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(Updated - November 13, 2025 8:57 AM EST)
Grayscale Investments filed for an initial public offering of its Class A common stock, according to a Securities and Exchange Commission filing. The company plans to list shares on the New York Stock Exchange under the ticker symbol "GRAY."
The digital asset management firm will offer two classes of common stock following the IPO. Class A shares will carry one vote per share and economic rights, while Class B shares will have ten votes per share but no economic rights. The company did not disclose the proposed share price range in the filing.
Digital Currency Group, Grayscale’s controlling shareholder, will maintain control over the company through its ownership of both share classes. The structure will allow DCG to control stockholder actions including board elections and major corporate decisions, making Grayscale a "controlled company" under NYSE rules.
Grayscale operates as a holding company with its principal asset being ownership interests in Grayscale Operating, LLC. The company will use proceeds from the offering to purchase membership interests from existing members at a price equal to the IPO price after underwriting fees.
The offering uses an "Up-C" structure, where the operating company remains a limited liability company while the public entity becomes a corporation. Grayscale Operating will not receive proceeds from the share sale.
The company has reserved shares for certain investors in its Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF through a directed share program. Underwriters have been granted an option to purchase additional shares to cover potential over-allotments.
Grayscale qualifies as an "emerging growth company" under the Jumpstart Our Business Startups Act, subjecting it to reduced reporting requirements. The SEC has not yet approved the offering.