Grayscale filed to list on the NYSE, joining a surge of crypto firms going public in a landmark year for the industry’s move into the mainstream arena.
Summary
- Grayscale files for NYSE IPO under ticker GRAY, joining a wave of crypto listings in 2025.
- Post-IPO, Grayscale will operate with a dual-class share structure, retaining control via Digital Currency Group.
According to a Nov. 12 S-1 filing with the U.S. Securities and Exchange Commission, Grayscale Investments is pursuing an initial public offering on the New York Stock Exchange.
The filing, made public just hours after the end of a prolonged government shutdown, detailed the firm’s intent to list under the ticker symbol “GRAY.” This move positions the asset manager to capitalize on the anticipated resurgence of the IPO market, which had been stalled due to skeletal staffing at the SEC.
Grayscale’s IPO structure and market position
Post-offering, Grayscale will operate under a dual-class share structure, as outlined in its S-1 filing. Class A shares, those offered to the public, will carry one vote each. However, Class B shares, held exclusively by parent company Digital Currency Group, will carry 10 votes per share.
This structure ensures DCG will retain majority voting power, formally classifying Grayscale as a “controlled company” under NYSE governance rules. The IPO will use an Up-C structure, a setup commonly employed by LLCs seeking public listings, where the proceeds are directed to purchase units from pre-IPO holders.
Founded in 2013, Grayscale oversees roughly $35 billion in assets spread across more than 40 investment products. Its flagship spot bitcoin exchange-traded fund ranks as the third-largest in the market, with $17.3 billion in net assets, behind only BlackRock’s IBIT and Fidelity’s FBTC, which together hold $101 billion.
The S-1 filing also recapped the firm’s financial performance for the first nine months of 2025. Revenue came in at $318.7 million, with net income of $203.3 million, down from $397.9 million and $223.7 million a year earlier, reflecting lower management fees and modest outflows.
Grayscale’s move into public markets comes amid a surge of crypto IPO activity in 2025. Circle, Gemini, Bullish, and Figure Technologies have already completed listings in New York, while Consensys and Kraken are exploring similar paths.
