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Crypto Asset Manager Grayscale Files for US IPO
Grayscale, a cryptocurrency asset manager, announced that it filed confidentially with the Securities and Exchange Commission to go public in the U.S.
The company manages a number of crypto exchange-traded funds, including a spot Bitcoin ETF that offers investors exposure to bitcoin’s price movements without the need to own the coin itself. Grayscale provides more than 35 investment products and oversees over $33 billion in assets.
Grayscale’s filing follows the successful listing of Circle Internet Group (CRCL) last month, whose shares have increased significantly from their $31 initial public offering price. Other crypto firms like Gemini, founded by Cameron and Tyler Winklevoss, and Bullish, backed by Peter Thiel, are also planning to go public.
Bitcoin traded above $120,000 on Monday, reaching new highs as more companies accumulate the token and Congress is set to discuss three crypto-friendly bills that may further legitimize digital assets.
Jay Ritter, a professor of finance at the University of Florida Warrington College of Business, advises cryptocurrency firms to capitalize on current market conditions.
"Anything that cryptocurrency related has real big investor receptivity," Ritter mentioned. "If I had something in that space, I would say this is a golden window of opportunity to go public."
This article has been published in Investopedia via Yahoo News.
