Grayscale Investments, an asset management firm specializing in digital asset investments, has filed a registration statement as part of its US IPO process.
In a filing with the US Securities and Exchange Commission on Thursday, Grayscale he said 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 will be determined “through a directed share program” for investors in the Grayscale Bitcoin Trust ETF and the Grayscale Ethereum Trust ETF.
The filing of Form S-1 was part of the asset management company’s IPO process, but it has not yet become effective. Based on SEC approval records, it could be several weeks to months before the registration statement becomes effective and the company prepares to list its stock.
Grayscale’s filing came on the first day the SEC is expected to return to normal operations after a 43-day government shutdown. While companies were able to file while the agency had limited staff and capabilities, it is unlikely that the SEC could move forward with approvals of IPOs or investment vehicles like ETFs.
Related: Wall Street’s next crypto play could be IPO-ready crypto companies, not altcoins
The public filing with the SEC came about four months after Grayscale confidentially filed for an IPO. According to data in the registration statement, the asset manager reported a decrease of about $20 million in net income from the previous year, to $203.3 million in September 2025 from $223.7 million in September 2024.
Are Crypto Companies Leaning towards IPOs or Not?
Not every company associated with crypto investments has said it will pursue an initial public offering for the US markets.
Ripple Labs reportedly said last week that the company has no plans to go public, despite no longer being encumbered by an SEC lawsuit and having an estimated $1.3 billion in revenue for 2024. In September, cryptocurrency exchange Kraken appeared to have not filed for an IPO.
Gemini, led by the Winklevoss twins, made its Nasdaq debut in September, about three weeks after it filed its S-1 form with the SEC.
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