Grayscale Investments has confidentially submitted a draft registration statement for an initial public offering to the U.S. SEC, allowing them to keep sensitive financial details private until closer to a potential listing. This move follows significant developments for the firm, including the conversion of its Bitcoin and Ethereum trusts into ETFs, and comes at a time when interest in crypto listings is increasing under a pro-crypto regulatory environment.

The SEC is investigating whether Coinbase inflated its user numbers in its public filings prior to its 2021 IPO. The agency has transitioned from assessing "verified users" to "monthly transacting users" to better represent the exchange's performance. Coinbase remains committed to resolving the investigation while maintaining the accuracy of its user metrics.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has confidentially filed for an IPO in the U.S., allowing it to gauge investor interest without immediate financial scrutiny. This move follows the SEC's conclusion of its investigation into the company and comes amid a trend of crypto firms seeking public listings as regulations become more favorable.