Grayscale Investments, a leading digital asset manager, filed a registration statement with the US Securities and Exchange Commission (SEC) as part of the process to go public.
The filing, made public on Thursday, comes roughly four months after the company had confidentially submitted for an IPO. Grayscale intends to list Class A common stock on the New York Stock Exchange under the ticker GRAY, with initial pricing determined through a directed share program targeting investors in its Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF.
The filing is not yet effective, and based on SEC approval timelines, the IPO could take weeks or months before Grayscale is ready to list its shares.
Timing amid government shutdown
The public filing coincides with the SEC’s return to normal operations following a 43-day government shutdown, which had delayed approvals of IPOs and investment products such as ETFs. While companies were able to submit filings during the shutdown, SEC approvals and processing were largely on hold.
Financial performance and market context
According to the registration statement, Grayscale reported a year-over-year net income decline of $20 million, from $223.7 million in September 2024 to $203.3 million in September 2025.
Not all crypto-linked companies are moving toward public offerings. For example:
- Ripple Labs has stated it has no plans for an IPO, despite $1.3 billion in estimated 2024 revenue.
- Kraken has not submitted any IPO filings as of September.
- Gemini, run by the Winklevoss twins, debuted on Nasdaq in September after submitting a Form S-1 just weeks prior.
Grayscale’s IPO filing underscores growing institutional interest in digital asset management and highlights the ongoing push for broader market participation in crypto-focused investment vehicles.