Grayscale Investments, Inc., one of the world’s largest digital asset managers, has officially filed a registration statement (Form S-1) with the U.S. Securities and Exchange Commission (SEC) to list on the New York Stock Exchange. The company’s Class A shares will trade under the ticker symbol GRAY.
According to the official announcement to the US Securities and Exchange Commission, the IPO will adopt a dual-class share structure. Each Class A share will carry one vote and full economic rights, while Class B shares, owned by parent company Digital Currency Group, will carry ten votes but no economic rights.
This structure ensures that Digital Currency Group will retain decisive control after listing, and its shares will have the right to a majority of votes under the “controlled company” exception on the New York Stock Exchange.
Morgan Stanley, BofA Securities, Jefferies, and Cantor will act as lead underwriters. The filing also describes a directed share distribution program, under which a portion of the offering will be reserved for Grayscale investors. Bitcoin Trust and Ethereum trust.
Grayscale is known to use the proceeds from the stock offering to acquire stakes in its operating company, Grayscale Operating.
According to Grayscale’s latest report, the company’s net profit for the first nine months of 2025 was $203,3 million, compared to $223,7 million for the same period in 2024. Total revenue declined to $318,7 million, a decrease of nearly 20%, largely due to lower management fees amid low crypto market activity.