Core Viewpoint - Grayscale Investments has filed for an initial public offering (IPO) of its Class A common stock with the SEC, intending to list on the NYSE under the ticker symbol "GRAY" [1][3]. Company Structure - Grayscale will issue two classes of shares: Class A shares will have one vote per share and carry economic rights, while Class B shares will have ten votes each but no economic rights [4]. - Digital Currency Group (DCG), Grayscale's parent company, will maintain control through ownership of both share classes, classifying Grayscale as a "controlled company" under NYSE regulations [5]. IPO Proceeds and Structure - Proceeds from the IPO will be used to buy membership interests from existing members at the offering price, net of underwriting fees [6]. - The IPO will follow an "Up-C" structure, separating the public corporation from the operating LLC, which will not receive any proceeds from the sale [6]. Underwriting and Regulatory Status - Underwriters have an option to buy additional shares to cover over-allotments, and Grayscale qualifies as an "emerging growth company," facing lighter financial reporting requirements [7]. Industry Context - The digital asset space has seen increased momentum for crypto-related public offerings, with notable recent IPOs including tZero Group and BitGo [8]. - Circle, a stablecoin issuer, experienced significant success with its IPO in June 2025, surging more than sevenfold since going public [9].