In a major step for the cryptocurrency sector, Grayscale Investments, renowned for its Bitcoin ETF products, has filed to go public on the New York Stock Exchange (NYSE) under the ticker symbol GRAY. The company submitted an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on November 13, 2025, marking its intent to launch an initial public offering (IPO).
Key details include: Grayscale has not specified the number of shares to be offered or the price range, with the offering timing dependent on market conditions and regulatory approvals. Lead managers for the IPO are Morgan Stanley, BofA Securities, Jefferies, and Cantor, with additional involvement from Wells Fargo, Canaccord Genuity, Piper Sandler, and Needham & Company. Shares will be available through a prospectus once approved.
Financial figures reveal Grayscale reported revenue of $318.7 million for the nine months ended September 30, 2025, with 2025 revenue expectations at $27.11 million, though no profit projections were disclosed. The move highlights Grayscale's role in bridging digital assets with traditional finance, aiming to attract institutional investors and boost crypto adoption.
Market reaction was mixed: Bitcoin (BTC) strengthened by 0.25%, while Ethereum (ETH) and Solana (SOL) declined, and the broader crypto market dropped 1.2% within 24 hours. Analysts draw parallels to Coinbase's 2021 IPO, noting potential volatility but emphasizing the positive long-term implications for crypto legitimacy and investment inflows.
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