Grayscale Investments, which provides cryptocurrency-focused investment products and investment research, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
Grayscale is a digital asset-focused investment platform with approximately $35 billion in assets under management (AUM) as of September 30, 2025. It offers over 40 investment products covering more than 45 tokens in the US market, and manages one of the largest Ethereum ETP franchises globally with about $7.4 billion in AUM. It also introduced Bitcoin and Ethereum “Mini Trusts” in 2024 with a 0.15% fee rate, which have reached $8.5 billion in AUM.
The Stamford, CT-based company was founded in 2013 and booked $427 million in revenue for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol GRAY. Morgan Stanley, BofA Securities, Jefferies, Cantor Fitzgerald, Wells Fargo Securities, Canaccord Genuity, Piper Sandler, Keefe Bruyette Woods, Needham & Co., The Benchmark Company, and Compass Point are the joint bookrunners on the deal. No pricing terms were disclosed.
