Grayscale files for NYSE IPO under ticker GRAY
Grayscale Investments has filed for an Initial Public Offering on the NYSE under the ticker GRAY.Summary
Grayscale Investments Inc., a major crypto asset manager, has initiated the process to go public on the New York Stock Exchange (NYSE) under the ticker symbol “GRAY," as detailed in a recent SEC filing. The planned IPO will utilize a two-class share structure. Class A shares, available to the public, will have standard voting rights, while Class B shares, retained by its parent company, Digital Currency Group (DCG), will carry ten times the voting power but will not share in profits. Grayscale is employing an “Up-C” structure, where the IPO proceeds will be used to purchase ownership interests from existing members, while the main operating business remains a separate LLC, not directly receiving the new cash. Additionally, the company is setting aside some shares for investors in its Bitcoin and Ethereum ETFs via a special allocation.
(Source：Crypto Briefing)