Crypto-Focused Asset Manager Grayslace Files For NYSE IPO
Grayscale Investments has filed for an preliminary public providing (IPO) of its Class A typical inventory with the US Securities and Exchange Commission (SEC).
Key Takeaways:
- Grayscale has filed for an IPO and plans to checklist on the NYSE underneath the ticker “GRAY.”
- Digital Currency Group will retain management of the corporate by holding each Class A and Class B shares.
- The IPO will observe an Up-C construction, with proceeds used to purchase membership pursuits from present holders.
The agency intends to checklist its shares on the New York Stock Exchange underneath the ticker image “GRAY,” according to a report by StreetInsider.
According to the report, Grayscale will situation two lessons of shares. Class A inventory will present one vote per share and carry financial rights, whereas Class B shares will carry ten votes every however maintain no financial rights. The firm has but to disclose its anticipated value vary.
Grayscale’s mother or father firm, Digital Currency Group (DCG), will retain management by possession of each share lessons, conserving authority over board elections and key company selections.
The association classifies Grayscale as a “managed firm” underneath NYSE rules.
The agency operates as a holding entity, with its major asset being possession in Grayscale Operating, LLC.
Proceeds from the IPO can be used to purchase membership pursuits from present members on the providing value, internet of underwriting charges.
Grayscale’s IPO follows an “Up-C” construction, the place the general public company and the working LLC stay separate, with the latter not receiving any proceeds from the sale.
Shares have additionally been reserved for traders in Grayscale’s flagship Bitcoin Trust ETF and Ethereum Trust ETF by a directed share program.
Underwriters have an choice to purchase extra shares to cowl over-allotments.
Grayscale qualifies as an “rising progress firm” underneath US regulation, that means it would face lighter monetary reporting necessities.
The SEC has not but authorised the providing, per the report.
Crypto IPOs Gain Momentum
Last month, tZero Group, a New York–based mostly blockchain infrastructure agency centered on tokenized securities and real-world belongings, announced that it is preparing to go public in 2026.
Before that, BitGo formally filed for an initial public offering, turning into the primary devoted crypto custodian to pursue a list on a US inventory change.
BitGo’s IPO submitting got here amid renewed momentum for crypto-related public choices.
The digital asset area has seen a number of notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging greater than sevenfold since going public.
Online trading platform Etoro, which provides crypto buying and selling amongst its companies, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its itemizing from the Toronto Stock Exchange to Nasdaq earlier this yr.
Gemini, the change based by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling sturdy market confidence in crypto exchanges going public.
More not too long ago, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
The San Francisco-based firm, alongside key backers together with Ribbit Capital, offered 31.5 million shares at $25 apiece, valuing the agency at roughly $5.3 billion.
Originally concentrating on a decrease vary, Figure elevated each the share depend and value simply days earlier than the itemizing, signaling sturdy investor demand.
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