PANews reported on November 13 that Grayscale Investments Inc., a US-based digital currency asset management company, has filed for an initial public offering (IPO) with regulators. SEC filings show that Grayscale Investments submitted an S-1 application to the SEC, proposing to issue Class A common stock with an "Up-C" structure: the listed parent company holds LLC units of Grayscale Operating, LLC, while pre-IPO members hold Class B shares (voting only, no economic rights), which can be exchanged one-to-one for Class A shares. The company's revenue in 2024 is approximately $506 million, with AUM of approximately $35 billion, and revenue is highly dependent on GBTC and ETHE (the largest share). The filing emphasizes risks such as digital asset price volatility, net outflows due to redemptions, fee competition, custody, and regulatory uncertainty; it also outlines a Tax Receivable Agreement (85%) and "make-whole" clauses with pre-IPO members.PANews reported on November 13 that Grayscale Investments Inc., a US-based digital currency asset management company, has filed for an initial public offering (IPO) with regulators. SEC filings show that Grayscale Investments submitted an S-1 application to the SEC, proposing to issue Class A common stock with an "Up-C" structure: the listed parent company holds LLC units of Grayscale Operating, LLC, while pre-IPO members hold Class B shares (voting only, no economic rights), which can be exchanged one-to-one for Class A shares. The company's revenue in 2024 is approximately $506 million, with AUM of approximately $35 billion, and revenue is highly dependent on GBTC and ETHE (the largest share). The filing emphasizes risks such as digital asset price volatility, net outflows due to redemptions, fee competition, custody, and regulatory uncertainty; it also outlines a Tax Receivable Agreement (85%) and "make-whole" clauses with pre-IPO members.