{"id":59057,"date":"2025-11-18T11:51:44","date_gmt":"2025-11-18T11:51:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=59057"},"modified":"2025-11-18T11:51:44","modified_gmt":"2025-11-18T11:51:44","slug":"grayscale-ipo-heres-everything-you-need-to-know-about-the-biggest-crypto-ipo-of-2026","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=59057","title":{"rendered":"Grayscale IPO: Here\u2019s Everything You Need to Know About the Biggest Crypto IPO of 2026"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Before the approval of Bitcoin ETFs in the United States, many institutions bought Grayscale Bitcoin Trust (GBTC) for indirect exposure. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">These trusts, which are private funds, along with many other products offered by Grayscale, are regulated by the SEC and serve as critical vehicles for public funds to invest in cryptocurrency.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of November 18, the Grayscale Bitcoin Cash Trust (BCHG), for example, managed over $191M of assets. Meanwhile, the Grayscale Ethereum Classic Trust (ETCG), controlled over $157M of assets, each trading at $7.61 with a net asset value (NAV) per share at $11.24.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-310134 size-full\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583.png\" alt=\"Grayscale is one of the first digital asset managers managing billions. Will the Grayscale IPO be one of the biggest in 2026?\" width=\"1756\" height=\"710\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583.png 1756w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583-300x121.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583-1024x414.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583-768x311.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583-1536x621.png 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-18T132447.583-50x20.png 50w\" sizes=\"auto, (max-width: 1756px) 100vw, 1756px\"><\/p>\n<p><span data-preserver-spaces=\"true\">(Source: <\/span><strong><a class=\"general-link\" href=\"https:\/\/www.grayscale.com\/publicly-traded-funds\" target=\"_blank\" rel=\"noopener nofollow\">Grayscale<\/a><\/strong><span data-preserver-spaces=\"true\">)<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER: <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coins\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">9+ Best Memecoin to Buy in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Grayscale Links TradFi with Crypto<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Grayscale Investments, which rolls out private and public funds backed by some of the <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-crypto-to-buy\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">best cryptos to buy<\/span><\/a><span data-preserver-spaces=\"true\">, has been here since the early days of crypto. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">After launching in 2013 as a subsidiary of the Digital Currency Group (DCG), the world\u2019s largest crypto asset manager, the firm has been actively linking crypto with TradFi, allowing institutions to get crypto exposure to otherwise volatile assets without the need for direct management of private keys.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Don't Go At It Alone | Grayscale\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/OLcEYi7Ov4M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">The GBTC was the first trust launched in 2018, and managed billions before being converted to a spot ETF when the SEC approved the first batch of spot Bitcoin ETFs in January 2025.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, besides private funds and ETFs, Grayscale offers a wide range of diversified and thematic funds, including the Grayscale Digital Large Cap Fund, which is a basket of <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-100x-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">top cryptos<\/span><\/a><span data-preserver-spaces=\"true\"> by market cap. Additionally, there is the Grayscale DeFi Fund, which focuses on DeFi tokens, including UNI and AAVE.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><\/p>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_691c58c46c465\" data-coin-id=\"uni-uniswap\">\n<div class=\"chart__header\">\n<div class=\"chart__info\">\n<div class=\"chart__info-icon\">\n\t\t\t\t<img id=\"crypto_chart_691c58c46c465-chart__info-icon-img\"><\/p>\n<div class=\"chart__info-name\" id=\"crypto_chart_691c58c46c465-chart__info-name\"><\/div>\n<div class=\"chart__info-symbol\" id=\"crypto_chart_691c58c46c465-chart__info-symbol\"><\/div>\n<\/p><\/div>\n<div class=\"chart__info-current\">\n<div class=\"chart__info-price\" id=\"crypto_chart_691c58c46c465-chart__info-price\"><\/div>\n<div class=\"chart__info-change\" id=\"crypto_chart_691c58c46c465-chart__info-change\"><\/div>\n<\/p><\/div>\n<div class=\"chart__info-extra\">\n<div class=\"chart__info-label\">Market Cap<\/div>\n<div class=\"chart__info-marketcap\" id=\"crypto_chart_691c58c46c465-chart__info-marketcap\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__controls\">\n<div class=\"chart__controls-group\">\n\t\t\t\t<button class=\"chart__button chart__button--24h\" id=\"crypto_chart_691c58c46c465-btn-24h\">24h<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--7d\" id=\"crypto_chart_691c58c46c465-btn-7d\">7d<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--30d\" id=\"crypto_chart_691c58c46c465-btn-30d\">30d<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--1y\" id=\"crypto_chart_691c58c46c465-btn-1y\">1y<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--all-time\" id=\"crypto_chart_691c58c46c465-btn-all-time\">All Time<\/button>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__container\">\n\t\t<canvas class=\"chart__canvas\" id=\"crypto_chart_691c58c46c465-cryptoChart\"><\/canvas>\n\t<\/div>\n<\/div>\n<p><\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER: <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/crypto-presales\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">The 12+ Hottest Crypto Presales to Buy Right Now<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Grayscale IPO: What You Need To Know<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">After existing as a private company for over 10 years, Grayscale wants to IPO. On July 14, they confidentially filed for a draft S-1 with the SEC. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Five months later, on November 13, Grayscale<\/span><a class=\"general-link\" href=\"https:\/\/www.globenewswire.com\/news-release\/2025\/11\/13\/3187426\/0\/en\/Grayscale-Investments-Announces-Public-Filing-of-Registration-Statement-for-Proposed-Initial-Public-Offering.html\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\"> publicly filed<\/span><\/a><span data-preserver-spaces=\"true\"> with the SEC, aiming to list on the NYSE under the ticker GRAY later this year or early 2026.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Grayscale IPO is structured as an \u201cUp-C\u201d transaction. In this arrangement, proceeds will buy company units from pre-IPO holders, converting its private structure to public. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">My take on <a href=\"https:\/\/twitter.com\/search?q=%24GRAY&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$GRAY<\/a><\/p>\n<p>Grayscale is the best DAT structure ever created. The market just doesn\u2019t know it yet. <\/p>\n<p>Instead of reverse mergers into dead public shells, grayscale is IPO\u2019ng with a massively profitable (but slowing) business (similar to the yellow pages years ago). But the\u2026 <a href=\"https:\/\/t.co\/1h2FFRAvEE\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/1h2FFRAvEE<\/a><\/p>\n<p>\u2014 Jeff Dorman (@jdorman81) <a href=\"https:\/\/twitter.com\/jdorman81\/status\/1989014189315355077?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">November 13, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Nonetheless, DCG, the parent company, will still retain 70% of voting power as holders of Class B shares. Class B GRAY shares have no economic power and won\u2019t, for example, earn dividends.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Because DCG will still retain control, Grayscale will be a \u201ccontrolled company\u201d under NYSE rules. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In this IPO, Morgan Stanley, BofA Securities, Jefferies, and Cantor will serve as lead underwriters.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ahead of their IPO, Grayscale announced a Directed Share Program (DSP), where a portion of GRAY shares will be set aside for eligible investors in the United States who have invested in their flagship products, GBTC and ETHE.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There has been no clear figure on valuation. However, the IPO will surely provide fresh capital needed to turbocharge Grayscale\u2019s growth. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With additional financing, they can file to list more ETFs, deploy more active crypto strategies, and more, allowing them to diversify revenue from the spot ETFs they issue, primarily Bitcoin and Ethereum.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER: <\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-1000x-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">Next 1000X Crypto \u2013 Here\u2019s 10+ Crypto Tokens That Can Hit 1000x This Year<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\">Grayscale IPO: Here&#8217;s Everything You Need to Know<\/h2>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Grayscale is a subsidiary of DCG<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Grayscale first launched GBTC and ETHE before conversion to ETFs<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Revenue streams from management fees<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <span data-preserver-spaces=\"true\">Grayscale IPO set for late 2025 or early 2026<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/grayscale-ipo-heres-everything-you-need-to-know-about-the-biggest-crypto-ipo-of-2026\/\">Grayscale IPO: Here\u2019s Everything You Need to Know About the Biggest Crypto IPO of 2026<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Before the approval of Bitcoin ETFs in the United States, many institutions bought Grayscale Bitcoin Trust (GBTC) for indirect exposure. These trusts, which are private funds, along with many other products offered by Grayscale, are regulated by the SEC and serve as critical vehicles for public funds to invest in cryptocurrency. As of November 18, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-59057","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/59057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59057"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/59057\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}