Table of Contents As filed with the Securities and Exchange Commission on January 29, 2026 Registration No. 333-291492 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Grayscale Investments, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6221 39-2149041 (Primary Standard Industrial Classification Code Number) 290 Harbo ...

Core Insights - Grayscale Investments has launched the Grayscale Dogecoin Trust ETF (GDOG), marking the first pure spot Dogecoin exchange-traded product (ETP) available in the United States, which began trading on NYSE Arca [1][4]. Company Overview - Grayscale is recognized as the world's largest digital asset-focused investment platform, managing approximately $35 billion in assets as of September 30, 2025, and aims to simplify digital asset investing for all investors [5][6]. Product Details - GDOG is an exchange-traded product that is not registered under the Investment Company Act of 1940, meaning it does not have the same regulatory protections as traditional ETFs and mutual funds [2]. - The Grayscale Dogecoin Trust was initially launched as a private placement for accredited investors in January 2025, providing exposure to Dogecoin [4]. Market Position - Dogecoin has transitioned from a meme-based cryptocurrency to a practical tool for financial transactions, characterized by low-cost and rapid transactions, which has led to significant global adoption [3][4].

Core Insights - Grayscale's Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are launching, coinciding with a downturn in the crypto market, where the CoinDesk 20 Index has decreased by 23% since November began [1] - U.S. spot bitcoin ETFs have experienced significant net outflows of $3.55 billion this month, approaching the record outflow of $3.56 billion from February [2] - CleanSpark (CLSK) is set to report its fiscal fourth-quarter earnings, while competitors Riot Platforms (RIOT) and Iren (IREN) have reported unexpected profits and record revenues [2] Token Events - On November 24, Grayscale's Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) are expected to go live on NYSE Arca [6] - Monad's public mainnet is launching with its native token MON on November 24 [6] - KR1 Plc will begin trading on the London Stock Exchange on November 25, migrating from the Aquis Stock Exchange [6] Governance Votes - Moonwell DAO is voting on a plan to address approximately $5.25 million in bad debt by utilizing excess reserves and redirecting future protocol revenue for repayment, with voting ending on November 24 [7] - Aave DAO is voting on a funding update to consolidate treasury assets and acquire 8 million GHO tokens, with voting ending on November 24 [7] - The Graph Council is voting to implement a Rewards Eligibility Oracle to align indexing rewards with network performance, with voting ending on November 30 [7] Unlocks - Plasma (XPL) will unlock 4.74% of its circulating supply, valued at $17.81 million, on November 24 [6] - Jupiter (JUP) will unlock 1.69% of its circulating supply, worth $12.39 million, on November 28 [6] - Hyperliquid (HYPE) will unlock 2.68% of its circulating supply, valued at $318.92 million, on November 29 [6]

Core Insights - Grayscale is set to launch new exchange-traded fund (ETF) products linked to Dogecoin and XRP on November 24, following approval to list these products on the New York Stock Exchange [1][2] - The Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) will be spot ETPs that hold their respective underlying tokens, marking a significant liquidity event for current investors [2][3] - The launch of GDOG and GXRP expands the range of crypto ETFs available in the US, moving beyond the initial focus on Bitcoin and Ethereum products [4] Company Developments - Grayscale is converting its existing private trusts into fully listed ETFs, which is expected to attract significant investor interest [2] - The GXRP ETF will enter a competitive market that already includes products from Canary Capital and Bitwise, which have seen combined inflows of approximately $422 million in their first two weeks of trading [2][3] - GDOG will be among the first Dogecoin ETFs available to US investors, capitalizing on Dogecoin's popularity and retail following [3] Industry Trends - The launch of these ETFs reflects a broader shift in regulatory conditions under SEC Chairman Paul Atkins, who is moving towards a disclosure-focused framework for digital assets [5] - The SEC's "Project Crypto" initiative indicates a willingness to review compliant digital asset products, facilitating the listing of new ETFs [5] - Analysts predict that GDOG could attract as much as $11 million in trading volume on its first day, highlighting strong market interest [4]

Group 1 - Grayscale Investments Sponsors, LLC announced the intention to rename the Grayscale Dogecoin Trust to Grayscale Dogecoin Trust ETF (GDOG), effective on or about November 21, 2025 [1] - The Trust's shares are expected to begin trading under the new name and symbol "GDOG" on NYSE Arca on or about November 24, 2025 [2] - Outstanding stock certificates for shares of the Trust will remain valid and do not need to be exchanged due to the name change [2] Group 2 - Grayscale has been operating since 2013, providing investors access to the digital economy through various investment products [4] - The company has a decade-long track record and expertise in digital asset-focused investment platforms, catering to investors, advisors, and allocators [4]