One of the top digital asset managers, Grayscale Investments, filed a Form S-1 registration statement with the United States Securities and Exchange Commission on Wednesday, November 12, 2025, for a proposed initial public offering (IPO) of its Class A common stock. The company intends to list on the New York Stock Exchange under the ticker symbol “GRAY.”
The public filing was made on the first day the SEC resumed normal operations following the end of a 43-day United States government shutdown. The asset manager had initially submitted the paperwork confidentially in July 2025.
As of September 30, 2025, Grayscale managed approximately $35 billion in assets under management (AUM) across more than 40 investment products that provide exposure to over 45 digital assets. This includes its flagship Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Revenue Down, Outflows Continue, But the Market Opportunity Is Massive
For the nine months ended September 30, 2025, Grayscale generated $318.7 million in revenue, down from $397.9 million in the year-ago period. Its net income fell to $203.3 million from $223.7 million, primarily due to lower management fees from the outflows and distributions from its flagship trusts after their ETF conversions.
The proposed IPO will use an Up-C structure, under which offering proceeds will go to existing owners, its parent company Digital Currency Group, rather than directly to Grayscale itself. A directed share program will also be implemented to allow eligible investors in GBTC and ETHE to participate in setting the initial offering price.
Morgan Stanley, BofA Securities, Jefferies, and Cantor are serving as lead bookrunners, with Wells Fargo Securities and Piper Sandler among the additional bookrunners. The number of shares to be offered and the price range remain undetermined at the moment.
In its filing, Grayscale estimates its serviceable addressable market at $365 billion within a $4 trillion digital asset ecosystem.
The listing comes at a time when several top crypto-related companies are going public in 2025, including Circle in June and Gemini in September, a sign of the growing institutional confidence and a more supportive regulatory stance.
Analysts say the IPO could be set to its price as early as late 2025 or in the first quarter of 2026, pending its SEC review and depending on market conditions.
