Grayscale Investments Seeks NYSE IPO for Crypto Integration

Grayscale Investments has officially submitted its application for an initial public offering (IPO) for its Class A common stock with the U.S. Securities and Exchange Commission (SEC).

Key Takeaways:

Grayscale is moving forward with an IPO and plans to register on the NYSE using the ticker symbol “GRAY.”
The Digital Currency Group will maintain control over the company by owning both Class A and Class B shares.
The IPO will adopt an Up-C structure, with funds utilized to acquire membership interests from existing holders.

As reported by StreetInsider, Grayscale aims to have its shares listed on the New York Stock Exchange (NYSE) under the symbol “GRAY.”

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Grayscale's Unique Share Structure for IPO

In accordance with the report, Grayscale's IPO will feature a dual-class share structure. The Class A shares will each provide one voting right and come with economic privileges, while Class B shares will grant ten votes per share but offer no economic rights. There are currently no details available regarding the anticipated pricing for these shares.

Digital Currency Group (DCG), Grayscale's parent company, will preserve control by owning both classes of shares, thus managing the board elections and significant corporate decisions.

This share setup categorizes Grayscale as a “controlled company” under NYSE standards.

Grayscale operates mainly as a holding company, with its key asset being its stake in Grayscale Operating, LLC.

The funds raised from the IPO are designated for purchasing membership interests from existing stakeholders at the offering price, minus underwriting costs.

Grayscale's offering will follow an "Up-C" model, wherein the publicly traded entity and the operating LLC are distinct, meaning the LLC will not benefit from the proceeds of the sale.

Additionally, shares have been earmarked for investors in Grayscale's leading Bitcoin Trust ETF and Ethereum Trust ETF through a directed share program.

Underwriters also hold the option to purchase more shares to address over-allotments.

Grayscale is recognized as an “emerging growth company” under U.S. law, which allows it to adhere to less stringent financial reporting regulations.

As of now, the SEC has not yet approved the IPO proposal.

Growing Interest in Crypto IPOs

In recent developments, tZero Group, a blockchain infrastructure company based in New York that focuses on tokenized securities and real-world assets, announced plans to go public in 2026.

Earlier, BitGo became the first dedicated crypto custodian to officially file for an IPO in the U.S., showcasing the rising trend of crypto-related public listings.

Several notable companies have successfully launched public offerings in the digital asset sector this year. Circle, a stablecoin issuer, made headlines with its IPO in June, witnessing a remarkable increase in market value since its debut.

Additionally, the online trading platform Etoro, which includes cryptocurrency trading as one of its services, went public in May.

Also noteworthy, Galaxy Digital, led by CEO Mike Novogratz, transitioned its listing from the Toronto Stock Exchange to Nasdaq earlier in the year.

Gemini, the exchange established by the Winklevoss twins, discreetly filed for a U.S. IPO in June, indicating strong investor confidence in crypto exchanges entering the public market.

Most recently, Figure Technology Solutions Inc., a lending platform with a focus on blockchain technology, successfully raised $787.5 million in their IPO. The San Francisco-based company collaborated with key investors, including Ribbit Capital, and sold 31.5 million shares at $25 each, valuing it at approximately $5.3 billion.

In a strategic move to meet strong investor demand, Figure adjusted its share count and pricing shortly before the listing, raising its initial target range.