Crypto
crypto
Yaël Bizouati-Kennedy

Crypto giant Grayscale confidentially files for IPO

Grayscale Investments is preparing to go public.

The firm confidentially submitted a draft registration statement on Form S-1 to the SEC. It’s the latest crypto firm filing for an IPO, coming on the heels of Circle’s mammoth offering last month and amid a massive bitcoin rally.

Grayscale didn’t include details of the submission, and a spokesperson declined to comment further due to the SEC’s quiet period.

Grayscale’s Bitcoin Trust was the first publicly traded bitcoin fund in the US back in 2015, and converted to an ETF last year. The firm holds 183,748 bitcoin. It offers both bitcoinand Ethereum ETFs, and has a slew of altcoin/meme coin ETF filings with the SEC, including for Solana, polkadot, dogecoin, and litecoin ETFs.

Earlier this month, the SEC halted the conversion of Grayscale’s Digital Large Cap Fund, a multi-asset fund including bitcoin, ethereum, solana, XRP, and cardano, into an ETF after having initially approved it.

“While this development was unexpected, it reflects the dynamic and evolving nature of the regulatory landscape surrounding a first-of-its-kind digital asset product like GDLC. Grayscale remains committed to pursuing the listing of GDLC as an ETP, and we are working closely with key stakeholders to meet all necessary requirements,” a spokesperson told Sherwood News.

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Yaël Bizouati-Kennedy
23h
Bitcoin options market signaling “smart money is still paying up for downside protection rather than chasing the pump”

Bitcoin is heading toward its worst February since 2020 and its fifth consecutive month in the red.

A Bitcoin ATM
crypto
Sage D. Young

Ethereum struggles to hold market gains

After rallying from $1,830 to above $2,100 on Wednesday, ethereum struggled to hold on to its gains and dipped under $2,000, a round psychological price level, on Thursday. 

The seesaw price action helped liquidate $146 million worth of leveraged long and short positions on ethereum in the last 24 hours, data from CoinGlass shows.  

While ethereum was due for a relief rally after entering into oversold conditions as measured by its relative strength index, some are still maintaining a bearish sentiment, according to Delphi Digital analyst Simon Shockey.

With ethereum now trading under $2,000, Shockey called the rally “unconvincing.” He told Sherwood News that he doesn’t “think most crypto natives are compelled to really believe the lows are in,” adding that he could see ethereum fall further from here and make new lows in the second half of the year. 

The price action comes as cofounder Vitalik Buterin has sold $35 million worth of ethereum tokens since the start of February and the paper loss for the largest ethereum treasury firm, BitMine Immersion Technologies, has climbed to nearly $7.9 billion. 

On the positive side, ethereum developers introduced a new road map that involves seven hard fork upgrades by 2029 and several north stars, one of which aims to make ethereum a “post quantum” layer 1 network.

Yaël Bizouati-Kennedy
2/26/26
Bitcoin’s brief bounce doesn’t signal the bottom, analysts warn

With only two days to go in February, the asset is on track to notch its fifth straight month of losses.

Bitcoin ice carving
Yaël Bizouati-Kennedy
2/25/26
Bitcoin gets a positive bounce following State of the Union

“This has been a silver lining, given the tumultuous time crypto markets have had over the past months and weeks, but it does not call for celebration just yet,” one expert warned.

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crypto
Sage D. Young

Crypto industry sees relief bounce in midst of winter

Crypto assets and crypto-adjacent companies are catching a bid and rebounding off recent lows, with stablecoin issuer Circle soaring after reporting strong earnings before the bell. The company beat on revenue and reported that USDC in circulation has grown to $75.3 billion, up 72% year over year.

The total market capitalization of all cryptocurrencies has increased 4.5% in the last 24 hours, and both tokens and companies close to crypto are enjoying a boost:

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Despite the relief bounce, some are still uneasy. “The whole market still seems very heavy to me,” Glenn Rosenberg, managing partner at Persistent Trading, told Sherwood News. “Jokingly, BTC feels like it’s now 100% correlated to any asset or news that’s negative! I think we test 60,000 — that’s a big long-term channel and could push lower from there,” he said. “The whole [space] looks risky right now.”

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