Asset manager Grayscale is forging ahead with plans to go public in the U.S., filing its S-1 form for the IPO with the SEC. The asset manager revealed key details in the registration statement but failed to mention how many shares it is offering and at what price.
Grayscale Files S-1 For U.S. IPO With SEC
A SEC filing shows that the asset manager has filed the registration statement for its IPO, indicating that it could go public anytime from now. This follows the end of the U.S. government shutdown, which would enable the SEC to work on this filing and make the registration statement effective.
Grayscale didn’t mention the IPO price or the number of Class A common shares it will offer. However, the asset manager revealed that it plans to list on the NYSE under the ticker ‘GRAY.’ The lead underwriters for the Grayscale IPO are Morgan Stanley, BofA Securities, Jefferies, and Cantor.
The Crypto ETF asset manager will join the likes of crypto firms such as stablecoin issuer Circle, crypto exchanges Gemini and Bullish, which all went public earlier this year. Crypto IPOs this year have been a success, with all the public offerings being oversubscribed. Notably, crypto custodian BitGo has also filed the S-1 for its U.S. IPO and should go public soon.
Meanwhile, as highlighted in its S-1 filing, Grayscale boasts the largest crypto-focused investment platform globally with $35 billion in assets under management (AuM). It currently offers over 40 crypto investment products covering 45 tokens. As CoinGape reported, the asset manager recently launched its Solana ETF, joining its existing Bitcoin and Ethereum ETFs.
The asset manager also plans to launch its XRP ETF this month and has filings for other crypto ETFs covering tokens such as Dogecoin, Litecoin, Hedera, Chainlink, and Bitcoin Cash. Meanwhile, it also has an index crypto fund that tracks BTC, ETH, SOL, XRP, and ADA.
“The Ideal Investment Proxy”
In his founder’s note in the S-1 filing, Grayscale’s founder, Barry Silbert, described the asset manager as the ideal investment proxy for investors seeking exposure to digital assets, stating that they offer an “unparalleled opportunity” for diversified access through a single investment.
He further noted that their platform spans over 40 investment products across more than 45 tokens, which covers 80% of the total crypto market cap. Interestingly, Silbert opined that Grayscale is positioned to outperform the crypto market. He explained that their recurring AuM-based management fees scale directly with crypto’s growth, which creates a powerful operating leverage,
Source: https://coingape.com/crypto-etf-asset-manager-grayscale-files-for-u-s-ipo-with-the-sec/