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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 tips:
- Grayscale has filed for an IPO and plans to list on the NYSE under the ticker “GRAY.”
- The Digital Currency Group maintains control of the company by holding both Class A and Class B shares.
- The IPO will follow an Up-C structure, with the proceeds used to purchase membership interests from existing holders.
The company intends to list its shares on the New York Stock Exchange under the ticker symbol “GRAY”. according to a report from StreetInsider.
According to the report, Grayscale will issue two classes of shares. Class A shares will provide one vote per share and carry economic rights, while Class B shares will carry ten votes each but have no economic rights. The company has not yet revealed its expected price range.
Grayscale’s parent company, Digital Currency Group (DCG), maintains control through ownership of both classes of shares, maintaining authority over board elections and key corporate decisions.
The agreement classifies Grayscale as a “controlled company” under NYSE regulations.
The company operates as a holding entity, with its primary asset being ownership in Grayscale Operating, LLC.
The proceeds of the IPO will be used to purchase membership interests from existing members at the offering price, net of subscription fees.
Grayscale’s IPO follows an “Up-C” structure, where the public corporation and the operating LLC remain separate, with the latter receiving no proceeds from the sale.
Shares are also reserved for investors in Grayscale’s flagship Bitcoin Trust ETF and Ethereum Trust ETF through a direct share program.
Subscribers have the option to purchase additional shares to cover over-allotments.
Grayscale qualifies as an “emerging growth company” under US law, meaning it faces lighter financial reporting requirements.
The SEC has not yet approved the offer, according to the report.
Crypto IPOs are gaining momentum
Last month, tZero Group, a New York-based blockchain infrastructure company 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 offeringbecoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.
BitGo’s IPO filing comes at a renewed time 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, more than seven times since publication.
Online Etoro trading platformwhich offers crypto trading among its services, debuted in May.
Additionally, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to the Nasdaq earlier this year.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a US IPO in June, signaling strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-centric lending platform, raised $787.5 million in its initial public offering.
The San Francisco company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 each, valuing the company at about $5.3 billion.
Originally intended for a lower range, Figura increased the number of shares and the price a few days before the listing, signaling strong demand from investors.
