Grayscale Investments said it confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), a filing that signals plans for an initial public offering (IPO).

The asset manager didn't disclose details of the submission and said the registration is expected to take place after the SEC completes its review process, subject to market and other conditions, according to a press release.

Confidential filings allow firms to negotiate with the SEC behind closed doors before revealing their plans. It’s a common tactic for gauging regulatory feedback while keeping competitive details out of public view until a launch is ready.

The move adds Grayscale to the number of growing companies lining up to take their companies public as the digital assets market heats up, with bitcoin (BTC) hitting new all-time highs.

UPDATE (July 14, 13:25 UTC): Changes lead photo.