Overview
- The company applied to list Class A stock on the New York Stock Exchange as GRAY, with SEC review pending and the share count and price range still undecided.
- Morgan Stanley, BofA Securities, Jefferies and Cantor are lead managing bookrunners, joined by Wells Fargo Securities, Canaccord Genuity, Piper Sandler, KBW, Needham, The Benchmark Company and Compass Point.
- The structure grants Class A one vote per share with economic rights and Class B ten votes with no economic rights, leaving Digital Currency Group as the controlling shareholder.
- Under the Up‑C setup, IPO proceeds would be used to buy membership interests from existing holders, and the operating LLC would not directly receive sale proceeds.
- The S-1 reports nine‑month revenue of $318.7 million and net income of $203 million with assets under management around $35 billion, reflecting a year‑over‑year revenue decline of about 20% as crypto listings accelerate across the sector.