Which crypto firm filed US IPO?

TLDR

Grayscale Investments filed an S-1 for a U.S. IPO and aims to list on the NYSE under the ticker GRAY, subject to SEC review and market conditions, per a CoinDesk report.

1. Grayscale plans a NYSE listing as GRAY; pricing and share count are not set yet per The Blocks coverage.
2. The firm reported about $35 billion AUM as of Sep 30, 2025 according to Yahoo Finance.
3. A dual-class share and Up-C structure keep DCG control post-offering per CryptoNews.

Deep Dive

1. Filing and Listing

Grayscale submitted an S-1 to the SEC for a proposed IPO and intends to list Class A common stock on the NYSE as GRAY. The offering will proceed after SEC review and market checks as noted in a CoinDesk report.

2. Scale and Business

Grayscale oversees roughly $35 billion in assets and operates investment products including GBTC and ETH vehicles per Yahoo Finance. It has been a key player in the U.S. spot bitcoin ETF ecosystem.

1. The firms AUM anchors its position among digital asset managers per Yahoo Finance.
2. Recent filings and product breadth suggest institutional focus on crypto investment access per the CoinDesk report above.

3. Control and Structure

Post-IPO, Grayscale plans a dual-class share setup and an Up-C structure, with DCG retaining majority voting power and proceeds used to purchase LLC units from pre-IPO holders per The Block and CryptoNews.

1. GRAY will be classified as a controlled company under NYSE rules per The Block.
2. The Up-C structure aligns tax and control considerations for legacy holders per CryptoNews.

Conclusion

Grayscales planned NYSE IPO marks a major step in crypto firms entering U.S. public markets. If the SEC approves and market conditions are supportive, GRAY could broaden institutional and retail exposure to a leading digital asset manager, while its structure maintains DCGs strategic control.