Grayscale applies for listing on the NYSE, marking a milestone of recognition from TradFi for encryption institutions.

On November 12, 2025, Grayscale Investments submitted an S-1 form to the SEC, planning to list under the code “GRAY” on the New York Stock Exchange. According to the filing documents, this crypto giant managing $35 billion in assets will adopt a dual-class share structure, with the parent company Digital Currency Group retaining tenfold voting rights through Class B shares to ensure control after the listing. Grayscale joins the listing wave of Circle, Gemini, and Bullish, marking a key turning point for the crypto assets industry moving from the fringe to the mainstream financial stage.

Grayscale Listing Structure and Corporate Governance Arrangements

The Up-C structure chosen by Grayscale is quite common among technology companies going public, particularly suitable for enterprises transitioning from limited liability companies (LLC). This structure allows existing shareholders to gain liquidity by selling units while enjoying tax benefits. After going public, Grayscale will form a dual-class share structure — publicly traded Class A shares will have one vote per share, while Class B shares held by DCG will have ten votes per share, ensuring that the parent company retains absolute control.

According to the New York Stock Exchange corporate governance rules, since DCG will hold more than 50% voting power, Grayscale is classified as a “controlled company,” exempting it from certain independent director and committee requirements. While this arrangement may raise corporate governance concerns, there are many precedents in the technology sector, such as Facebook (now Meta) and Alphabet. Grayscale has committed in its prospectus that, even with the exemption, it will maintain the independent oversight function of the board of directors and establish a dedicated Crypto Assets custody risk committee.

Grayscale Financial Performance and Market Position Analysis

The financial data disclosed in the S-1 filing shows that Grayscale achieved revenue of $318.7 million and net profit of $203.3 million in the first nine months of 2025, a decline from the revenue of $397.9 million and net profit of $223.7 million in the same period of 2024. This contraction is primarily due to intensified competition in management fee rates—its flagship product GBTC saw its fee rate drop from 2% to 1.5% after transitioning to an ETF, while facing low-price competition from BlackRock's IBIT (0.25%) and Fidelity's FBTC (0.39%).

Nevertheless, Grayscale remains a leader in the Crypto Assets management field. As of the third quarter of 2025, the company manages $35 billion in assets, covering more than 40 investment products. The flagship product Grayscale Bitcoin Trust ETF (GBTC) ranks third with $17.3 billion in assets under management, trailing only BlackRock's IBIT and Fidelity's FBTC. Additionally, the company has shown significant results in diversifying its product line, with Grayscale Ethereum Trust managing $8.5 billion, while the emerging Solana, Chainlink, and Polygon trust products together contribute $3 billion in scale.

Grayscale Listing Key Data Overview

• Apply Exchange: New York Stock Exchange (Code GRAY)
• Asset management size: 35 billion USD (40+ products)
• Revenue for the first nine months of 2025: $318.7 million
• Net profit for the same period: 203.3 million USD
• GBTC Assets Under Management: 17.3 billion USD (third in the industry)
• Equity Structure: DCG retains tenfold voting rights

The Wave of Crypto Institutions Going Public and Industry Maturity

Grayscale is the latest member of the 2025 wave of crypto institutions going public. Stablecoin issuer Circle went public through a SPAC merger in July 2025, with a valuation of $9 billion; exchange Gemini completed a traditional IPO in September, raising $1.5 billion; decentralized exchange Bullish landed on the NYSE through a direct listing in October. Additionally, Consensys and Kraken have confirmed that they are preparing listing documents and may enter the public market in 2026.

This wave of IPOs reflects the overall maturity of the crypto assets industry. In terms of valuation metrics, the median price-to-earnings (P/E) ratio of listed crypto institutions has dropped from 45 times in 2021 to 18 times, approaching the level of traditional fintech companies. Revenue sources are also showing a trend of diversification, with approximately 35% of Grayscale's revenue coming from non-Bitcoin products, while Circle's USDC reserve income has fallen below 60%. This healthy fundamental environment provides sufficient confidence for institutional investors to participate.

Regulatory Environment and Investor Protection Considerations

Grayscale chose to submit its application immediately after the government shutdown ended, highlighting its precise grasp of the regulatory window. The SEC has accumulated a large number of pending applications during the shutdown, and it is expected to expedite processing in the coming months. At the same time, the “Market Structure Bill” being reviewed by Congress may provide clearer accounting standards and disclosure requirements for crypto-listed companies, reducing regulatory uncertainty.

Investor protection is a key focus area for the SEC's review. Grayscale elaborates on specific risks in its prospectus over 35 pages, including price volatility, regulatory changes, technological vulnerabilities, and custody security. Notably, the document discloses the “quantum computing threat” as a long-term risk factor for the first time, demonstrating the company's foresight regarding cutting-edge risks. While these transparency practices may temporarily dampen valuations, they establish responsible information disclosure standards for the industry.

Grayscale: From Garage Startup to Wall Street Giant's Generational Transition

Grayscale's listing application marks the end of one era and the beginning of another in the history of Crypto Assets. When an institution managing $35 billion in assets prepares to list on the NYSE under the ticker GRAY, it represents not just another tech company going public, but the formal entry of an asset class once derided as a “scam” into traditional finance. From Barry Silbert founding Grayscale under DCG in 2013 to its preparation to compete alongside Wall Street's century-old firms in 2025, this path to listing has taken twelve years. These twelve years not only represent Grayscale's growth story but also the transformation of the entire Crypto Assets industry from the fringes of rebellion to mainstream acceptance. When the bell for GRAY finally tolls, it celebrates not just the success of a company, but a coming-of-age ceremony for a new asset class.