Grayscale Investments has filed to go public, marking one of the most significant Wall Street moves by a crypto-native asset manager this year. 

The company submitted a confidential IPO draft to the US Securities and Exchange Commission, according to its announcement on November 13.

Grayscale’s IPO Shows a Common Trend Among Crypto Companies In 2025

The filing signals Grayscale’s intent to transition from private ownership to a public listing. 

The company manages tens of billions in crypto assets across multiple trusts and ETFs, including its flagship Bitcoin product. It said the offering will depend on market conditions and regulatory approvals.

The move follows months of speculation after Grayscale first filed a confidential draft S-1 in July. The firm had not disclosed a timeline at that stage, but today’s confirmation suggests its plans have accelerated. Market analysts expect the earliest listing window to fall between late 2025 and early 2026.

Estimates from industry analysts vary, with projected valuations ranging from $30 to $33 billion.

The IPO reflects a more favourable US regulatory environment for crypto asset managers. Grayscale’s conversion of its Bitcoin trust into a spot ETF boosted institutional inflows and strengthened its public-market profile. The firm now appears positioned to leverage that momentum.

Still, major hurdles remain. Parent-company exposure through Digital Currency Group may shape investor sentiment as filings progress.

Today’s news adds to a wave of crypto-sector listings, including Gemini, Circle and Bullish. 

Yet Grayscale’s scale makes this filing the most closely watched. Investors will now look for formal S-1 details and regulatory feedback in the coming months.