Key Notes
- The firm plans to offer Class A shares with voting and economic rights while Class B shares carry ten votes but no economic value.
- Morgan Stanley, BofA Securities, Jefferies, and Cantor lead the underwriting effort with multiple additional managers supporting the offering.
- The IPO’s share count and pricing remain undetermined, pending SEC approval and favorable market conditions.
Grayscale Investments Inc. filed an S-1 form with the US Securities and Exchange Commission (SEC) and has officially applied for a public listing on the New York Stock Exchange (NYSE) under the symbol “GRAY.”
Morgan Stanley, BofA Securities, Jefferies, and Cantor will underwrite the offering as lead managing bookrunners with Wells Fargo Securities, Canaccord Genuity, Piper Sandler, Keefe, Bruyette & Woods, A Stifel Company, and Needham & Company acting as additional book-running managers. The Benchmark Company and Compass Point will join as co-managers.
.@Grayscale publicly filed its S-1 with the SEC today and has applied to list on the New York Stock Exchange under the symbol “GRAY”https://t.co/vJujw1Yhpa
— Peter Mintzberg (@PeterMintzberg) November 13, 2025
The firm’s S-1 filing states that, if approved, the firm would establish two classes of common stock. The first, a Class A common stock, would be on offer through the IPO. Per the filing, “Class A common stock offered hereby will have one vote per share and economic rights and, subject to the Voting Limitation (as defined herein), the Class B common stock will have ten votes per share but no economic rights.”
According to a Nov. 13 press release, the number of shares to be offered through the IPO, and the price range for the proposed offering, have yet to be determined. Grayscale says the proposed offering is subject to market conditions, indicating specific pricepoint and timeline for the IPO would likely be established upon approval.
Trailblazing a path and timing the market
The end of the longest shutdown in US government history marked a return to business-as-usual for the cryptocurrency industry. Despite the lingering volatility on display in the price markets, where Bitcoin
BTC
$98 310
24h volatility:
3.2%
Market cap:
$1.96 T
Vol. 24h:
$89.78 B
remains deflated at $101K per coin as of the time of this article’s publication, the timing of Grayscale’s announcement appears to demonstrate full confidence in the sector’s recovery.
In commentary posted to X.com on Nov. 12, Grayscale chief legal officer Craig Salm discussed how the SEC might handle S-1 forms once the government shutdown ended, saying that it “could just let these filed S-1s go automatically effective after 20 days … or they could engage with issuers again, ask additional questions if there are questions, and start back on the process that was underway prior to the government shutdown.”
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
Tristan Greene on X
Source: https://www.coinspeaker.com/grayscale-files-sec-nyse-ipo-gray-ticker/