Grayscale Files for IPO on NYSE
Grayscale Investments has filed for its first IPO on the New York Stock Exchange. The company will trade under the ticker “GRAY.” The number of shares and IPO price are not yet determined. Grayscale had previously filed confidentially in July.
This IPO comes as more crypto firms aim to list on traditional stock exchanges. A recent brief U.S. government shutdown delayed the Securities and Exchange Commission’s review process. This has tightened the window for companies planning to go public this year.
Digital Currency Group’s Control and Market Risks
Digital Currency Group (DCG), Grayscale’s parent company, will retain control through Class B shares. These shares grant 10 votes each but have no economic rights. This structure lets DCG influence key decisions like board elections and mergers after the IPO.
Grayscale’s revenues depend heavily on cryptocurrency market conditions. When crypto prices fall, the company’s earnings decline. The firm’s flagship Bitcoin Trust ETF has experienced significant outflows, highlighting ongoing challenges despite managing a large and diverse crypto portfolio.
Financial Performance and Company Background
For the nine months ending September 30, 2025, Grayscale reported $203.3 million in net income and $318.7 million in revenue. This compares to $223.7 million net income and $397.9 million revenue in the same period last year. Revenues dropped nearly 20% amid slower investment inflows and changing market conditions.
- Assets under management stand at around $35 billion, reflecting slower growth.
- Operating cash flow for the period was $179.3 million, down from $223.4 million a year earlier.
- Major expenses included $179.1 million for affiliate distributions and IPO costs.
Grayscale is based in Stamford, Connecticut, and is part of Digital Currency Group, founded by Barry Silbert in 2013. It was one of the first companies to offer Bitcoin and Ethereum investment products. In 2023, Grayscale won a court case to convert its Bitcoin Trust into a U.S. ETF, improving pricing accuracy.
The company manages funds covering over 45 cryptocurrencies. Its main Bitcoin ETF, GBTC, saw outflows of over $21 billion in 2024 and $3 billion so far in 2025. To compete, Grayscale launched a Bitcoin Mini ETF last year, which now holds about $5 billion in assets.
The IPO marks a key milestone for Grayscale and the crypto industry. It offers traditional investors regulated access to crypto asset management.
For more details, see the official SEC filing.
