Grayscale Investments Plans NYSE IPO Using ‘Up-C’ Structure

Grayscale Investments filed for a November 13, 2025 IPO with the SEC, aiming to list on the NYSE under ‘Up-C’ structure.

The filing allows institutional investors greater access to digital assets, impacting the cryptocurrency investment landscape significantly.

Grayscale Targets NYSE with Strategic ‘Up-C’ IPO

Grayscale Investments Inc., a subsidiary of Digital Currency Group, announced its IPO filing on November 13, 2025. The company intends to go public on the NYSE. The proposal involves using an ‘Up-C’ structure to purchase LLC units from pre-IPO members without allocating IPO proceeds directly to operating entities. As noted in the S-1 Filing, “This offering is being conducted through what is commonly referred to as an ‘Up-C’ structure.”

IPO Boosts Institutional Crypto Asset Access

The IPO is designed not to raise immediate funds for Grayscale’s operations but to enable existing shareholders to participate. This move increases institutional accessibility to cryptocurrency assets. Grayscale, with $35 billion AUM, primarily in Bitcoin and Ethereum, faces competition from lower-fee crypto ETFs, prompting strategic financial differentiation. More details can be found in their public announcement here.

Grayscale’s Public Offering Mirrors Circle Trend

Grayscale’s IPO follows Circle’s example, reflecting a growing trend for major crypto entities to launch public offerings, demonstrating regulatory acceptance. Analysts suggest the IPO could increase institutional demand for Grayscale’s products despite broader market outflows, providing longer-term financial stability. This offering is also positioned as a key moment reflecting broader market trends, as noted by various industry experts in AINVEST.