The crypto asset manager on Monday announced that it had submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission. The number of shares to be registered as well as the price range have not yet been determined, the company said.

Founded in 2013, Grayscale launched the first publicly-traded Bitcoin fund and the first Ethereum investment fund. The company now has more than $33 billion in assets under management and more than three dozen products, according to its website.

Grayscale declined to comment, citing a regulatory quiet period due to the active filing and pointed to its press release published earlier Monday.

The move comes a few months after Gemini, the crypto firm backed by the billionaire Winklevoss twins, filed confidentially for an IPO. It also comes after the frenzied debut of stablecoin issuer Circle Internet Group Inc. in June, further cementing crypto technologies into mainstream finance. Circle’s $1.1 billion IPO has been the highest-profile crypto debut since Coinbase Global Inc. went public in a 2021 direct listing.

Companies typically pursue confidential IPO filings to maintain greater control over the process and limit reputational risk. This approach allows them to engage with regulators and respond to SEC feedback without public scrutiny. Publicly announcing a confidential filing, on the other hand, can serve strategic purposes such as building market momentum and gauging investor interest.

Grayscale is known for being one of the key factors in getting spot-Bitcoin exchange-traded funds approved in the US. The firm, a unit of Digital Currency Group and a part of the conglomerate built by billionaire investor Barry Silbert, in 2023 scored a legal victory in federal court with its bid to turn its Grayscale Bitcoin Trust into the first US ETF that would invest directly in the largest digital coin. Months later, a dozen spot-Bitcoin ETFs were launched including those by BlackRock Inc and Fidelity Investments Inc.

The $21 billion Grayscale Bitcoin Trust ETF (ticker GBTC) has now been eclipsed by BlackRock’s iShares Bitcoin Trust ETF (IBIT), which has three times the amount assets. Whereas GBTC has a 1.5% expense ratio, IBIT just has 0.25%.