Original Article Title: "Grayscale, Crypto Asset Management Giant, Applies for U.S. IPO Amid Bitcoin All-Time High"

Original Article Author: Long Yue, Wall Street View

As Bitcoin's price breaks through the $120,000 mark, the cryptocurrency industry is experiencing a new wave of listing frenzy.

Benefiting from the crypto-friendly policies of the Trump administration, Grayscale has become the latest crypto asset company to apply for a U.S. IPO. Previously, the company had a fierce battle with the SEC under the Biden administration regarding the issue of a Bitcoin ETF.

This Monday, the cryptocurrency asset management company Grayscale announced that it had submitted an IPO registration statement to the U.S. Securities and Exchange Commission (SEC), but did not disclose details such as the number of shares to be sold or the expected price range. Grayscale stated that it expects its IPO registration to proceed after the SEC completes the review process, but did not provide a specific timetable.

On Monday, Bitcoin's price hit a historic high of over $122,000, and its recent surge has led many crypto companies to apply for listings. Gemini, a crypto exchange operated by the Winklevoss twins Tyler and Cameron, as well as the Thiel-backed exchange Bullish, have both submitted IPO applications in recent weeks.

Policy Shift Drives Listing Frenzy

Grayscale's IPO plan reflects a significant policy shift by the Trump administration in cryptocurrency regulation. The company had previously been in public dispute with the SEC under the Biden administration regarding the conversion of 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 a federal appeals court the following year. The ETF was approved in early 2024, and its assets under management have since grown to $21.7 billion, making it one of the world's largest Bitcoin ETFs.

Currently, stablecoin operator Circle and exchange Coinbase are the only two major publicly listed crypto companies in the U.S. Circle made its debut on the New York Stock Exchange in June, experiencing three trading halts on its IPO day due to excessive volatility.

Retirement Accounts Open to Crypto Investment

Grayscale's IPO application comes as the United States opens the door for citizens to purchase cryptocurrency in retirement accounts, further demonstrating the Trump administration's policy stance encouraging digital asset investment.

In May, the U.S. Department of Labor announced that it had rescinded previous guidance issued in 2022, which had required "extreme caution" when considering adding cryptocurrency options to the 401(k) investment menu.

According to a Wall Street News article, this week the U.S. Congress will see a "crypto week," planning to discuss three key cryptocurrency legislations including the CLARITY Act and the GENIUS Act.

This legislative progress injects strong momentum into the digital asset market, with some analysts believing that the advancement of these three bills will help the U.S. establish a global leadership position in cryptocurrency. French Hill, Chairman of the House Financial Services Committee, stated that this "milestone legislation" will establish a clear regulatory framework for digital assets.

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