Grayscale Investments, a top cryptocurrency company, is going public on the New York Stock Exchange. It will use the ticker “GRAY,” but the number of shares and price are not set yet.
According to the filing, Digital Currency Group, its parent company, will stay in control with Class B shares. The move comes as crypto markets are uncertain and companies look to stock markets for growth.
The company first filed secretly in July 2025. Now, it has made a public filing. Grayscale will sell Class A common stock while Digital Currency Group keeps control with votes, but no economic rights.
Morgan Stanley, BofA Securities, Jefferies, and Cantor Fitzgerald will lead the IPO. Additionally, other managers include Wells Fargo, Piper Sandler, and Canaccord Genuity. The IPO will happen only through a prospectus filed with the U.S. Securities and Exchange Commission. The sale depends on market conditions.
Notably, Grayscale has seen some ups and downs with the crypto market. From January to September 2025, it made $203.3 million on $318.7 million revenue, which is a bit lower than last year’s $223.7 million profit on $397.9 million revenue.
At the same time, the company manages about $35 billion in assets, growing more slowly than before. Its main Bitcoin ETF, GBTC, had outflows of over $21 billion in 2024 and $3 billion so far in 2025. To offer a cheaper option, Grayscale launched a Bitcoin Mini ETF last year, which now holds around $5 billion.
Grayscale is based in Stamford, Connecticut, and is part of Digital Currency Group, started by Barry Silbert in 2013. It was one of the first companies to make Bitcoin and Ethereum investment products. In 2023, it turned its Bitcoin Trust into a U.S. ETF. Today, Grayscale manages funds with over 45 digital tokens.
That said, this IPO is a big step for Grayscale and the crypto world. As a result, it gives regular investors a safe way to invest in crypto funds. Copies of the prospectus can be requested from Morgan Stanley, BofA, Jefferies, or Cantor Fitzgerald.
Also Read: Alibaba Plans Tokenized Payments With JPMorgan For B2B
