Digital asset manager Grayscale Investments has officially filed for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The S-1 filing, submitted on Thursday, marks a significant step for the company as it seeks to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol "GRAY".
The IPO will result in two classes of common stock: Class A, offering one vote per share and economic rights, and Class B, with a yet-to-be-determined aggregate percentage of voting power. The number of shares to be registered and the proposed price range are also yet to be determined. The offering's commencement is contingent upon SEC review and prevailing market conditions.
Grayscale's move to go public underscores the increasing acceptance of cryptocurrency-related firms in the public equity markets. Several other crypto-linked companies have pursued public listings this year, encouraged by a more favorable regulatory environment.
Founded in 2013, Grayscale has grown into a leading digital asset manager, with approximately $35 billion in assets under management (AUM) as of September 30, 2025. The company provides investors with exposure to digital assets through a range of products, including Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs). Grayscale manages over 40 products, including private funds and diversified strategies encompassing more than 45 digital assets.
The lead underwriters for the IPO are Morgan Stanley, BofA Securities, Jefferies, and Cantor. Additional banks will support as book-running managers and co-managers. A preliminary prospectus will be available through participating underwriters once regulators permit.
Grayscale's IPO employs an "Up-C" structure, where the operating company remains a limited liability company while the public entity becomes a corporation. Grayscale Operating will not receive proceeds from the share sale. The company intends to use the proceeds to purchase membership interests from existing members at a price equivalent to the IPO price, net of underwriting fees. Shares have been reserved for certain investors in Grayscale's Bitcoin Trust ETF and Ethereum Trust ETF through a directed share program. Underwriters have the option to purchase additional shares to cover potential over-allotments.
Grayscale qualifies as an "emerging growth company" under the Jumpstart Our Business Startups Act, which means the company is subject to reduced reporting requirements. The SEC has not yet approved the offering.
Digital Currency Group (DCG), Grayscale's controlling shareholder, will maintain control over the company through its ownership of both share classes. This structure allows DCG to control stockholder actions, including board elections and major corporate decisions, classifying Grayscale as a "controlled company" under NYSE rules.
For the nine months ended September 30, 2025, Grayscale reported net income of $203.3 million on revenue of $318.7 million. This is a decrease from the same period last year, which saw net income of $223.7 million on revenue of $397.9 million.
The company's move toward an IPO follows its successful efforts to convert its Bitcoin trust into a spot ETF, a move that boosted institutional inflows and strengthened its public-market profile. In July 2025, the SEC approved the conversion of Grayscale's Digital Large Cap Fund (GDLC) into a spot ETF. The fund holds a basket of digital assets, including Bitcoin, Ethereum, Solana, XRP, and Cardano.
The Grayscale IPO marks a significant milestone for the company and the broader cryptocurrency industry. It signals growing institutional interest in regulated digital asset exposure and could pave the way for further mainstream adoption of cryptocurrencies.
