Grayscale Moves Toward a Public Listing as SEC Review Begins

Grayscale Begins Its Push Toward a NYSE Listing

Grayscale Investments has taken a formal step toward entering the U.S. public markets by submitting an updated S-1 registration statement to the Securities and Exchange Commission. The company intends for its Class A common shares to trade on the New York Stock Exchange under the ticker “GRAY.” The filing is now awaiting SEC effectiveness—a process that historically ranges from several weeks to a few months.

A Notable Filing on the SEC’s First Day Back to Work

The timing of Grayscale’s submission is significant. It arrived just as the SEC resumed full operations after a 43-day government shutdown, during which the agency had limited capacity to advance IPO and ETF filings. Because companies could still technically submit paperwork during the shutdown, Grayscale’s filing is widely viewed as one of the first signals that regulatory reviews are returning to normal.

Financial Figures Show a Slight Year-Over-Year Decline

The S-1 also offers a look at Grayscale’s financial performance. As of September 2025, the firm reported $203.3 million in net income—down modestly from the $223.7 million recorded in the same period of 2024. Despite this dip, the company remains one of the most influential players in digital asset management, ensuring that its potential public debut draws considerable attention from market participants.

Diverging Perspectives Among Crypto Firms on Going Public

Grayscale’s move contrasts with the stance of several other major crypto companies that remain hesitant about an IPO:

• Ripple Labs has recovered from its legal disputes with the SEC and generated approximately $1.3 billion in revenue in 2024, yet it has no immediate plans to go public.
• Kraken has likewise shown no signs of filing for an IPO as of September 2025.

These divergent positions highlight how crypto enterprises vary in their approach to regulation, transparency, and access to capital markets.

What Grayscale’s Move Means for the Crypto–Finance Landscape

The company’s push toward a listing could signal a broader shift in how traditional markets perceive digital asset firms. A successful IPO may open the door to:

• Greater institutional access to regulated crypto investment products
• Increased transparency within the asset-management segment
• Further alignment between Web3 companies and established financial frameworks

Market observers will be watching closely as the SEC evaluates Grayscale’s application and determines when the firm may officially enter the public market.

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