Grayscale files for US IPO

Today in crypto, Grayscale filed for an IPO in the United States. Singapore says only fully regulated, reserve-backed stablecoins will count as liquidation assets under the upcoming legislation, and President Donald Trump has signed off on a controversial funding bill, ending the longest US government shutdown.

Asset Manager Grayscale Files for US IPOs

Grayscale Investments, an asset management company specializing in digital asset investments, filed a registration statement as part of the process to go public on the US markets.

In a Thursday filing with the US Securities and Exchange Commission, Grayscale he said plans to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. The company said the initial price will be determined “through a direct action program” to investors in its Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF.

The filing of Form S-1 was part of the process for the asset management company to go public, but it was not yet effective. Based on the SEC’s approval record, it could take weeks to months before the registration statement becomes effective and the company prepares to list its shares.

Grayscale’s filing came on the first day the SEC is due return to normal operation after a 43-day government shutdown. Although companies could file documents while the agency had limited staff and capabilities, it was unlikely that the SEC would be able to move forward with approving IPOs or investment vehicles such as ETFs.

The public SEC filing happened about four months later Grayscale had filed confidentially for an IPO. According to the data in the registration statement, the asset manager reported about a decrease of $20 million in net income year on year, to $203.3 million in September 2025 from $223.7 million in September 2024.

Singapore warns unregulated stablecoins pose systemic risk as new rules loom

The central bank of Singapore has signaled an impending shock of unregulated stablecoins as the country moves to protect the integrity of assets in its financial ecosystem.

In a keynote address at the Singapore FinTech Festival on Thursday, Monetary Authority of Singapore Director General Chia Der Jiun warned that “unregulated stablecoins have a track record of holding their peg”.

“There has been a lot of attention to stablecoins. They are proposed as open platforms, able to work in many applications and use cases,” said Chia. “While agility is a strength, stability must be strengthened.”

Chia compared depeggings to money market funds in 2008, and said unregulated stablecoins “are not suitable as safe settlement assets for large wholesale transactions.” This signals that Singapore intends to make a clear distinction between fully regulated tokens and all other stablecoins.

Chia said that the next phase of digital money should not only speed and programmability, but also stability.

While stablecoins are promoted as open, modular platforms that move across applications and borders, he said this should be paired with credible support and redemption rights.

Trump signs a bill that ends the US government shutdown

US President Donald Trump signed a funding bill passed by the House of Representatives on Wednesday, officially ending the 43-day government shutdown.

The financing project passed through the Senate Monday is past the House of Representatives on Wednesday, with Trump signing the bill just hours later to shut down the government.

The latest shutdown, which has become an almost annual affair, was the longest on record at 43 days.

The bill itself allows funding to support government operations until January 30, 2026, and gives more time to Democrats and Republicans to reach an agreement on more extensive funding plans in 2026.