Asset manager Grayscale files for US IPO

Grayscale Investments, an asset management company specializing in digital asset investments, has filed a registration statement as part of the process for going public on US markets.

In a Thursday filing with the US Securities and Exchange Commission, Grayscale said it intended to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. The company said the initial price would be determined “through a directed share program” to investors in its Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF.

The Form S-1 filing was part of the process for the asset management company to go public, but it was not yet effective. Based on the SEC’s record of approvals, it could take anywhere from weeks to months before the registration statement becomes effective and the company prepares to list its shares.

Grayscale’s filing came on the first day the SEC is expected to return to normal operations after a 43-day government shutdown. Though companies were able to submit filings while the agency had limited staff and capabilities, it was unlikely that the SEC would have been able to move forward with approvals of IPOs or investment vehicles like ETFs.

Related: Wall Street’s next crypto play may be IPO-ready crypto firms, not altcoins

The public SEC filing occurred about four months after Grayscale had filed confidentially for an IPO. According to data in the registration statement, the asset manager reported about a $20 million decrease in net income year-over-year, to $203.3 million in September 2025 from $223.7 million in September 2024.

Crypto companies leaning toward IPOs, or not?

Not every company with ties to crypto investments has declared that it will pursue an initial public offering for US markets. 

Ripple Labs reportedly said last week that the company has no plans to go public, despite no longer being burdened with an SEC lawsuit and having an estimated $1.3 billion in revenue for 2024. As of September, cryptocurrency exchange Kraken did not appear to have filed for an IPO.