Grayscale’s “GRAY” IPO: A Bid for Public Capital While Cementing DCG Control

• Grayscale Investments has filed an S-1 to go public, listing its Class A shares on the NYSE under the ticker “GRAY.”
• The IPO is a strategic “public access, private control” move, using a dual-class share structure that gives parent company DCG 10-vote Class B shares, ensuring it retains majority control.
• Morgan Stanley and BofA will lead the offering, which includes a “directed share program” for existing GBTC and ETHE investors.

Grayscale Investments, Inc., one of the world’s largest digital asset managers, has formally filed a registration statement (Form S-1) with the U.S. Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange (NYSE). The company’s Class A shares will trade under the symbol GRAY, marking one of the most anticipated public listings in the digital asset industry’s history.

According to the official SEC filing, t…

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