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Grayscale joins a growing number of crypto companies entering the U.S. public markets this year, amid renewed institutional demand for digital asset infrastructure under the Trump administration.
Grayscale Eyes US IPO
Grayscale aims to list its Class A common stock on the New York Stock Exchange under the ticker symbol “GRAY”, according to its Form S-1 registration with the SEC dated Friday. Pricing terms were not yet included in the SEC paperwork.
The Stamford, Connecticut-based company reported approximately $35 billion in assets as of Sept. 30, 2025. It also touted an estimated $365 billion total addressable market for its suite of products covering 45 assets, including Bitcoin and Ethereum.
After the IPO, Grayscale will operate with a dual-class structure. Class A shares carry one vote, while Class B shares — held by parent company Digital Currency Group — hold 10 votes but no economic rights. Parent firm Digital Currency Group will retain majority voting power, making Grayscale a “controlled company” under NYSE rules.
 
As ZyCrypto previously reported in July, Grayscale confidentially filed its draft IPO paperwork with the SEC. Following the Friday filing, the company stated that the IPO will occur after the SEC’s review, subject to market and other conditions.
Crypto IPO Boom
Grayscale is one of several crypto companies looking to tap public markets amid a surge of investor demand in the sector.
Stablecoin issuer Circle has been among the standout performers, with its shares rocketing over 160% on their first day of trading on the NYSE. Crypto exchange operators Bullish and Gemini also made enormous public debuts in the US.
Moreover, popular crypto exchange Kraken is setting the stage for its long-awaited IPO now expected in 2026.