Grayscale filed an S-1 kind with the Securities and Alternate Fee (SEC) on Nov. 13 to listing Class A typical inventory on the New York Inventory Alternate below ticker image GRAY.
The agency manages roughly $35 billion throughout greater than 40 crypto merchandise, together with spot Bitcoin and Ethereum ETFs.
As a public firm, Grayscale should disclose extra financials and face shareholder strain, which may affect future payment choices and product technique.
The submitting doesn’t specify share depend or pricing vary for the proposed providing. Morgan Stanley, BofA Securities, Jefferies, and Cantor will function lead managing bookrunners.
Monetary efficiency exhibits income strain
Grayscale reported $318.7 million in income for the 9 months ended Sept. 30, down from $397.9 million in the identical interval of 2024. The corporate posted web revenue of $203.3 million by means of September 2025 in contrast with $223.7 million a yr earlier.
Working margin reached 65.7% within the latest nine-month interval.
The agency’s weighted-average administration payment declined to 1.39% by means of September 2025 from 1.67% within the prior-year interval, reflecting aggressive strain from lower-cost ETF entrants, together with BlackRock and Constancy.
Common belongings below administration slipped to $30.6 billion from $31.8 billion year-over-year.
Full-year 2024 outcomes confirmed income of $506.2 million and web revenue of $282.1 million, down from $512.7 million and $325 million, respectively, in 2023. The corporate attributed the decline to decreased administration charges, outflows, and distributions.
Twin-class construction preserves DCG management
The providing employs a dual-class share construction, giving Digital Foreign money Group, Grayscale’s father or mother firm, 10 votes per Class B share in contrast with one vote per Class A share.
DCG will retain roughly 70% of complete voting energy after the IPO by means of its Class B holdings, which carry no financial rights. Every Class A share will obtain one vote and full financial participation.
The construction qualifies Grayscale as a “managed firm” below NYSE guidelines, exempting it from sure company governance necessities. The Class B super-voting rights terminate when DCG’s possession falls under 20% of complete shares excellent.
Influence on ETF holders stays oblique
The IPO doesn’t alter the authorized construction, custody preparations, or operations of Grayscale’s present trusts and ETFs.
Fund belongings stay held by third-party custodians below separate belief agreements.
The corporate accomplished a reorganization right into a Delaware holding construction earlier in 2025, which it said wouldn’t materially have an effect on belief operations.
Internet proceeds from the providing will probably be used to buy membership pursuits from present house owners in Grayscale Working, relatively than funding capital expenditures.
The transaction converts non-public possession stakes into publicly tradable fairness with out requiring the injection of recent capital into fund operations or altering sponsor payment preparations.
Grayscale reserved a portion of IPO shares for eligible buyers in its Bitcoin Belief ETF (GBTC) and Ethereum Belief ETF (ETHE) by means of a directed share program.
Individuals will need to have held GBTC or ETHE shares as of Oct. 28 and full pre-registration by Nov. 24. This system doesn’t assure allocations, and shares bought by means of it face no lock-up restrictions.
The general public itemizing will topic Grayscale to quarterly and annual reporting necessities, offering ETF buyers with elevated visibility into the sponsor’s monetary situation, litigation publicity, and product focus.
The registration assertion signifies that future payment choices and product growth plans will face scrutiny from public fairness holders alongside present aggressive strain within the ETF market.
