Grayscale Investments has confidentially submitted an S-1 registration with the SEC, joining a growing roster of crypto firms pursuing IPOs as BTC continues to hit new ATHs.

Grayscale Investments, known for its flagship products the Grayscale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE), has taken a major step toward going public by confidentially submitting a draft S-1 registration to the U.S. Securities and Exchange Commission.

The crypto asset manager withheld the details, including timeline or structure, stating that it will proceed following the SEC’s review and subject to market conditions.

Confidential filings are common among firms looking to negotiate with the SEC without immediate public scrutiny. In June, crypto exchange Gemini also made a confidential filing, setting the stage for its own potential IPO. Like Grayscale, Gemini’s filing came after the SEC dropped its investigation into the company and did not recommend enforcement action.

By filing for an IPO, Grayscale joins a wave of crypto firms heading to public markets. Stablecoin issuer Circle launched its IPO in June, with its shares gaining over 120% on day one. A few weeks prior to that, trading platform eToro also went public, listing on Nasdaq.

Grayscale’s filing comes at a time of growing institutional interest and clearer signals from U.S. lawmakers. With Bitcoin (BTC) hitting record highs above $120,000 and momentum building around crypto-friendly legislation, the current environment offers a more favorable backdrop for Grayscale’s potential debut compared to earlier IPOs like Circle and eToro, which took place amid trade tensions caused by Trump’s tariff policies.