Grayscale Investments has filed for an initial public offering (IPO) of its Class A common stock with the US Securities and Exchange Commission (SEC).
Key Takeaways:
- Grayscale has filed for an IPO and plans to list on the NYSE under the ticker “GRAY.”
- Digital Currency Group will retain control of the company by holding both Class A and Class B shares.
- The IPO will follow an Up-C structure, with proceeds used to buy membership interests from existing holders.
The firm intends to list its shares on the New York Stock Exchange under the ticker symbol “GRAY,” according to a report by StreetInsider.
According to the report, Grayscale will issue two classes of shares. Class A stock will provide one vote per share and carry economic rights, while Class B shares will carry ten votes each but hold no economic rights. The company has yet to reveal its expected price range.
Grayscale’s parent company, Digital Currency Group (DCG), will retain control through ownership of both share classes, keeping authority over board elections and key corporate decisions.
The arrangement classifies Grayscale as a “controlled company” under NYSE regulations.
The firm operates as a holding entity, with its primary asset being ownership in Grayscale Operating, LLC.
Proceeds from the IPO will be used to buy membership interests from existing members at the offering price, net of underwriting fees.
Grayscale’s IPO follows an “Up-C” structure, where the public corporation and the operating LLC remain separate, with the latter not receiving any proceeds from the sale.
Shares have also been reserved for investors in Grayscale’s flagship Bitcoin Trust ETF and Ethereum Trust ETF through a directed share program.
Underwriters have an option to buy additional shares to cover over-allotments.
Grayscale qualifies as an “emerging growth company” under US law, meaning it will face lighter financial reporting requirements.
The SEC has not yet approved the offering, per the report.
Crypto IPOs Gain Momentum
Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.
Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.
BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.
The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.
Online trading platform Etoro, which offers crypto trading among its services, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
The San Francisco-based company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 apiece, valuing the firm at roughly $5.3 billion.
Originally targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.
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