- Grayscale Investments filed to go public on the New York Stock Exchange under the ticker GRAY.
- The initial share price will be set through a directed share program for current investors.
- The company’s registration filing coincided with the resumption of normal SEC operations after a shutdown.
- Grayscale’s net income decreased by $20 million year-over-year to $203.3 million as of September 2025.
- Other crypto firms, like Ripple Labs and Kraken, have not announced IPO plans, while Gemini recently went public.
Grayscale Investments, a digital asset management company, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to go public on U.S. markets. The firm plans to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. This filing was submitted on a Thursday following the SEC’s return to regular operations after a 43-day government shutdown. The initial share price will be determined via a directed share program offered to investors in Grayscale’s Bitcoin Trust ETF and Ethereum Trust ETF, as stated in the SEC filing.
The Form S-1 registration is a step in the IPO process, but the filing is not yet effective. The timeline for approval by the SEC remains uncertain and may take weeks or months before shares can be officially listed. The shutdown limited SEC activities such as moving forward with IPO approvals.
Financial data from the registration statement show Grayscale’s net income declined by approximately $20 million year-over-year, totaling $203.3 million for the fiscal year ending September 2025 compared to $223.7 million in September 2024.
While some crypto-related companies are pursuing IPOs, others are not. For instance, Ripple Labs recently announced no plans for an IPO despite a revenue estimate of $1.3 billion for 2024 and the resolution of an SEC lawsuit. Cryptocurrency exchange Kraken has also not filed for an IPO. Meanwhile, Gemini, operated by the Winklevoss twins, debuted on Nasdaq in September after submitting its Form S-1 three weeks prior.
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