Grayscale files for IPO in America

Grayscale Investments — the entity behind ETFs such as Bitcoin Trust (GBTC) and ETHE — has filed with the New York Stock Exchange (NYSE) to offer shares, joining the wave of crypto companies going public this year.

The company under the investment group Digital Currency Group (DCG) has submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) on Thursday. The number of shares and the expected price have not yet been determined, but DCG will still maintain control after the listing.

Grayscale is one of the leading organizations in the journey to push the SEC to approve a spot Bitcoin ETF, having previously sued the regulatory agency when the application to convert GBTC to an ETF was rejected.

In the filing, Chairman Barry Silbert wrote: “We are the pioneering entity helping to expand investor access to one of the fastest-growing asset classes in history. Our platform provides a diverse exposure portfolio, capital efficiency, and generates cash flow.”

Grayscale's move comes amid many local crypto companies seeking to go public in the U.S., following the IPOs of Circle Internet Group (CRCL) and the Bullish exchange (BLSH) — the owner of CoinDesk — earlier this year.

In the 9 months ending September 30, Grayscale recorded a net profit of 203 million USD, down 9.1% compared to the same period in 2024. Revenue decreased from 398 million USD to 318.7 million USD (-20%), while average assets under management (AUM) fell by 3.5% to 30.6 billion USD. By the end of September, the company's AUM was around 35 billion USD.

Thạch Sanh