Grayscale Files Secret IPO in the US, Extending the Public Listing Wave of Cryptocurrency Companies
On July 14, Grayscale - a cryptocurrency asset management and ETF issuance company - announced that it has officially filed with the US Securities and Exchange Commission (SEC) to prepare for a public stock listing. Notably, the filing was submitted under new regulations allowing a secret registration process before widespread market disclosure.
If the IPO is successful, Grayscale will have more opportunities to raise capital through methods such as public stock issuance - a strategy previously effectively used by Michael Saylor and MicroStrategy - or convertible bond issuance, similar to GameStop's $2.25 billion fundraising in June 2025.
Grayscale's latest move comes just over a month after Circle - the entity behind the world's second-largest stablecoin USDC - expanded its IPO to over $1.05 billion and officially listed its shares on the New York Stock Exchange (NYSE) on June 5. According to the filing on June 2, with over 220 million shares in circulation, Circle was valued at around $6.9 billion after the IPO.
Experts assess Circle's successful IPO as a significant boost for blockchain and cryptocurrency startups, creating momentum to drive a public listing wave in this sector in the US. As the market gradually recovers and institutional capital returns, 2025 is likely to mark a new vibrant IPO season for digital currency enterprises.
