As Bitcoin's price breaks through $120,000, the crypto industry is ushering in a new wave of IPO enthusiasm.
Under the crypto-friendly policies of the Trump administration, Grayscale has become the latest crypto asset company to apply for a U.S. IPO, following a fierce battle with the SEC under the Biden administration over the Bitcoin ETF issue.
On Monday, the crypto asset management company Grayscale announced that it has submitted an IPO registration statement to the U.S. Securities and Exchange Commission (SEC), without disclosing details such as the number of shares to be sold or the expected price range. Grayscale stated that its IPO registration is expected to proceed after the SEC completes its review process, but did not provide a specific timeline.
Bitcoin's price reached a historic high of over $122,000 on Monday, and its recent continuous rise has driven multiple crypto companies to apply for listing in recent weeks. The crypto exchange Gemini, operated by twins Tyler and Cameron Winklevoss, and the exchange Bullish, backed by Peter Thiel, have both submitted IPO applications in recent weeks.
Policy Shift Sparks IPO Wave
Grayscale's IPO plan reflects the significant policy shift in crypto regulation under the Trump administration. The company previously had a public dispute with the SEC under the Biden administration regarding converting its flagship Bitcoin trust into an exchange-traded fund (ETF).
The U.S. SEC rejected Grayscale's application in 2022, but this decision was overturned by the federal appeals court the following year. The ETF was approved in early 2024 and has since grown to $21.7 billion in assets, becoming one of the world's largest Bitcoin ETFs.
Currently, stablecoin operator Circle and exchange Coinbase are the only two major listed crypto companies in the United States. Circle made its debut on the New York Stock Exchange in June, with its stock price halting trading three times on the IPO day due to excessive volatility.
Retirement Accounts Open to Crypto Investments
Grayscale's IPO application coincides with the U.S. opening the door for citizens to purchase crypto tokens in retirement accounts, further demonstrating the Trump administration's policy of encouraging digital asset investments.
The U.S. Department of Labor stated in May that it has withdrawn the guidance issued in 2022, which previously required being "extremely cautious" before considering adding crypto currency options to 401(k) investment menus.
A Wall Street Insights article noted that this week, the U.S. Congress will host a "Crypto Week," planning to discuss three key crypto legislative bills, including the CLARITY Act and the GENIUS Act.
These legislative developments are injecting strong momentum into the digital asset market. Some analysts believe that the advancement of these three bills will lay the foundation for the U.S. to establish a global leadership position in cryptocurrencies. House Financial Services Committee Chairman French Hill stated that these "milestone legislations" will establish a clear regulatory framework for digital assets.
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