Crypto Asset Manager Grayscale Files for IPO in the U.S.

Grayscale Investments, the company behind the Bitcoin Trust ETF (GBTC) and CoinDesk Crypto 5 ETF (GDLC) among other exchange traded funds, filed to sell shares on the New York Stock exchange, joining the wave of crypto companies that have become publicly traded this year.

The company, a subsidiary of crypto-focused venture capital firm Digital Currency Group (DCG), filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) on Thursday. The number of shares and proposed price range for the offering has not yet been determined. DCG would retain control of the company after the listing, according to the document.

The Stamford, Connecticut-based asset manager was at the forefront of the long march toward getting spot bitcoin ETFs approved in the U.S., suing the SEC over its rejection of the application to covert its flagship Grayscale Bitcoin Trust into an ETF.

“We are a pioneer that enabled — and helped scale — investor access to the fastest-growing asset class in recent history,” Chairman Barry Silbert wrote in the filing. “Our platform offers investors diversified exposure to the digital asset class that is management fee-based, capital efficient and cash flow generating.”

The filing comes amid a broader wave of crypto-native firms seeking U.S. public listings, following the IPO of stablecoin issuer Circle Internet Group (CRCL) and crypto exchange Bullish (BLSH), the owner of CoinDesk, earlier this year.

The company reported net income of $203 million for the nine months to Sept. 30 in the filing, a 9.1% drop compared to the equivalent period in 2024. Revenue also fell 20% from $398 million to $318.7 million, while the average value of the company’s assets under management (AUM) shed 3.5% to $30.6 billion.

The company’s AUM as of the end of September was around $35 billion, according to the filing.

UPDATE (Nov. 13, 15:57 UTC): Adds paragraphs on Grayscale financials and additional background about its ETF listing, quote from chairman.