Wu reported that Grayscale Investments has submitted an S-1 filing to the SEC on November 13, initiating the IPO process, with plans to list on the New York Stock Exchange under the ticker "GRAY." The prospectus indicates that this issuance will adopt an Up-C structure, and the proceeds will be used to repurchase shares of Grayscale Operating, LLC from its Pre-IPO shareholders, who are controlled by DCG. Grayscale will establish two classes of common stock, Class A and Class B, with Class B shares having 10 times the voting rights. Additionally, Grayscale will provide an opportunity for GBTC and ETHE investors to participate in the IPO through a targeted allocation program. According to the S-1 filing, as of September 30, 2025, Grayscale manages approximately $35 billion in assets and estimates a market opportunity of about $365 billion.