Grayscale Moves Toward Public Listing Amid Changing US Market Conditions

Grayscale Launches Public Listing Process

Grayscale Investments, a leading crypto asset management firm, is accelerating its entry into US public markets. The company has filed its latest S-1 registration statement with the US Securities and Exchange Commission (SEC), aiming to list its Class A common stock on the New York Stock Exchange under the ticker “GRAY.” While the registration is still awaiting SEC approval, precedents suggest the review process could take anywhere from several weeks to several months.

First Filing Wave After SEC Resumes Operations

This filing is particularly noteworthy because it was submitted on the very first day the SEC resumed normal activities after a 43-day government shutdown.

During the shutdown, companies were technically able to submit documents, but SEC staffing was so limited that IPO and ETF applications made virtually no progress. Consequently, Grayscale’s filing is seen as an early sign that the market is returning to normal.

Financial Disclosure

The public filing also reveals Grayscale’s latest financials. As of September 2025, the company’s net income stood at approximately $203.3 million, down slightly, about $20 million, from the $223.7 million reported in the same period of 2024. Although profits dipped, Grayscale remains a major player in crypto asset management, with its listing plans attracting strong market attention.

Crypto Firms Hold Mixed Views on IPOs

Not every company in the crypto sector is seeking a US IPO.

• Ripple Labs: The company has resolved its SEC litigation and achieved roughly $1.3 billion in revenue in 2024, but has stated it has no near-term plans for a public offering.
• Kraken Exchange: As of September 2025, there have been no public filings signaling any intent to launch an IPO.

This highlights the divergent strategies among crypto companies: some seek increased transparency and capital efficiency through public listings, while others choose to remain private to retain operational flexibility.

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Summary

Grayscale’s public listing initiative could serve as another key indicator of the crypto industry’s maturity within US equity markets. In addition to opening more compliant investment channels for institutions, it will also boost transparency and credibility in crypto asset management and help bridge the gap between Web3 and traditional finance. Market participants will closely watch the SEC’s review timeline and Grayscale’s official debut on the public market.