Bitcoin News Update: Grayscale Lists Publicly, While DCG Maintains Authority Through Dual-Class Share Structure

Grayscale Investments has made a major move toward becoming a publicly listed company,

and intends to trade on the New York Stock Exchange under the symbol "GRAY". Announced on November 13, 2025, this development stands out as one of the most significant events in the crypto asset management industry this year, through its trusts and exchange-traded funds (ETFs). The IPO application comes after months of rumors and highlights as regulatory conditions become more supportive.

For its IPO, Grayscale will implement a dual-class share system, enabling its parent, Digital Currency Group (DCG), to maintain control after the listing. Publicly available Class A shares will offer one vote per share and economic rights, while

will grant tenfold voting rights but no financial interest. This arrangement allows DCG to retain decision-making authority over board appointments and key company matters, . The funds raised will be used to acquire membership stakes from current members of Grayscale Operating, LLC, the company's main operating arm, rather than directly supporting day-to-day business activities.

This move comes as

, with lawmakers and agencies such as the SEC and CFTC finalizing rules for digital assets. Grayscale’s shift to public company status coincides with , including the transformation of its Trust into a spot ETF, which has led to higher inflows and enhanced market reputation. Experts estimate Grayscale’s valuation could range from $30 billion to $33 billion after the IPO, though there may be concerns among investors regarding DCG’s ongoing influence.

The IPO is also timed with

after a 43-day U.S. government shutdown. Bitcoin and saw price recoveries as federal agencies resumed work, restarting delayed regulatory reviews for crypto products. Grayscale’s public debut is anticipated to draw both individual and institutional investors, to participants in its Bitcoin and Ethereum ETFs through a directed share plan.

The IPO will be underwritten by Morgan Stanley, BofA Securities, Jefferies, and Cantor, demonstrating

for the deal. While the company has yet to announce a specific date for the listing, it will undergo the usual regulatory review process for crypto-related IPOs. Should the offering succeed, Grayscale will join the ranks of the largest publicly traded crypto asset managers, alongside recent market entrants like Gemini and Circle.