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Grayscale Files for NYSE IPO Under Ticker 'GRAY'

Digital Currency Group will retain voting control through a dual-class structure.

Grayscale's new ad campaign in New York's Penn Station. (Nikhilesh De/CoinDesk)
A trader walks past on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 14, 2025. REUTERS/Brendan McDermid
Grayscale Files IPO in U.S Seeking to Go Public as Revenue Plummets 20%
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Overview

  • The offering will use an Up‑C structure, directing IPO proceeds to purchase membership interests from pre‑IPO holders rather than the operating LLC.
  • Public Class A shares will carry one vote and economic rights, while DCG’s Class B shares will carry ten votes with no economic rights, qualifying Grayscale as a controlled company under NYSE rules.
  • The S‑1 reports about $35 billion in assets under management and nine‑month 2025 results of $318.7 million in revenue and $203.3 million in net income, both lower year over year.
  • The number of shares and price range are not set, the registration is not yet effective, and the transaction depends on SEC review and market conditions.
  • Morgan Stanley, BofA Securities, Jefferies, and Cantor are lead bookrunners, and a directed share program will reserve some allocations for investors in Grayscale’s Bitcoin and Ethereum ETFs.