Grayscale Files Application to go Public on New York Stock Exchange

In Brief

• Grayscale has filed for an IPO to list its Class A common stock on the New York Stock Exchange.
• The proposed offering is supported by major financial institutions and several co-managers.
• The current U.S. government’s supportive stance has facilitated multiple crypto companies pursuing public listings.

Shedrach Kongvong 2025-11-15

Grayscale has filed an application for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The digital asset investment platform is proposing the listing of its Class A common stock ‘GRAY’ on the New York Stock Exchange.

The firm made known its intention in a press release, following in the footsteps of crypto companies like Coinbase, which was the first to go public.

As of the time of reporting, the number of shares to be offered and the price range for the proposed offering have not yet been determined.

.@Grayscale Investments® Announces Public Filing of Registration Statement for Proposed Initial Public Offering https://t.co/XN5TiyB4Ag

— Grayscale (@Grayscale) November 13, 2025

Grayscale Receives Backing from Giants

Grayscale’s proposed IPO has backing from major industry giants such as Morgan Stanley, BofA Securities, Jefferies, and Cantor as lead managing bookrunners.

In addition, Wells Fargo Securities, Canaccord Genuity, Piper Sandler, Keefe, Bruyette & Woods, A Stifel Company, and Needham & Company are acting as additional book-running managers.

With the Benchmark Company and Compass Point also acting as co-managers, Grayscale has the most important support which increases the chances of its application getting approved.

However, information such as whether or when the offering may be completed, as well as the actual size or other terms of the offering are not yet available.

Current Government Supporting Crypto IPOs

Grayscale is the most recent of several crypto firms that have either applied for or completed their IPOs this year, such as Circle, Exodus, Gemini, and others.

All this has been made possible because of the current government’s commitment to supporting the crypto industry unlike the last administration.

President Donald Trump has openly declared his support for the industry severally, and even lifted the ban placed on the industry by the previous administration.