Grayscale Investments LLC has confidentially filed for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC) as Bitcoin reaches new heights. The crypto asset manager announced the submission of a draft registration statement on Form S-1. The number of shares and price range for the offering are yet to be determined, with the IPO expected later this year, subject to market conditions.
Founded in 2013, Grayscale launched the first publicly traded Bitcoin fund and an Ethereum investment fund. The company manages over $33 billion in assets across more than thirty investment products. Grayscale is known for its pivotal role in advocating for the approval of U.S. spot Bitcoin ETFs. It is part of the Digital Currency Group, created by billionaire investor Barry Silbert. In 2023, Grayscale secured a legal victory to convert its Bitcoin Trust into the first U.S. ETF directly investing in Bitcoin.
Grayscale's Bitcoin Trust ETF (GBTC, Financial) has been surpassed by BlackRock's iShares Bitcoin Trust ETF (IBIT), which has three times the assets under management and a lower fee rate of 0.25% compared to GBTC's 1.5%.
