Grayscale IPO: All You Must Know About the Largest Crypto IPO of 2026

Prior to the authorization of BTC ETFs in the United States, numerous institutions acquired Grayscale BTC Trust (GBTC) for indirect investment exposure.

These trusts, being private investment funds, along with various other products provided by Grayscale, are governed by the SEC and act as essential tools for public funds aiming to invest in digital currency.

On November 18, the Grayscale Bitcoin Cash Trust (BCHG), for instance, oversaw assets exceeding $191M. In the meantime, the Grayscale ETH Classic Trust (ETCG) held over $157M in assets, each trading at $7.61 with a net asset value (NAV) per share of $11.24.

(Source: Grayscale)

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Grayscale Connects Traditional Finance with Digital currency

Grayscale Investments, which introduces both private and public funds backed by some of the top cryptocurrencies to purchase, has been active since the early stages of cryptocurrencies.

Since its inception in 2013 as a branch of the Cryptocurrency Group (DCG), the largest cryptocurrency asset management company globally, the organization has successfully bridged the gap between crypto and traditional finance, enabling institutions to gain exposure to risky assets without directly managing private keys.

The GBTC was the initial trust established in 2018, managing billions before its transition to a spot ETF following the SEC’s approval of the first group of spot Bitcoin ETFs in January 2025.

In addition to private funds and ETFs, Grayscale provides a broad array of diversified and thematic funds, such as the Grayscale Digital Large Cap Fund, which comprises a collection of leading cryptocurrencies by trading market capitalization. Moreover, the Grayscale Decentralized finance Fund is dedicated to Decentralized finance tokens, featuring UNI and AAVE.

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Grayscale IPO: Essential Information

After operating as a private entity for over a decade, Grayscale is preparing to go public. On July 14, they submitted a confidential draft S-1 to the SEC.

Five months later, on November 13, Grayscale made a public filing with the SEC, intending to list on the NYSE under the ticker GRAY by year-end or early 2026.

The Grayscale IPO is designed as an “Up-C” transaction. Under this structure, proceeds will be utilized to purchase units from pre-IPO shareholders, transforming its private framework into a public one.

My view on $GRAY

Grayscale is the most exceptional DAT structure ever conceived. The crypto market simply hasn’t recognized it yet.

Rather than engaging in reverse mergers into inactive public shells, Grayscale is pursuing an IPO with a highly profitable (though decelerating) business model (reminiscent of yellow pages from years past). But the… https://t.co/1h2FFRAvEE

— Jeff Dorman (@jdorman81) November 13, 2025

Nonetheless, DCG, the parent organization, will maintain 70% of voting power via Class B shares. Class B GRAY shares lack economic power and will not, for instance, yield dividends.

Because DCG will continue to exercise control, Grayscale will be regarded as a “controlled company” according to NYSE guidelines.

In conjunction with their IPO, Morgan Stanley, BofA Securities, Jefferies, and Cantor are designated as lead underwriters.

In preparation for their IPO, Grayscale introduced a Directed Share Program (DSP), reserving a portion of GRAY shares for qualifying U.S. investors who have previously invested in their flagship products, GBTC and ETHE.

While the precise valuation remains unclear, the IPO is expected to generate new capital to accelerate Grayscale’s growth.

With additional funding, they can pursue listings for more ETFs, implement more proactive crypto strategies, among other initiatives, enabling a broader revenue diversification from the spot ETFs they issue, primarily BTC and ETH.

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