Grayscale Files for NYSE Listing as 2025 Crypto IPO Boom Accelerates

Grayscale Pursues NYSE Listing Amid Accelerating Crypto IPO Boom

Grayscale Investments has officially filed to list its shares on the New York Stock Exchange (NYSE), joining a fast-expanding wave of crypto companies tapping public markets in what is shaping up to be a landmark year for the industry.

According to a Nov. 12 S-1 filing with the U.S. Securities and Exchange Commission (SEC), Grayscale plans to go public under the ticker symbol “GRAY.” The filing was released only hours after the end of a prolonged U.S. government shutdown that had left the SEC operating with minimal staff. With the IPO market expected to rebound in the coming months, Grayscale appears positioned to take advantage of renewed investor appetite.

IPO Structure and Market Position

Grayscale will adopt a dual-class share structure, as detailed in the S-1. Publicly offered Class A shares will carry one vote each, while Class B shares, held solely by parent company Digital Currency Group (DCG), will carry ten votes per share.
This structure ensures DCG retains majority control, officially categorizing Grayscale as a “controlled company” under NYSE governance rules.

The company also plans to use an Up-C structure, a framework frequently used by LLCs seeking to go public. Under this setup, proceeds from the IPO will be used to purchase units from pre-IPO holders rather than flowing directly to the corporate entity.

Founded in 2013, Grayscale manages approximately $35 billion in assets across more than 40 investment products. Its flagship spot Bitcoin ETF is currently the third-largest in the market with $17.3 billion in net assets, trailing only BlackRock’s IBIT and Fidelity’s FBTC — funds that collectively hold around $101 billion.

The S-1 filing also revealed the company’s financial results for the first nine months of 2025. Grayscale reported $318.7 million in revenue and $203.3 million in net income, down from $397.9 million and $223.7 million over the same period in the prior year. The decline was attributed to reduced management fees and modest outflows.

Crypto IPO Momentum Continues in 2025

Grayscale’s decision comes during a surge of crypto-related IPOs in 2025.
Circle, Gemini, Bullish, and Figure Technologies have already completed public listings in New York, while Consensys and Kraken are actively exploring similar moves.
With regulatory clarity improving and institutional interest increasing, 2025 is rapidly becoming the most active year for crypto firms entering public markets.