TL;DR
- Grayscale Investments has officially filed for an IPO to list its Class A shares on the NYSE under the ticker GRAY, signaling stronger crypto integration into U.S. capital markets.
- The firm manages around $35 billion in assets and sees a $365 billion addressable market.
- The move aligns with a surge of crypto-related IPOs in 2025, fueled by growing institutional adoption and a favorable regulatory climate under President Donald Trump.
Grayscale Investments has submitted an S-1 filing to the U.S. Securities and Exchange Commission seeking approval to go public on the New York Stock Exchange.
Grayscale Targets Public Market Exposure Amid Expanding Crypto Acceptance
The firm aims to trade under the ticker GRAY, positioning itself among the few large-scale digital asset managers entering public markets. The IPO plan comes as Grayscale manages approximately $35 billion in assets as of September 30, 2025, across 45 products tied to cryptocurrencies such as Bitcoin, Ethereum, and Solana.
The filing also outlines a dual-class share structure, with Class A shares offering one vote per share and Class B shares, held by Digital Currency Group (DCG), granting 10 votes but no economic participation. This setup ensures DCG retains majority control, classifying Grayscale as a “controlled company” under NYSE regulations. The IPO follows an Up-C structure, using proceeds to acquire LLC units from existing holders.
Crypto IPO Momentum Builds Under Pro-Business Policies
Grayscale’s planned listing comes amid one of the most active years for crypto IPOs in the U.S. Following a shift toward more favorable policies under the Trump administration, several firms have sought to tap public markets to secure liquidity and credibility. Crypto exchange Gemini launched earlier this year, debuting above $40 per share, while custody specialist BitGo disclosed steady revenue growth in its own IPO filing.
In parallel, stablecoin issuer Circle achieved notable trading volume after its public debut, reflecting sustained investor confidence. Infrastructure player Consensys, supported by JPMorgan and Goldman Sachs, and fintech innovator Figure Technologies have also advanced toward IPO status. With Kraken reportedly eyeing a $20 billion valuation ahead of a 2026 listing, the broader crypto sector appears increasingly aligned with mainstream financial institutions.
Grayscale’s pursuit of an NYSE listing underscores the growing convergence between traditional finance and the digital asset industry. By entering public markets, the company not only broadens investor access but also strengthens the perception of crypto as a legitimate and scalable asset class in the evolving U.S. financial ecosystem, potentially setting a model for other firms preparing similar filings.
