Grayscale Investments, a prominent crypto asset manager overseeing more than $33 billion across over 35 investment products, has confidentially filed a draft registration statement (Form S-1) with the U.S. Securities and Exchange Commission (SEC) on July 14, 2025, signaling its intention to go public via an initial public offering (IPO). The filing did not disclose the number of shares to be registered or the price range for the offering. This move comes amid an active IPO season in the crypto sector, with Grayscale aiming to join other major crypto firms like Coinbase and Circle in the public markets, potentially bringing more legacy capital into digital assets. Following Grayscale, crypto custody firm BitGo also confidentially filed for a U.S. IPO with the SEC on July 21, 2025. BitGo, based in Palo Alto, California, is known for securing Bitcoin and other digital assets and previously raised $100 million at a $1.75 billion valuation in August 2023. The crypto market has recently surged past $4 trillion in market value, fueling optimism for these IPOs. Both companies have yet to announce share counts or price ranges, with their public debuts subject to SEC review and market conditions. Additionally, Grayscale recently launched the Story Trust, offering exposure to an intellectual property token linked to AI-native infrastructure for the IP economy.