Grayscale Investments files for IPO in the US

Grayscale Investments, one of the largest crypto-focused asset managers, has filed a public Form S-1 registration statement with the US Securities and Exchange Commission (SEC), signalling its intent to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY.

This marks a major development in the crypto industry, highlighting growing investor appetite for digital asset exposure in traditional markets.

Gayscale’s IPO filing comes after confidential submission

The public filing came roughly four months after Grayscale initially submitted a confidential IPO application.

While the registration statement is not yet effective, it represents a formal move toward listing on the NYSE, with the final approval subject to SEC review and prevailing market conditions.

The initial share price will be determined through a directed share program targeting investors in Grayscale’s Bitcoin and Ethereum trust funds.

Lead underwriters for the offering include Morgan Stanley, BofA Securities, Jefferies, and Cantor, underscoring the firm’s positioning as a serious player in the asset management space.

Grayscale’s timing coincided with the SEC resuming normal operations following a 43-day government shutdown, which had limited the agency’s ability to approve IPOs and other investment products.

Filing immediately after the return to normalcy could help accelerate the approval process, though it may still take several weeks or months before shares are officially listed.

Grayscale’s financials reflect a challenging year

The IPO paperwork also revealed that Grayscale experienced a notable decline in revenue and profits during the first nine months of 2025.

The company reported revenue of $318.7 million, down from $397.9 million in the same period of 2024, a 20% drop.

Net income fell from $223.7 million to $203.3 million over the same timeframe.

Grayscale attributed the decrease to lower management fees stemming from client outflows and distributions, a reflection of the broader challenges facing the crypto market in recent months.

Despite the decline, Grayscale remains a major force in digital asset investing, managing approximately $35 billion across more than 40 investment products.

Its portfolio includes some of the leading crypto exchange-traded products, and the company’s 2023 court victory against the SEC was a pivotal moment that paved the way for approval of spot Bitcoin ETFs in the US.

Part of a growing crypto IPO trend

Grayscale is joining a wave of crypto-focused companies pursuing public listings in 2025.

Stablecoin issuer Circle, the Winklevoss twins’ Gemini exchange, CoinDesk owner Bullish, and Figure Technology have all moved toward US markets this year.

This trend reflects both a growing acceptance of digital assets by mainstream investors and a more crypto-friendly regulatory environment under the current administration.

While not every crypto company is taking the IPO route, with Ripple Labs explicitly stating it has no plans to go public, the market is clearly opening up for those that choose to enter.

Grayscale’s listing, if successful, could become one of the most high-profile public debuts for a crypto-native firm in recent years, providing investors with more direct access to digital asset exposure.