Crypto News Today: Grayscale Investments Eyes US Launch Amid IPO Filing

Grayscale files for a NYSE IPO as the SEC reopens, revealing new financial details and plans to broaden its crypto investment reach.

Grayscale Investments has taken a major step toward becoming a public company. The asset manager filed a registration statement with the US Securities and Exchange Commission. 

The company plans to list its Class A shares on the New York Stock Exchange under the ticker GRAY. The filing became public soon after the agency reopened following a long government shutdown.

What Grayscale Stated in Its Filing

The document shows that Grayscale manages around $35 billion in assets and offers more than 40 products that cover over 45 tokens. 

The company estimates that money flowing into digital asset investment products could reach $365 billion, and this estimate shows a rise in interest from institutions and wealth managers.

Grayscale plans to list two classes of stock. Class A shares will trade on the exchange and will hold one vote per share. Class B shares will remain under the ownership of Digital Currency Group. 

Those shares will carry ten votes each but no economic rights. This structure keeps control in the hands of DCG while allowing public investors to participate in the business.

How the IPO Structure Works

Grayscale intends to use a UPC structure for its listing. The new public company, Grayscale Inc., will own and manage Grayscale Operating LLC. This operating company holds the main business that runs its investment products.

Funds raised from selling new shares will not go to Grayscale Inc. 

They will be used instead to buy ownership interests from existing members before the offering. This structure keeps the business aligned with the original owners while opening shares to the public.

The registration statement states that the SEC has not approved the offering yet. Approval can take weeks or months and the agency can review several rounds of amendments before allowing a company to set its listing date.

The Filing Arrived After a Government Shutdown

The timing of the filing is worth noting. The SEC recently reopened after a 43 day shutdown that reduced staff and slowed reviews of public offerings. 

Companies could send documents during the shutdown but approvals could not move forward.

Grayscale submitted a confidential IPO application months before the public filing. Many firms follow this approach, which allows them to work through early feedback from regulators before releasing filings to the public.

The first day the SEC returned to normal operations became the day Grayscale’s registration statement appeared on the public record.

Related Reading: Grayscale Unveils First U.S. Spot Crypto ETFs with Staking

Financial Results Show Steady Activity

Grayscale reported $203.3 million in net income for the nine months ending September 2025. This figure fell from $223.7 million dollars during the same period in 2024 and the company earned $318.7 million  in revenue during the period.

The business generates revenue from fees tied to its investment trusts and exchange-traded products (ETPs). 

These products allow clients to gain crypto exposure through traditional brokerage channels. 

In all, the filing shows demand from institutions and many reports also show a rise in interest from pension funds, hedge funds and asset managers who want access to digital assets without handling tokens directly. 

Surveys indicate that more than 80% of institutions plan to increase their exposure this year. Wealth managers also report that more clients ask for digital asset allocations.

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