Group 1 - Grayscale Investments LLC has submitted a confidential IPO application to the SEC, aiming to leverage capital markets for cryptocurrency-related offerings [1][2] - The company currently manages over $33 billion in assets and offers more than 30 investment products, having launched the first publicly traded Bitcoin and Ethereum funds [1][2] - Grayscale is known for its pivotal role in advocating for the approval of spot Bitcoin ETFs in the U.S., and it recently won a legal victory to convert its Bitcoin trust into the first direct Bitcoin ETF [2] Group 2 - The IPO application follows the recent confidential IPO submission by Gemini and the successful public listing of Circle, which has solidified the position of cryptocurrency in mainstream finance [2] - Grayscale's Bitcoin Trust ETF (GBTC) has been surpassed in asset size by BlackRock's iShares Bitcoin Trust ETF (IBIT), which has three times the assets of GBTC and a significantly lower management fee [3] - Bitcoin has recently reached record highs, surpassing $120,000, while the U.S. Congress is preparing to review important industry legislation during the upcoming "Crypto Week" [3]