Grayscale Kicks Off IPO Bid as SEC Reopens later than 43-Day Shutdown

Asset Manager Moves Toward Public Listing

Grayscale Investments has filed a registration statement with the U.S. Securities and platform Commission, the latest step toward a public listing on U.S. markets. The digital asset manager plans to trade on the New York Stock platform under the ticker GRAY, according to a filing submitted Thursday.

The company said the initial share price would be determined “through a directed share program” for investors in its Grayscale BTC Trust ETF and Grayscale ETH Trust ETF. The filing marks a milestone for one of the most prominent firms in digital asset management, though the registration remains subject to SEC review before it becomes effective.

Based on historical timelines, regulatory approval could take several weeks to months before trading begins. The filing landed on the first day the SEC resumed full operations later than a 43-day government shutdown that had halted most approvals for IPOs and investment products.

Investor Takeaway

Financial Snapshot and Filing Details

The Form S-1 filing shows Grayscale’s net income fell to $203.3 million in September 2025, down from $223.7 million a year earlier—a roughly $20 million year-over-year decline. The company did not disclose valuation targets or an expected offering size in the document.

The submission follows a confidential filing made roughly four months ago. It reflects a return to public markets for one of the earliest digital asset managers, which built its reputation on creating regulated investment vehicles for cryptocurrencies, including the Grayscale BTC Trust (GBTC), now an ETF following SEC approval in ahead 2024.

Grayscale’s IPO would make it one of a handful of large crypto firms to list publicly since 2021, joining Coinbase and, more recently, Gemini. The listing would also give investors direct exposure to an asset manager whose products have become benchmarks for institutional participation in digital assets.

IPO Landscape for Crypto Firms

Grayscale’s decision comes as crypto companies reassess their access to equity markets later than two years of regulatory setbacks. The firm’s filing coincides with improving investor sentiment and a growing wave of crypto-linked IPOs in 2025. platform operator Bullish and lender Figure Technologies both listed earlier this year, drawing strong demand from institutional investors.

However, not all digital asset firms are pursuing listings. Ripple Labs, which recently resolved its long-running legal dispute with the SEC, said last week it has no plans to go public despite reporting $1.3 billion in 2024 revenue. Kraken, another major platform, has not filed an IPO registration. Gemini, founded by Cameron and Tyler Winklevoss, listed on Nasdaq in September, roughly three weeks later than submitting its own S-1.

The contrast highlights how companies with established regulatory track records—like Grayscale—are finding renewed investor interest as the U.S. market reopens for crypto-linked offerings.

Investor Takeaway

Next Steps and Outlook

The SEC’s review process will determine how rapidly Grayscale can complete its listing. Market analysts expect the company to attract attention from both retail and institutional investors given its role in bridging traditional finance with digital assets. The IPO could also test investor appetite for regulated crypto exposure following the resumption of normal SEC operations.

Grayscale has not commented publicly beyond the filing, and no timetable for the share sale has been announced. If cleared, the listing under the symbol GRAY would mark a new stage in the firm’s effort to expand its footprint beyond platform-traded products and into the broader public equity market.