Weighing Grayscale exposure after firm signals possible IPO path
The post Weighing Grayscale exposure after firm signals possible IPO path appeared on BitcoinEthereumNews.com. This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. A month after Circle’s IPO, Grayscale Investments appears to be plotting a similar path. Chances are you’ve seen the company’s airport ads or recalled it notched a big legal win against the SEC — even if you don’t know exactly what it’s up to these days. Like Gemini did last month, Grayscale “confidentially” submitted a draft registration statement with the SEC. It’s a step toward going public. A spokesperson declined to comment further. The Grayscale Bitcoin Trust (GBTC) launched as a private offering in 2013 and debuted on the OTC market in 2015. It morphed to an ETF in January 2024 — several months after a court ruled that the SEC blocking the conversion (while allowing bitcoin futures ETFs to start trading) was “arbitrary and capricious.” While GBTC has seen roughly $23 billion of net outflows since becoming an ETF, its AUM still sits near $22 billion. Grayscale’s cheaper bitcoin ETF that launched a year ago manages $5.3 billion in assets. Dan Weiskopf, a co-portfolio manager for the blockchain-focused Amplify Transformational Data Sharing ETF (BLOK), said an “innovative” company like Grayscale would have the scale, brand and focus required to be accepted on platforms, he added. “When we have an opportunity to review the prospectus, we will be looking closely at expense control relative to its growth and how [it] expects to fight for market share,” Weiskopf told me. Grayscale going public in the US would offer rather unique exposure for crypto equity investors. It’s obviously a different type of business than Coinbase, and while Galaxy Digital offers several crypto funds with Invesco and State Street Global Advisors, it’s not exactly a pure-play ETF issuer. You could maybe link it to DeFi Technologies. While WisdomTree might…
The post Weighing Grayscale exposure after firm signals possible IPO path appeared on BitcoinEthereumNews.com.
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. A month after Circle’s IPO, Grayscale Investments appears to be plotting a similar path. Chances are you’ve seen the company’s airport ads or recalled it notched a big legal win against the SEC — even if you don’t know exactly what it’s up to these days. Like Gemini did last month, Grayscale “confidentially” submitted a draft registration statement with the SEC. It’s a step toward going public. A spokesperson declined to comment further. The Grayscale Bitcoin Trust (GBTC) launched as a private offering in 2013 and debuted on the OTC market in 2015. It morphed to an ETF in January 2024 — several months after a court ruled that the SEC blocking the conversion (while allowing bitcoin futures ETFs to start trading) was “arbitrary and capricious.” While GBTC has seen roughly $23 billion of net outflows since becoming an ETF, its AUM still sits near $22 billion. Grayscale’s cheaper bitcoin ETF that launched a year ago manages $5.3 billion in assets. Dan Weiskopf, a co-portfolio manager for the blockchain-focused Amplify Transformational Data Sharing ETF (BLOK), said an “innovative” company like Grayscale would have the scale, brand and focus required to be accepted on platforms, he added. “When we have an opportunity to review the prospectus, we will be looking closely at expense control relative to its growth and how [it] expects to fight for market share,” Weiskopf told me. Grayscale going public in the US would offer rather unique exposure for crypto equity investors. It’s obviously a different type of business than Coinbase, and while Galaxy Digital offers several crypto funds with Invesco and State Street Global Advisors, it’s not exactly a pure-play ETF issuer. You could maybe link it to DeFi Technologies. While WisdomTree might…
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