Grayscale Shakes Up Crypto Markets With NYSE IPO Bid—Wall Street Braces for Digital Asset Disruption

Grayscale Investments just dropped a bombshell—filing paperwork to take its crypto empire public on the NYSE. The move could force traditional finance to finally take digital assets seriously... or expose how far Wall Street still has to go.

Why this matters now:

- First-mover advantage: Grayscale's ETF dominance gives it pole position in the race to legitimize crypto investments

- Institutional floodgates: Public listing would open crypto exposure to pension funds and conservative investors still sitting on the sidelines

- The irony meter explodes: A firm built on Bitcoin's anti-establishment ethos now plays by SEC rules (while charging 2% fees, naturally)

Market impact: Expect volatility as traders price in the implications—and watch for competing asset managers scrambling to match Grayscale's play. One thing's certain: the 'digital gold' narrative just got its shiniest endorsement yet... from the very system crypto was meant to disrupt.

TLDR

• Grayscale Investments filed a public registration statement with the SEC to list Class A common stock on the NYSE under ticker symbol GRAY
• The filing became public about four months after Grayscale submitted a confidential IPO application
• Grayscale reported $203.3 million in net income for the nine months ending September 2025, down from $223.7 million in the same period in 2024
• The filing occurred on the first day the SEC returned to normal operations after a 43-day government shutdown
• Other crypto companies like Ripple have stated they have no plans to go public, while Gemini completed its Nasdaq debut in September

Grayscale Investments submitted a public registration statement with the US Securities and Exchange Commission on Thursday. The asset management company plans to list Class A common stock on the New York Stock Exchange.

Grayscale filed publicly for an initial public offering, the latest cryptocurrency-linked company to test public markets under an administration more open to digital assets.

Isabelle Lee reports https://t.co/m1mekYu0Rw pic.twitter.com/4CnadcITEp

— Bloomberg TV (@BloombergTV) November 13, 2025

The company will use the ticker symbol GRAY for its public shares. The FORM S-1 filing marks a step in the process toward becoming a publicly traded company.

The registration statement is not yet effective. Based on typical SEC approval timelines, the process could take weeks to months before Grayscale can list its shares.

The public filing came about four months after Grayscale had submitted a confidential IPO application. Companies can file confidentially before making their registration statements public.

Grayscale’s filing occurred on the first day the SEC returned to normal operations. The agency had operated with limited staff for 43 days during a government shutdown.

Financial Performance Details

According to the registration statement, Grayscale reported net income of $203.3 million for the nine months ending September 2025. This represents a decrease from $223.7 million in the same period in 2024.

The company generated $318.7 million in revenue during the nine-month period. Grayscale specializes in managing digital asset investment products for clients.

The asset manager operates various cryptocurrency investment trusts and exchange-traded funds. These products allow investors to gain exposure to digital assets through traditional brokerage accounts.

Other Crypto Companies and IPO Plans

Ripple Labs said last week it has no plans to pursue an initial public offering. The payments company is no longer facing an SEC lawsuit and reported an estimated $1.3 billion in revenue for 2024.

Cryptocurrency exchange Kraken has not filed for an IPO as of September. The company has not made public statements about plans to go public.

Gemini completed its Nasdaq debut in September. The exchange, run by the Winklevoss twins, submitted its Form S-1 about three weeks before listing.

The SEC can now process IPO applications at normal speed. During the shutdown, companies could submit filings but the agency could not approve new offerings.

Grayscale’s registration statement must receive SEC approval before the company can set a date for its public listing.