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- Grayscale has filed for its long-awaited IPO, signaling a major shift toward public market participation.
- The company manages $35 billion in assets, covering more than 45 digital tokens.
- Digital Currency Group will maintain control under a dual-class share structure.
Grayscale Investments Inc. has officially filed for an initial public offering, marking a major step for one of the world’s largest digital asset managers. The filing reveals that the firm manages about $35 billion in assets as of September 30, 2025.
Grayscale is further increasing its foothold as a bridge between traditional investors and the quickly changing digital asset market by offering more than 40 different types of investment products, which include more than 45 different types of digital tokens.
The total available market for this business is approximately $365 billion. This is happening at a time when demand for regulated crypto investment products is increasing, as well as demand from institutions for transparent, diversified exposure to crypto assets.
Grayscale Prepares First Public Stock Offering
Grayscale plans to offer shares of Class A common stock in this offering. This is the first time Grayscale is venturing into the public market, as this stock is set to be listed in the New York Stock Exchange upon approval. There shall be two classes of stock in this IPO, which include Class A stock as well as Class B stock.
Class A shares shall carry one vote per share, in addition to full economic rights, whereas every Class B share shall carry ten votes but shall have no economic rights at all. Digital Currency Group (DCG), Grayscale’s parent corporation, shall maintain majority control even after the offering. Due to ownership of majority control in both classes of shares.
This implies that DCG shall continue to control elections to the board of directors, corporate matters. And as well as any significant transaction in respect of the assets of the Company. As a result of this control, Grayscale shall also be treated as a “controlled company” in accordance with NYSE corporate governance standards.
IPO Proceeds to Benefit Pre-IPO Members
Grayscale is a holding corporation, and its principal asset is ownership in Grayscale Operating, LLC. Grayscale Operating, LLC is a business entity in which Grayscale manages its operations and investments. The money raised from this IPO does not go to Grayscale Operating, LLC.
Rather, they would be used for buying units of an LLC from pre-IPO members. Who at this time hold ownership interests in the company. This is known as an “Up-C″ structure. Which is preferred in cases where companies are transitioning from being privately to publicly traded companies, as in this case.
Grayscale has also set aside shares of this offering for eligible investors under a directed share program. Beneficiaries of this program shall include investors in the Bitcoin and Ethereum Exchange-Traded Funds of the firm.
The IPO filing is an important step for the industry of digital assets as a whole. This is because it shows how traditional financial systems continue to evolve to incorporate blockchain-based investment companies.
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