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.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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