Grayscale Files For US IPO

Grayscale Investments, a digital asset investment firm, has filed a registration statement to become a publicly traded company on US markets. The filing, submitted Thursday to the Securities and Exchange Commission, indicates the company intends to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. An initial share price will be determined through a directed share program for investors in Grayscale’s Bitcoin and Ethereum Trusts.

The Form S-1 filing marks a step in the IPO process, but is not yet effective. SEC approval and the listing preparation could take weeks or months. The filing occurred as the SEC resumes normal operations following a 43-day government shutdown that previously limited its capabilities.

The confidential IPO filing was made roughly four months prior. Data in the registration statement showed a decrease in net income, from $223.7 million in September 2024 to $203.3 million in September 2025.

While some crypto-related companies are exploring public offerings, others are pursuing different paths. Ripple Labs recently stated it has no plans to go public, despite substantial revenue and a resolution of its SEC lawsuit. Cryptocurrency exchange Kraken has not filed for an IPO. Gemini, the Winklevoss-owned exchange, completed a Nasdaq debut in September, following SEC approval.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.