Grayscale Files for NYSE IPO Under GRAY

Grayscale Investments, a leading digital asset manager, filed a registration statement with the U.S. Securities and Exchange Commission on November 13, 2025, seeking to launch an initial public offering of its common stock on the New York Stock Exchange under the ticker symbol GRAY.

The filing outlines plans for two classes of shares to preserve control by the company's parent, Digital Currency Group. Class A shares will carry one vote per share along with economic rights, while Class B shares will have ten votes each but no economic rights. Grayscale, which manages approximately $35 billion in assets across more than 40 cryptocurrency-related products, did not specify the number of shares to be offered or a proposed price range. The offering is subject to SEC review and market conditions, with underwriters including Morgan Stanley, BofA Securities, Jefferies and Cantor leading the effort.

Proceeds from the IPO will fund the purchase of membership interests from existing holders at the offering price, net of underwriting fees. The company will adopt an Umbrella Partnership Corporation structure, operating as a public holding entity while its core business remains in a separate...