Grayscale Investments has officially taken its first step toward going public, filing for an initial public offering (IPO) on the New York Stock Exchange under the ticker GRAY. The move places the world’s largest digital asset manager among a growing list of crypto firms seeking public-market visibility in what is shaping up to be a landmark year for the industry.
The S-1 filing, submitted to the SEC on November 12 just hours after the U.S. government shutdown came to an end signals Grayscale’s push to capitalize on improving market conditions and the anticipated reopening of the IPO pipeline, which had stalled due to limited SEC staffing.
Grayscale’s Dual-Class Structure Ensures DCG Control
According to the filing, Grayscale will adopt a dual-class share structure once it goes public:
- Class A shares (public investors): 1 vote per share
- Class B shares (held by Digital Currency Group): 10 votes per share
This arrangement ensures that DCG, Grayscale’s parent company, will retain majority voting power, giving it continued control over the firm’s direction. Under NYSE governance rules, this classifies Grayscale as a “controlled company.”
The IPO will also utilize an Up-C structure, a model often used by LLCs transitioning into public markets. In this setup, proceeds from the offering will be used to buy units from pre-IPO holders rather than going directly to the corporate entity.
A Market Leader Preparing for the Next Stage
Founded in 2013, Grayscale manages around $35 billion across more than 40 investment products. Its flagship spot Bitcoin ETF is the third-largest in the market with $17.3 billion in net assets, trailing only BlackRock’s IBIT and Fidelity’s FBTC, which collectively hold over $100 billion.
The S-1 filing also highlights Grayscale’s recent financial performance. For the first nine months of 2025:
- Revenue: $318.7 million (down from $397.9M in 2024)
- Net income: $203.3 million (down from $223.7M in 2024)
The declines reflect lower management fees and moderate capital outflows across its products.
A Wave of Crypto Companies Going Public
Grayscale’s filing comes amid a major surge in crypto-related IPO activity in 2025. Several high-profile companies including Circle, Gemini, Bullish, and Figure Technologies have already gone public in New York this year. Meanwhile, Consensys and Kraken are also exploring potential public listings.
The momentum suggests a broader shift: crypto firms are steadily moving from the fringes into mainstream financial infrastructure, using public markets to bolster transparency, attract new capital, and expand global reach.
