The exact IPO size, price range, and timing remain undecided and market-dependent.
Grayscale Investments announced on Thursday that it has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to go public. While the date isn’t set yet, the company said the initial public offering (IPO) would be of its Class A common stock on the New York Stock Exchange under the ticker ‘GRAY’.
Details like the number of shares and the price range were also not disclosed. Grayscale said the IPO’s debut would depend on market conditions, so there’s no guarantee on the timeline or what the final terms might look like.
Revenue Drop Ahead Of IPO
Thursday’s announcement comes after the company had already confidentially filed for an IPO back in July. Grayscale’s filing with the SEC reveals that the crypto asset manager experienced a decline in revenue over the past year. It has a net income of $203.3 million on revenue of $318.7 million for the nine months ended September 30, which is lower than the $223.8 million net income on revenue of $397.9 million in the previous year.
Markets are expecting IPO activity to ramp up heading into the last months of the year after the most extended U.S. government shutdown ended on Wednesday. The shutdown has bottlenecked applications at the SEC, with the agency’s review functions hitting a pause.
Pioneer in Digital Asset ETFs
The digital asset-focused investment platform, which has around $35 billion in assets under management (AUM), is touted for being the first company to launch Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETF). The approval of those ETFs paved the way for others to make digital asset investment accessible to traders in traditional markets.
Grayscale’s Bitcoin (BTC) Trust ETF (GBTC) edged 0.25% higher at market open, with retail sentiment on Stocktwits trending in ‘bullish’ territory. Meanwhile, the Grayscale Ethereum (ETH) Trust ETF (ETHE) dipped 0.4%, with retail sentiment falling to ‘neutral’ from the ‘bullish’ zone over the past day. The Grayscale Solana (SOL) Trust ETF (GSOL) fell more than 1%, with retail sentiment trending ‘neutral’.
Meanwhile, the overall cryptocurrency market dipped 1.2% in the last 24 hours, with its market capitalization at around $3.5 trillion. Bitcoin’s price shed 2.6% in the last 24 hours, trading at around $102,100. Meanwhile, Ethereum’s price dipped 4.3% and Solana’s price fell 4.5%.
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