Grayscale Investments, the world's largest digital asset manager, has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for its proposed initial public offering (IPO). The company aims to list its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY, with the offering expected in late 2025 or early 2026.
The IPO process began with a confidential draft filing on July 14, 2025, followed by a public filing on November 13, 2025. It is structured as an Up-C transaction, where proceeds will be used to buy company units from pre-IPO holders, transitioning Grayscale from private to public ownership. However, Digital Currency Group (DCG), the parent company, will retain 70% of voting power through Class B shares, designating Grayscale as a controlled company under NYSE rules.
Lead underwriters for the offering include Morgan Stanley, BofA Securities, Jefferies, and Cantor. A Directed Share Program (DSP) has been established, reserving a portion of shares for eligible U.S. investors in Grayscale's flagship products, such as the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Grayscale, founded in 2013 as a DCG subsidiary, manages approximately $35 billion in assets and offers over 40 products, including ETFs, private funds, and thematic strategies covering more than 45 tokens. Specific trusts highlighted include the Grayscale Bitcoin Cash Trust (BCHG) with over $191 million in AUM and the Grayscale Ethereum Classic Trust (ETCG) with over $157 million in AUM. The IPO is anticipated to provide capital for expanding ETF listings and deploying new crypto investment strategies.
