Grayscale Investments, the largest crypto asset manager in the United States, has officially filed to go public on the New York Stock Exchange.

The company submitted its IPO paperwork on November 13, 2025, seeking to list under the ticker “GRAY” in what represents the latest sign of growing crypto IPO momentum under President Trump’s business-friendly administration.

According to its S-1 filing with the Securities and Exchange Commission, Grayscale manages approximately $35 billion in assets as of September 30, 2025. The company has identified a total addressable market worth $365 billion for its suite of products covering 45 different crypto assets, including Bitcoin and Ethereum.

A Wave of Crypto IPOs Under Trump

Grayscale’s filing comes during an unprecedented wave of crypto companies going public since Trump returned to office. The new administration has created a much more favorable environment for digital asset firms compared to the previous four years of regulatory uncertainty.

Circle Internet Group kicked off this IPO boom in June 2025 with a spectacular market debut. The stablecoin issuer’s shares jumped 168% on their first day of trading, closing at $83.23 compared to their $31 IPO price. Circle raised $1.05 billion and now has a market value of around $35 billion.

Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, followed with its own successful NYSE debut in August 2025. The company’s stock soared over 80% on its first day, raising about $1.1 billion. Other major crypto firms including Gemini, BitGo, and Consensys have also filed paperwork for public offerings.

Source: sec.gov

These successful debuts have created what analysts call a “green light” for the crypto industry. Matt Kennedy, a senior strategist at Renaissance Capital, noted that Circle’s trading performance has been the biggest positive signal for the industry.

Regulatory Changes Drive Investment Interest

The surge in crypto IPOs stems largely from dramatic regulatory changes under the Trump administration. President Trump appointed Paul Atkins as SEC Chairman, replacing Gary Gensler who was known for his tough stance on crypto companies.

Atkins has launched “Project Crypto” at the SEC to create clear rules for digital assets. The new approach aims to provide regulatory clarity that has been missing for years. Atkins stated that innovation has been “stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered.”

The Department of Justice has also disbanded its cryptocurrency crime unit, signaling a broader shift in how federal agencies approach the crypto sector. Additionally, Congress has been advancing stablecoin legislation including the GENIUS Act, which could provide the regulatory framework the industry has long sought.

Grayscale’s Corporate Structure and Challenges

Grayscale plans to operate with a dual-class share structure after going public. Class A shares will carry one vote each, while Class B shares held by parent company Digital Currency Group will have 10 votes but no economic rights. This arrangement means Digital Currency Group will maintain majority voting control, classifying Grayscale as a “controlled company” under NYSE rules.

The IPO will use an Up-C structure, meaning proceeds will be used to purchase ownership interests from existing pre-IPO holders rather than going directly to Grayscale. Morgan Stanley, Bank of America Securities, Jefferies, and Cantor are leading the offering as underwriters.

Despite managing $35 billion in assets, Grayscale faces significant competitive pressures. The company’s Bitcoin ETF charges a 1.5% annual fee while competitors like BlackRock charge just 0.25%. BlackRock’s Bitcoin ETF has already surpassed Grayscale in total assets, showing how fee competition can quickly shift market share.

Grayscale’s financial results for the nine months ended September 30 show net income of $203.3 million on revenue of $318.7 million. This compares to net income of $223.7 million on revenue of $397.9 million for the same period in the previous year.

Institutional Investment Surge

The crypto IPO boom reflects broader institutional adoption of digital assets. As of January 2025, 86% of institutional investors had exposure to digital assets or planned to make allocations later in the year. This represents a dramatic shift from previous skepticism toward crypto investments.

The global cryptocurrency market reached approximately $4.2 trillion in value earlier in 2025. Bitcoin is currently trading above $110,000, showing significant gains from earlier in the year. Industry analysts remain optimistic about continued crypto market growth.

Traditional financial institutions are increasingly viewing crypto companies as legitimate investment opportunities rather than speculative ventures. The successful IPO performance of Circle and Bullish has demonstrated strong investor appetite for regulated crypto businesses.

Market Outlook and Timeline

Market analysts expect Grayscale’s IPO to occur between late 2025 and early 2026, depending on market conditions and regulatory approvals. Industry experts project valuations ranging from $30 to $33 billion for the company.

The timing appears favorable given the current regulatory environment and strong market performance. However, Grayscale will need to address competitive challenges and potentially lower its fees to maintain market share against lower-cost alternatives.

Other crypto companies are likely watching Grayscale’s IPO process closely. Success could encourage more firms to pursue public offerings, potentially creating the largest wave of crypto IPOs in history. Companies like Kraken and additional custody providers are reportedly considering public market debuts.

The Digital Asset Gold Rush

Grayscale’s NYSE filing marks a turning point for the cryptocurrency industry’s integration with traditional financial markets. Under Trump’s pro-crypto administration, regulatory clarity and institutional acceptance have created conditions not seen since the early days of the internet boom. With $35 billion in assets under management and backing from major Wall Street underwriters, Grayscale is positioned to capitalize on what industry experts predict will be the golden age of crypto public offerings.