Grayscale Files for IPO, Plans Listing on NYSE as “GRAY”

In Brief

• Grayscale plans NYSE listing with Class A shares under ticker “GRAY” amid active IPO market
• IPO follows Up-C structure; Digital Currency Group retains voting control post-listing
• Shares reserved for Grayscale ETF investors through a directed allocation program

Grayscale Investments filed an S-1 with the SEC, signaling its intent to launch an initial public offering in the U.S. The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol “GRAY.”

The offering comes as U.S. markets resume IPO activity following the government reopening. Grayscale’s filing positions it among several crypto-native firms seeking public listings in 2025.

Grayscale will issue two classes of stock: Class A with one vote and economic rights, and Class B with ten votes. Class B shares will carry no economic rights, allowing parent firm Digital Currency Group to retain control.

The firm qualifies as an “emerging growth company,” which allows it to follow reduced disclosure and reporting requirements. It has not disclosed a proposed price range or total share count in the filing.

Structure preserves control while expanding institutional access

Grayscale will adopt an “Up-C” structure, separating the operating company from the public entity. The proceeds from the IPO will be used to purchase membership interests from existing holders, not to fund operations.

Grayscale Operating, LLC, the firm’s core business, will not receive any IPO proceeds. Instead, the offering allows new shareholders to gain exposure while preserving private control.

Underwriters include Morgan Stanley, BofA Securities, Jefferies, and Cantor, with an option to buy additional shares for over-allotments. Grayscale has reserved a portion of shares for its Bitcoin and Ethereum ETF investors through a directed share program.

The IPO follows a wave of recent listings by digital asset firms, including Circle, Bullish, and Figure. Growing institutional interest continues to drive crypto companies toward public markets in search of capital and legitimacy.

Grayscale offers over 40 crypto investment products, covering major tokens and diversified funds. The SEC has not yet approved the offering, and the listing remains subject to regulatory review and market conditions.