Grayscale seeks NYSE debut in latest sign of crypto IPO momentum under Trump
Quick Take Grayscale Investments has filed for an IPO, seeking to list Class A shares on the NYSE under the ticker GRAY, according to an S-1 with the SEC. The firm reported $35 billion in assets under management as of Sept. 30, and identified a total addressable market of $365 billion.
Grayscale Investments Inc. has formally filed for an initial public offering, joining a growing cohort of crypto firms pushing into U.S. public markets this year.
According to its S-1 filing on Thursday, Grayscale oversees about $35 billion in assets as of Sept. 30, 2025. It also reported an estimated $365 billion total addressable market for its suite of products covering 45 assets, including bitcoin and ether.
The company intends to list its Class A common stock on the New York Stock Exchange under the symbol GRAY. Pricing terms were not yet included in the paperwork submitted to the U.S. Securities and Exchange Commission.
Post-offering, Grayscale will operate with a dual-class structure. Class A shares carry one vote, while Class B shares — held by parent company Digital Currency Group — hold 10 votes but no economic rights. Parent firm Digital Currency Group will retain majority voting power, making Grayscale a "controlled company" under NYSE rules.
The IPO uses an Up-C structure, with proceeds used to purchase LLC units from pre-IPO holders. Grayscale confidentially filed its draft IPO paperwork with the SEC, as reported previously by The Block.
A rush of crypto IPOs in 2025
Grayscale’s move lands in one of the busiest IPO stretches the crypto industry has seen, as firms move quickly to capitalize on improved political conditions and growing institutional demand.
Over the past year, and notably under a pro-crypto administration led by President Donald Trump, crypto exchange Gemini debuted on the public market, trading above $40 per share at launch. Custody provider BitGo filed its own paperwork, revealing strong revenue growth. Circle also enjoyed an explosive debut.
Additionally, Blockchain infrastructure developer Consensys is pursuing an IPO with backing from JPMorgan and Goldman Sachs, while Mike Cagney’s Figure Technologies has also submitted draft documents. Meanwhile, crypto exchange Kraken has been exploring strategic investments at a $20 billion valuation as it gears up for an eventual 2026 listing.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
UBS: Maintains Tesla (TSLA.US) “Neutral” rating, target price $385, AI narrative dominates stock price pricing logic
UBS predicts that Tesla's global deliveries in the third quarter of 2026 (3Q26) will be approximately 470,000 vehicles, representing a year-on-year decrease of 5% and a quarter-on-quarter decrease of 1%.
Altcoin Price Targets Point to Six 2027 Levels
The AI frenzy withstands the "5% US Treasury yield"! Nasdaq hits new highs, strengthening the "80/20" pattern as Wall Street reassesses stock-bond allocation
The 30-year US Treasury yield briefly reached about 5.53%, hitting its highest level since 2004, while Brent crude remains above $100 per barrel. Risk assets have once again withstood the pressure, reflecting investors' continued belief that the commercialization of AI applications and corporate profit growth can to some extent offset the impact of rising financing costs and discount rates.
AI infrastructure hits a "wall"! Marvell: Copper interconnects and memory bottlenecks become key to the next stage of computing power expansion
The AI computing power competition is evolving into a system-level game encompassing interconnection and memory. According to Marvell executives, inference models have driven KV cache growth by about 10 times in nine months, and rack-level memory can no longer meet demand. Copper connections are approaching their limits, making optical interconnection and memory expansion core to computing power growth. Customization has become an industry trend, and Marvell is set to benefit from its expertise in analog SerDes, photonic fabric memory, and end-to-end customization.
Crypto prices
More
