Bitcoin

Grayscale

Phantom

<div class="wp-block-group has-background is-vertical is-layout-flex wp-container-core-group-is-layout-8cf370e7 wp-block-group-is-layout-flex" style="background-color:#abb7c226;font-style:normal;font-weight:200">
 <p><strong>Key Highlights</strong></p>
 <ul>
  <li>Grayscale is going public on the NYSE under the ticker “GRAY,” but the number of shares and price are not finalized yet.</li>
  <li>Digital Currency Group (DCG) will keep control through Class B shares.</li>
 </ul>
</div>
<p>Grayscale Investments, a cryptocurrency asset manager, has taken a major step toward going public by <a href="https://www.sec.gov/Archives/edgar/data/2073548/000119312525279127/ck0002073548-20251113.htm" target="_blank" rel="noopener noreferrer nofollow">filing</a> for its first-ever IPO (Initial Public Offering) on the New York Stock Exchange (NYSE) under the ticker “GRAY.”</p>
<p>The company, which had filed confidentially in July, is taking the next step toward going public. However, the number of shares and the IPO price range have not been finalized.</p>
<p>The move comes at a time when more crypto companies are looking to list on traditional stock markets. Recently, a short government shutdown slowed the Securities and Exchange Commission’s (SEC) review process, creating a smaller window for companies hoping to go public this year.</p>
<h2 class="wp-block-heading" id="dcg-s-role-and-market-risks">DCG’s role and market risks</h2>
<p>Per the filing, its parent company, Digital Currency Group (DCG), will retain control through Class B shares with 10 votes apiece but no economic rights. The structure assures DCG of influence in key decisions such as board elections, mergers, or other strategic actions beyond the IPO.</p>
<p>Investors should remember that Grayscale is very closely tied to the cryptocurrency market, and revenues decline when crypto prices drop. The company has witnessed outflows from its flagship Bitcoin Trust ETF, reflecting some of the challenges it faces despite boasting one of the largest portfolios with broad crypto exposure.</p>
<h2 class="wp-block-heading" id="a-look-at-grayscale-s-numbers">A look at Grayscale’s numbers</h2>
<p>The filing also provides a snapshot of Grayscale’s recent financial performance. For the nine months ending September 30, 2025, it reported net income of $203.3 million on revenue of $318.7 million. This compares to $223.7 million in net income and $397.9 million in revenue during the same period a year earlier. Revenue tumbled about 20% as inflows into its investment products slowed amid changes in market conditions.</p>
<p>Assets under management (AUM) are about $35 billion, a figure that shows that while Grayscale remains sizable, growth has slowed. Grayscale generated $179.3 million from operating activities during the first nine months of 2025, against $223.4 million a year ago. It spent $179.1 million primarily on distributions to affiliates and costs related to the IPO, while investing activity was low.</p>
<h2 class="wp-block-heading" id="the-company-s-journey">The Company’s Journey</h2>
<p>Grayscale, based in Stamford, Connecticut, is part of Digital Currency Group, founded by Barry Silbert in 2013. The company was one of the first to create investment products for Bitcoin and Ethereum.</p>
<p>In 2023, it won a court case to convert its Bitcoin Trust into a U.S. ETF, addressing problems with its previous structure, which sometimes traded above or below its net asset value (NAV). Grayscale runs a suite of digital asset funds that offer exposure to over 45 different tokens.&nbsp;</p>
<p>Its main Bitcoin ETF, the GBTC, has seen outflows of more than $21 billion last year and $3 billion so far in 2025, partly due to higher fees. In an effort to provide a less expensive choice, it launched a Bitcoin Mini ETF last year that now holds about $5 billion in assets.&nbsp;</p>
<p>The IPO is a significant milestone not only for Grayscale but also for the larger cryptocurrency industry. It gives traditional investors an avenue through which to gain exposure to crypto asset management in a regulated manner.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>Also Read: <a href="https://www.cryptotimes.io/2025/11/12/phantom-ceo-emphasizes-solana-focus-over-ipo-and-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Phantom CEO Emphasizes Solana Focus Over IPO and Blockchain</a></p>
</blockquote>

Grayscale Files for First IPO on NYSE Under Ticker ‘GRAY’

Table of Contents

The Crypto Times

Other articles published on Nov 14, 2025

Join our free newsletter for daily crypto updates!