Grayscale's Public Listing: Advancing Crypto Adoption as Regulations Vary Worldwide

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Grayscale's Public Listing: Advancing Crypto Adoption as Regulations Vary Worldwide

Bitget-RWA2025/11/13 14:36

By:Bitget-RWA

- Grayscale files U.S. IPO via S-1, joining crypto firms like Circle and Bullish in public markets. - IPO details remain undetermined, contingent on SEC review and market conditions. - Japan's TSE tightens crypto listing rules amid volatile "crypto hoarding" stock collapses. - U.S. regulators advance crypto rulemaking post-shutdown, potentially accelerating Grayscale's approval. - Grayscale's IPO highlights crypto's institutional push amid global regulatory divergence.

Grayscale, a crypto asset management firm, Seeks U.S. IPO

The digital asset manager has filed an S-1 registration statement with the SEC, aiming to launch a public stock offering as more industry participants

ramp up efforts to enter U.S. public markets

Grayscale Investments, which manages the

Grayscale Bitcoin Trust

(GBTC) along with multiple crypto ETFs, has submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) for a possible initial public offering.

Grayscale's Public Listing: Advancing Crypto Adoption as Regulations Vary Worldwide image 0

According to the filing,

the total shares and price range for the IPO have not yet been set

, and the offering will depend on SEC approval and prevailing market conditions. This step makes Grayscale one of the largest digital asset managers to seek a public listing, highlighting ongoing institutional interest in crypto.

This move is part of a larger wave of crypto-focused companies entering U.S. stock markets.

Earlier in the year, Circle Internet Group

(CRCL), a stablecoin provider, and the crypto trading platform Bullish (BLSH) both achieved public listings, marking a shift toward mainstream capital markets. Grayscale’s IPO could further validate cryptocurrencies as an investment category, especially as more institutions seek regulated investment options.

Nonetheless, regulatory oversight remains unpredictable. In Japan,

the Tokyo Stock Exchange operator is considering new steps

to slow the expansion of publicly traded crypto treasury firms, citing concerns for retail investors after steep drops in so-called “crypto hoarding” stocks. Companies such as Metaplanet Inc., which began

accumulating Bitcoin

in 2024, have experienced share price declines exceeding 75% since their 2025 peaks.

The Tokyo exchange is weighing tighter rules on backdoor listings

and may require mandatory audits for businesses pivoting to crypto-centric models.

In the U.S., regulatory progress has resumed after concerns about a government shutdown, with Congress returning to address crypto policy.

A procedural mechanism that lets ETFs launch without direct SEC approval

has already allowed some funds to debut, and agencies like the IRS and Office of the Comptroller of the Currency are moving forward with new regulations. This clearer legislative environment could speed up the approval process for crypto offerings, including Grayscale’s IPO.

Grayscale’s IPO application highlights the industry’s evolution amid shifting regulatory dynamics. While Japan’s stricter approach points to the dangers of speculative crypto activity, the U.S. seems to be paving the way for greater institutional participation. As the SEC evaluates Grayscale’s S-1, market participants will be watching for regulatory signals on the integration of crypto with traditional finance.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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