Overview
- Grayscale publicly filed a registration statement to list Class A shares on the New York Stock Exchange under the symbol GRAY, and the registration is not yet effective.
- Morgan Stanley, BofA Securities, Jefferies, and Cantor are lead managing bookrunners, joined by additional book-running managers and co-managers named in the filing.
- The offering uses an Up-C structure with a dual-class share setup that leaves voting control with parent Digital Currency Group through high-vote Class B stock.
- The S-1 reports approximately $35 billion in assets under management and shows nine-month 2025 revenue of $318.7 million and net income of $203.3 million, both down year over year.
- Some shares are reserved for investors in Grayscale’s Bitcoin and Ethereum ETFs through a directed allocation program, and analysts cited in coverage see a potential late-2025 to early-2026 window with valuation estimates around $30–33 billion.