Grayscale Files S-1 with SEC to Launch U.S. IPO
Grayscale Investments filed an S-1 form with the U.S. Securities and Exchange Commission on November 13, 2025, initiating the process to take its common stock public. The submission formalizes plans for an IPO after years of offering crypto-focused investment products, and will subject Grayscale to standard public-company reporting and governance rules if approved. The filing does not yet specify offering size or timetable and will enter the SEC review process.
The move matters because a public listing could expand access to Grayscale’s crypto exposure for traditional investors and may unlock value tied to its flagship products. It also marks a further step in the mainstreaming of digital-asset managers amid ongoing regulatory scrutiny. Market participants will watch for SEC feedback, prospectus details, and how a listed Grayscale could reshape competition in crypto investment products.