Grayscale Investments said it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission, signalling plans for an initial public offering. The crypto asset manager did not disclose the number of shares it intends to sell or the price range, adding that the listing will proceed after SEC review and subject to market conditions. Founded in 2013 and based in Stamford, Connecticut, Grayscale oversees more than $33 billion across more than 35 digital-asset investment products and manages a leading spot bitcoin exchange-traded fund. The company’s successful legal challenge against the SEC last year was pivotal in opening the door for spot bitcoin ETFs in the United States. Confidential filings allow companies to keep detailed financial information private until closer to the IPO date. Grayscale’s move extends a run of cryptocurrency-related capital-markets activity that includes stablecoin issuer Circle’s recent debut and Gemini’s preparations for a listing. The filing comes as bitcoin trades above $120,000 and U.S. lawmakers debate legislation aimed at giving the industry clearer regulatory ground, factors that analysts say are drawing more institutional money into digital assets.