Grayscale Investments is preparing for a major shift in its corporate identity.
After years of operating as the largest U.S. crypto asset manager, the company is now seeking to plant its flag on the New York Stock Exchange. Its newly submitted filing – dated November 13, 2025 – asks regulators for permission to list shares under the ticker “GRAY,” a request that still requires an in-depth review by the U.S. Securities and Exchange Commission.
If approved, the public listing would introduce a corporate design built to keep control firmly in the hands of Digital Currency Group, Grayscale’s parent company. Instead of relying on a traditional share structure, Grayscale plans to issue two types of stock: one with standard voting power and full financial rights, and another with enhanced voting strength but no claim to economic rewards. Tech companies have used similar setups to raise capital without risking the loss of strategic authority.
The company is also adopting an Up-C framework – a hybrid often used when private investment vehicles shift into public markets. Under this structure, the publicly traded entity will function as a C-corporation, while Grayscale’s longstanding business continues operating as an LLC. Current LLC owners will maintain their economic interests, while new investors will buy into the overarching corporation. The arrangement offers tax efficiencies and makes expansion easier during the transition to life as a publicly traded firm.
While the filing outlines how the company intends to operate once public, it leaves out one key set of numbers: how many shares will be sold, how much money Grayscale hopes to raise, and the price range it will target. Those details typically surface later, once underwriters and company executives start marketing the deal.
For Grayscale, the move signals a readiness to step into a more regulated and transparent environment – one that will require quarterly reporting and stricter governance but could also unlock access to capital markets and strengthen investor trust. A successful listing would make Grayscale one of the first major digital-asset managers to secure a place on a leading U.S. exchange, reinforcing how deeply the crypto industry is blending into traditional finance.
Until the SEC completes its review, the market will be watching closely. If approved, “GRAY” could become a landmark symbol for the next stage of institutional crypto adoption.
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