Crypto ETF pioneer Grayscale files for NYSE IPO

Investing.com -- Grayscale, the largest digital asset-focused investment platform globally, has on Thursday filed for a proposed initial public offering on the New York Stock Exchange under the symbol 'GRAY'.

The company, which manages approximately $35 billion in assets as of September 30, 2025, has appointed Morgan Stanley, BofA Securities, Jefferies, and Cantor as lead underwriters for the offering.

Additional underwriters include Wells Fargo Securities, Canaccord Genuity, Piper Sandler, Keefe, Bruyette & Woods, Needham & Company, Benchmark, and Compass Point.

Founded in 2013 and based in Stamford, Connecticut, Grayscale is a subsidiary of Digital Currency Group. The firm pioneered the first publicly traded Bitcoin fund in the United States and offers regulated, institutional-grade crypto investment products.

According to financial data provided in the filing, Grayscale reported revenue of $318.7 million for the nine months ended September 30, 2025, compared to $397.9 million for the same period in 2024. Net income for these periods was $203.3 million and $223.7 million respectively.

The company describes its mission as making "digital asset investing simple and open to every investor" while providing "the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products."

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