Grayscale Files for NYSE IPO as Crypto Companies Rush to Go Public Under Trump
Grayscale filed for an NYSE IPO under the ticker "GRAY," joining a surge of crypto companies going public amid a favorable regulatory environment under the Trump administration.Summary
Grayscale submitted its S-1 filing to the SEC on November 13, 2025, seeking to list on the NYSE under the ticker "GRAY." As of September 30, 2025, the company managed $35 billion in assets across 45 crypto assets. This move is part of a significant wave of crypto IPOs occurring under the Trump administration, which has fostered a more business-friendly environment compared to previous years. This trend was preceded by successful public debuts from Circle Internet Group and Bullish, signaling strong investor appetite. The regulatory shift is attributed to President Trump appointing Paul Atkins as SEC Chairman, who launched "Project Crypto" to establish clear rules, contrasting with the previous administration's regulatory uncertainty. Grayscale plans to use an Up-C structure for its IPO and will maintain majority voting control via Class B shares held by Digital Currency Group. Despite managing substantial assets, Grayscale faces intense fee competition, particularly from BlackRock's Bitcoin ETF. Analysts project Grayscale's IPO valuation between $30 and $33 billion, with the listing expected between late 2025 and early 2026.
(Source：Brave New Coin)