Grayscale Investments has taken a major step toward becoming a publicly traded company, filing a Form S-1 with the U.S. Securities and Exchange Commission for an initial public offering on the New York Stock Exchange. The crypto asset manager intends to list its Class A common stock under the ticker GRAY, marking a new phase in its expansion following years of rapid industry growth.
The firm announced that the offering will depend on market conditions, emphasizing that no timeline or final deal size has been confirmed. Even so, the filing formalizes ambitions that Grayscale first disclosed in July when it submitted a draft registration to the SEC.
Grayscale operates one of the largest suites of crypto investment products in the United States. Its portfolio includes spot Bitcoin and Ethereum ETFs, along with more than 40 additional vehicles tied to digital assets.
The company oversees roughly $35 billion in assets, positioning it among the most influential players in the sector. Internal estimates place its serviceable addressable market at $365 billion.
Momentum for the IPO revived after the U.S. government ended its longest shutdown on record, a disruption that had slowed regulatory activity across Washington. The SEC functioned with minimal staffing during the shutdown, delaying a broad range of filings, including those from crypto-sector firms preparing for public listings.
A Firm Shaped by Legal and Market Milestones
Grayscale’s decision builds on a major legal victory in 2023, when a federal appeals court overturned the SEC’s long-standing refusal to permit the conversion of Grayscale’s flagship Bitcoin Trust into a spot ETF. The ruling reshaped industry expectations and paved the way for the 2024 approval of multiple spot Bitcoin funds in the U.S., ending a decade-long regulatory stalemate.
Those events also strengthened Grayscale’s standing with institutional investors. Its Bitcoin and Ethereum ETFs now account for the majority of revenue, and the firm continues to expand into new product categories as digital assets gain wider adoption. Additionally, the company is a subsidiary of Digital Currency Group, a well-established corporation within the cryptocurrency industry.
Several major crypto companies have already gone public in 2025 or announced plans to do so, including exchange operator Gemini, stablecoin issuer Circle, and institutional trading platform Bullish.
Evans Kelvin
Brenda Kanana
