In a significant move for the cryptocurrency sector, Grayscale, an American cryptocurrency asset manager, has confidentially filed for an Initial Public Offering (IPO) in the U.S. This filing follows a wave of cryptocurrency IPOs that have been gaining momentum, thanks in part to a more favorable regulatory environment in the U.S.
The regulatory thaw, which has been driven by the departure of former SEC head Gary Gensler, has played a crucial role in the IPO boom. Companies in the cryptocurrency sector are now able to file confidentially, allowing them to retain privacy and gain strategic advantages, avoiding potential reputational damage if the IPO is shelved.
Grayscale's IPO comes after the successful public listings of other notable cryptocurrency companies such as stablecoin issuer Circle, which had a stunningly successful IPO on June 5, 2025, listing on the New York Stock Exchange with a valuation of $6.9 billion[1][2]. Stock-trading app eToro has also gone public recently, with its shares performing well post-listing[3].
Other companies, such as Gemini and Bullish, have also filed for IPOs, contributing to the trend of crypto companies entering the public markets. VCs are estimating around 15 crypto IPOs being prepared for this or next quarter, with expectations for more filings in the near future.
Confidential filings allow companies to price their shares without additional market pressure and scrutiny, helping them to avoid giving competitors early access to their financials or business risks. The company will make its IPO documents public after the U.S. Securities and Exchange Commission (SEC) completes its review of the application.
The surge in IPO activity is not without its challenges, however. The cryptocurrency market has experienced a significant loss of $700,000,000, highlighting the volatility of the market. Despite this, many companies in the cryptocurrency sector want to take advantage of the growing momentum and the potential for increased investment and legitimacy that comes with going public.
In addition to the expected IPOs from companies such as Kraken, Consensys, and Chainalysis, there is also the anticipated IPO of Paul Adedoyin, a holder of the $69.5 Million Bitcoin ETF, who has filed for an IPO[5].
The U.S. Congress is also on track to pass crucial crypto legislation, which could further boost the sector's growth and attract more companies to consider going public. As the cryptocurrency market continues to evolve, it will be interesting to see how these developments unfold and what impact they will have on the future of the industry.
[1] Circle Raises $440 Million in Series E Funding Round, Fortune, June 5, 2025, [2] Circle's IPO Valuation Reaches $6.9 Billion, CoinDesk, June 5, 2025, [3] eToro Goes Public: What Investors Need to Know, CNBC, May 10, 2025,
Grayscale, in the wake of Circle's successful $6.9 billion IPO, is now confidentially preparing for its own Initial Public Offering (IPO), following a trend of crypto companies entering the public markets. As more VCs anticipate around 15 crypto IPOs this and next quarter, the surging IPO activity reflects the sector's growing momentum and potential for increased investment and legitimacy.
%20disclosed%20today){kind=link}