Grayscale Investments Files for NYSE Listing Under Ticker ’GRAY’

Grayscale Investments, the largest U.S. crypto asset manager, has taken a decisive step toward going public. A November 13, 2025 filing reveals plans to list on the New York Stock Exchange under the symbol "GRAY," pending SEC approval. The move signals institutional crypto's maturation—a private powerhouse preparing for Wall Street's spotlight.

The proposed dual-class share structure ensures Digital Currency Group retains strategic control. Common shares offer standard voting rights and economic benefits, while a second class grants amplified voting power without financial claims. This tech-company-inspired model balances capital raising with founder autonomy.

Grayscale's Up-C corporate framework creates a hybrid structure: a new C-corporation for public investors coexists with the existing LLC operations. Current stakeholders preserve economic interests through this transition, which optimizes tax efficiency and facilitates expansion. The architecture mirrors sophisticated exits seen in traditional finance, adapted for crypto's unique ecosystem.