Catenaa, Wednesday, November 19, 2025- Grayscale Investments has filed for an initial public offering that would list its Class A shares on the New York Stock Exchange under the ticker GRAY.
The filing adds further momentum to a surge of crypto-related public listings during a year shaped by friendlier political conditions and renewed institutional interest.
The firm disclosed assets of about $35 billion as of September 30. It also estimated a total addressable market of roughly $365 billion across its portfolio of 45 products tied to assets such as bitcoin and ether.
Pricing terms were not included in its submission to the Securities and Exchange Commission.
Grayscale plans to operate with a dual-class structure after the offering. Class A shares carry one vote each.
Class B shares, held by parent company Digital Currency Group, hold 10 votes but no economic rights. This structure leaves majority voting control with Digital Currency Group and classifies Grayscale as a controlled company under NYSE rules.
The IPO uses an Up C structure. Proceeds will be used to acquire LLC units from pre offering holders. Grayscale had previously filed draft paperwork with regulators.
Its move arrives during one of the busiest stretches for crypto IPOs in years. Gemini entered the public market earlier in 2025. BitGo also filed plans after reporting rising revenue. Circle saw a strong debut. Consensys is pursuing its own path with backing from major banks.
Figure Technologies has submitted draft filings, while Kraken has been weighing strategic investment options as it prepares for a potential 2026 listing.
