Grayscale's Historic IPO Application: Crypto Managers' March to the US Stock Exchange

Grayscale, one of the most important players in the crypto sector, marked a sectoral milestone this year by officially applying to enter the stock market in the US. The company’s listing on the New York Stock Exchange reflects the accelerated flow of crypto-focused companies into mainstream financial markets.

S-1 Filing Submitted to the SEC and Timeline

This digital asset manager based in Stamford, Connecticut, which operates products like Bitcoin Trust ETF (GBTC) and CoinDesk Crypto 5 ETF (GDLC), recently submitted an S-1 filing to the U.S. Securities and Exchange Commission. According to the information in the filing, the number of shares and the proposed price range for the IPO have not yet been determined.

The company’s main partner, Digital Currency Group (DCG), will retain control of operations after going public. The progress of the application depends entirely on the SEC’s review and market conditions.

Crypto Companies’ Market Wave Following Circle and Bullish

Grayscale’s move comes after several significant crypto companies went public at the beginning of 2025. Stablecoin issuer Circle Internet Group (CRCL) and crypto exchange Bullish (BLSH) initiated a new trend in the market by conducting IPOs. After this move, Grayscale will be one of the largest digital asset managers to go public and will significantly reinforce the ongoing interest of institutional investors in the crypto sector.

Barry Silbert, CEO of the company, stated, “We are pioneers enabling investor access to the fastest-growing asset class,” emphasizing Grayscale’s leadership position in the sector. The platform offers services that provide investors with scalable, capital-efficient, and cash-flow-generating digital asset exposure.

Rising Market and Spot Bitcoin ETFs

Grayscale is also a leading company in the process of getting spot Bitcoin ETFs approved in the US and has filed lawsuits related to its SEC applications. Before applying to convert its Bitcoin Trust into an ETF, the company fought legal battles, making it a key player in changing the regulatory stance towards crypto.

Financial Performance Shaken in 2025

The company’s recent financial results reflect the volatility of the digital asset market. In the first nine months of 2025, Grayscale reported a net income of $203 million; this figure represents approximately a 9% decrease compared to the same period last year.

Revenue showed a more noticeable decline, falling from $398 million to $318.7 million. Assets under management (AUM) also decreased by 3.5%, reaching $30.6 billion. However, the AUM level calculated at the end of September is approximately $35 billion, indicating that the manager maintains its position in the market.

Continued Institutional Interest and Strategic Significance

Grayscale’s IPO application clearly demonstrates the increasing institutional acceptance of the crypto sector. The company’s affiliation with crypto-focused venture capital firm DCG reflects efforts to create an integrated ecosystem across the industry.

This listing initiative is not only significant for Grayscale but also sends an important signal to the entire crypto industry. The growing interest of institutional investors in digital assets necessitates a clearer regulatory roadmap to reach a broader audience.