Bitcoin News Today: Grayscale Goes Public, But DCG Retains Control via Dual-Class Shares

Grayscale Investments has taken a significant step toward becoming a publicly traded company, filing for an IPO and planning to list on the New York Stock Exchange under the ticker "GRAY". The move, announced on November 13, 2025, marks one of the most pivotal developments in the crypto asset management sector this year, with the company managing tens of billions in digital assets across its trusts and exchange-traded funds (ETFs).

The IPO filing follows months of speculation and signals a broader trend of crypto firms seeking public market access amid a more favorable regulatory environment.

Grayscale's IPO will utilize a dual-class share structure, allowing its parent company, Digital Currency Group (DCG), to retain control post-listing. Class A shares, which will be available to the public, carry one vote per share and economic rights, while Class B shares-held by DCG will have ten times the voting power but no economic benefits. This structure ensures DCG maintains authority over board elections and major corporate decisions, classifying Grayscale as a "controlled company" under NYSE rules. Proceeds from the offering will be used to purchase membership interests from existing members of Grayscale Operating, LLC, the firm's primary operating entity, rather than directly funding core operations.

The filing comes as the U.S. crypto sector gains regulatory clarity, with lawmakers and agencies like the SEC and CFTC finalizing frameworks to govern digital assets. Grayscale's transition to a public company coincides with a surge in institutional adoption, including the conversion of its Bitcoin Trust into a spot ETF, which boosted inflows and market credibility. Analysts project the IPO could value Grayscale between $30 billion and $33 billion, though challenges remain, including potential investor concerns over DCG's influence.

The timing of the IPO also aligns with a broader recovery in crypto markets following a 43-day U.S. government shutdown. Bitcoin and Ethereum rebounded as federal agencies resumed operations, reviving stalled regulatory processes for crypto products. Grayscale's listing is expected to attract both retail and institutional investors, with the firm reserving shares for participants in its Bitcoin and Ethereum ETFs through a directed share program.

Underwriters for the IPO include Morgan Stanley, BofA Securities, Jefferies, and Cantor, reflecting strong Wall Street support for the offering. The company has not disclosed a timeline for the listing but faces regulatory scrutiny typical for crypto-related offerings. If successful, Grayscale's IPO will position it as one of the largest publicly traded crypto asset managers, alongside recent listings from Gemini and Circle.