Grayscale Investments, the firm behind the Bitcoin Trust ETF (NYSE: GBTC) and CoinDesk Crypto 5 ETF (NYSE: GDLC), has filed to go public on the New York Stock Exchange, marking the latest major crypto player to pursue a U.S. listing.
The Stamford, Connecticut-based asset manager submitted its S-1 registration form to the U.S. Securities and Exchange Commission (SEC) on Thursday, though the filing did not specify how many shares will be sold or at what price.
The company, a subsidiary of Digital Currency Group (DCG), plans to remain under DCG’s control after the listing. Grayscale has been a central figure in pushing for mainstream adoption of digital assets. It previously sued the SEC over its rejection of an effort to convert its flagship Bitcoin Trust into a spot Bitcoin ETF — a case that ultimately paved the way for broader regulatory acceptance.
Chairman Barry Silbert said Grayscale has played a pioneering role in expanding investor access to digital assets. He added that its investment platform offers diversified exposure to cryptocurrencies in a way that is fee-based, capital efficient, and cash-flow generating.
The IPO comes amid a broader trend of crypto-native companies moving toward public markets. Stablecoin issuer Circle Internet Group (NYSE: CRCL) and crypto exchange Bullish (NYSE: BLSH), which owns CoinDesk, both went public earlier this year.
Grayscale reported net income of USD$203 million for the nine months ending September 30, a 9.1 per cent decline from the same period in 2024. Revenue fell 20 per cent to US$318.7 million, while average assets under management dropped 3.5 per cent to USD$30.6 billion. However, total AUM reached roughly USD$35 billion at the end of September.
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Grayscale had to fight for recognition from SEC
Grayscale Investments, founded in 2013, has long been a leading name in cryptocurrency investment management. The firm launched its flagship Grayscale Bitcoin Trust to give institutional and retail investors easy access to Bitcoin without direct ownership. Over the years, it expanded its product lineup to include other crypto assets, such as the CoinDesk Crypto 5 ETF, offering diversified exposure to the sector.
Grayscale has repeatedly sought approval to convert its Bitcoin Trust into a spot Bitcoin ETF, aiming to simplify trading and attract larger institutional flows. However, the U.S. Securities and Exchange Commission (SEC) repeatedly rejected these applications, citing concerns over market manipulation and investor protection. Consequently, Grayscale filed lawsuits challenging the SEC’s decisions. The legal battle has highlighted the tension between innovative crypto products and traditional financial regulators.
The company has navigated these challenges while maintaining significant growth. Under the Trump presidency, regulatory policies generally favoured financial innovation, making it easier for crypto firms to expand operations. Grayscale leveraged this environment to launch new products and scale its assets under management. Furthermore, it actively pursued partnerships with traditional finance platforms to broaden access to crypto investments.
Grayscale’s approach combined aggressive product development with legal action to push regulatory boundaries. Additionally, the firm educated investors on cryptocurrency’s potential as an alternative asset class. Its efforts contributed to broader acceptance of digital assets within mainstream finance.
Despite recent volatility in crypto markets, Grayscale has remained resilient. In addition to expanding its product offerings, it has maintained strong brand recognition and investor trust. Consequently, Grayscale continues to influence the sector and shape regulatory conversations.
