Grayscale's IPO application is seen as a result of the Trump administration's crypto-friendly policy shift, following the company's fierce battle with the Biden administration's SEC over its Bitcoin ETF.

Written by: Long Yue

Source: Wall Street Insights

As Bitcoin prices break through the $120,000 mark, the cryptocurrency industry is ushering in a new wave of IPOs.

Driven by the Trump administration's crypto-friendly policies, Grayscale has become the latest crypto asset company to apply for a U.S. IPO, having previously engaged in a heated dispute with the Biden administration's SEC over the Bitcoin ETF issue.

On Monday, crypto asset management company Grayscale announced that it has 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 its review process, but did not provide a specific timeline.

Bitcoin prices hit a historic high of over $122,000 on Monday, and the recent surge in Bitcoin has prompted several crypto companies to apply for listings. The crypto exchange Gemini, operated by twins Tyler and Cameron Winklevoss, and the exchange Bullish, backed by Peter Thiel, have both submitted IPO applications in recent weeks.

Policy Shift Sparks IPO Wave

Grayscale's IPO plan reflects a significant policy shift in cryptocurrency regulation under the Trump administration. The company had previously engaged in public disputes with the Biden administration's SEC over converting its flagship Bitcoin Trust into an exchange-traded fund (ETF).

The U.S. SEC rejected Grayscale's application in 2022, but that decision was overturned by a federal appeals court the following year. The ETF was approved in early 2024 and has since grown to an asset size of $21.7 billion, becoming one of the largest Bitcoin ETFs in the world.

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, with its stock price being halted three times on the day of its IPO due to excessive volatility.

Retirement Accounts Open to Crypto Investment

Grayscale's IPO application coincides with the U.S. opening the door for citizens to purchase crypto tokens in retirement accounts, further demonstrating the Trump administration's policy direction encouraging digital asset investment.

In May, the U.S. Department of Labor announced that it had rescinded previous guidance issued in 2022, which required "extreme caution" before considering adding cryptocurrency options to 401(k) investment menus.

An article from Wall Street Insights noted that this week, the U.S. Congress will enter "Crypto Week," planning to review three key pieces of cryptocurrency legislation, including the CLARITY Act and the GENIUS Act.

This legislative progress injects strong momentum into the digital asset market, with analysts believing that the advancement of these three bills will lay the foundation for the U.S. to establish global leadership in cryptocurrency. French Hill, chairman of the House Financial Services Committee, stated that these "milestone legislations" will create a clear regulatory framework for digital assets.

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