Grayscale Investments has submitted an IPO application to the New York Stock Exchange, aiming to list on the U.S. stock market through Grayscale Investment, Inc. The offering is led by major financial institutions including Morgan Stanley, Bank of America Securities, Jefferies, and Cantor as principal underwriters. The company is utilizing an Umbrella Partnership Corporation (Up-C) structure for its public listing. Under this arrangement, Grayscale Operating, LLC remains the operational entity while the newly formed Grayscale Investment, Inc. serves as the publicly traded vehicle. This structure provides tax advantages for founders and early investors, allowing them to convert LLC interests into publicly traded shares with capital gains tax benefits rather than corporate taxation. According to the S-1 filing, Grayscale is wholly owned by Digital Currency Group (DCG), which will maintain controlling interest post-IPO through Class B shares with superior voting rights. All IPO proceeds will be allocated toward acquiring additional interests in the LLC. Grayscale has established itself as a cryptocurrency investment pioneer, having launched the first Bitcoin and Ethereum investment products and successfully converting its Bitcoin and Ethereum trusts into spot ETFs after extensive regulatory engagement with the SEC. The company’s digital large-cap fund has demonstrated significant market influence, often causing substantial price movements for tokens added or removed from the portfolio. As of September 30, 2025, Grayscale reported total assets under management of $35 billion, positioning it as the global leader in cryptocurrency asset management. The company offers over 40 digital asset investment products covering more than 45 cryptocurrencies. The $35 billion AUM comprises $33.9 billion in ETP and ETF products (primarily Bitcoin, Ethereum, and SOL-related) and $1.1 billion in private funds focused on alternative cryptocurrencies. Financial performance for the nine months ending September 30, 2025, showed revenues of approximately $319 million, representing a 20% year-over-year decline. Operating expenses increased 8.4% to $116 million, while operating profit decreased 30.4% to $202 million. Net profit, including other income and excluding tax provisions, reached $203 million, down 9.1% from the previous year. Adjusted for non-recurring items, net profit stood at $208 million with a net profit margin of 65.3%. While adjusted net profit declined 8.5%, the profit margin improved from 57.2% in the comparable period last year. Despite revenue and profit decreases, Grayscale demonstrates improving operational efficiency through enhanced asset values, reduced liabilities, and increased profit margins. Grayscale’s future growth strategy includes expanding private fund offerings with additional altcoin products, introducing actively managed products to complement existing passive investment vehicles, and pursuing active investments in its own products, cryptocurrencies, and other assets. The company is also expanding distribution channels, having completed due diligence with three brokerages managing a combined $14.2 trillion in assets. Grayscale recently listed Bitcoin and Ethereum mini ETFs on a major independent broker-dealer platform with over 17,500 financial advisors and more than $1 trillion in advisory and brokerage assets. In August, the company partnered with iCapital Network, providing digital asset investment access to 6,700 advisory firms through actively managed strategies.