Grayscale Submits IPO Application: Cryptocurrency Giant with $35 Billion AUM Finally at the Doorstep of the Stock Market
Original Article Title: "Grayscale, Once Tough SEC, is about to Land on the NYSE"
Original Article Author: Eric, Foresight News
On the evening of November 13th, Beijing time, Grayscale submitted an IPO application to the NYSE, planning to debut on the US stock market through Grayscale Investment, Inc. This IPO is led by Morgan Stanley, BofA Securities, Jefferies, and Cantor.
It is worth noting that Grayscale's listing this time adopts an Umbrella Partnership structure (Up-C). In this structure, Grayscale's operational and controlling entity, Grayscale Operating, LLC, is not the listing entity. Instead, the IPO is conducted through a newly established listing entity, Grayscale Investment, Inc., which acquires a portion of LLC's equity to facilitate public trading. The company's founders and early investors can convert their LLC interests into shares of the listing entity, enjoying capital gains tax benefits in the process by only paying personal income tax. IPO investors, on the other hand, need to pay taxes on corporate profits and personal income tax on stock dividends.
Such a listing structure not only benefits the company's "elders" in terms of taxation but also allows for post-listing absolute control through dual-class shares. The S-1 filing shows that Grayscale is wholly owned by its parent company DCG, and Grayscale explicitly states that post-listing, the DCG parent company will retain decision-making control over Grayscale through 100% ownership of B class shares with greater voting rights. The funds raised through the IPO will also be used entirely to purchase equity from the LLC.
Everyone is no stranger to Grayscale, which first launched Bitcoin and Ethereum investment products and, through a tough battle with the SEC, achieved the conversion of Bitcoin and Ethereum trusts into spot ETFs. Its launch of the Digital Large Cap Fund also had the power of a "cryptocurrency version of the S&P 500." During the last bull market cycle, every adjustment to the large-cap fund caused significant short-term price fluctuations for the tokens being removed and added.
S-1 filings show that as of September 30th of this year, Grayscale's total AUM reached $35 billion, making it the world's largest cryptocurrency asset manager. It has over 40 different digital asset investment products covering more than 45 cryptocurrencies. The $35 billion includes $33.9 billion in AUM of ETPs and ETFs (primarily Bitcoin, Ethereum, SOL-related products) and $1.1 billion in private funds (primarily altcoin investment products).

In addition, purely in terms of revenue, Grayscale's main investment products have a stronger revenue-generating capability compared to its primary competitors. However, this is mainly due to the previously non-redeemable trust accumulation of AUM and an above-peer-average management fee.

Financially, for the nine months ending September 30, 2025, Grayscale's operating revenue was approximately $3.19 billion, a 20% year-over-year decrease. Operating expenses were around $1.16 billion, an 8.4% year-over-year increase. Operating profit stood at about $2.02 billion, a 30.4% year-over-year decrease. Including other income and deducting the provision for income taxes, the net profit was approximately $2.03 billion, down 9.1% year-over-year. Additionally, average AUM data indicates a possible decrease in AUM compared to last year.

Excluding non-recurring items, the adjusted net profit for the reporting period was about $2.08 billion, with a net profit margin of 65.3%. Although the former decreased by 8.5% year-over-year, the net profit margin increased compared to the same period last year at 57.2%.

Currently, Grayscale's debt ratio is quite healthy. Despite a decline in revenue and profit, considering the increase in company asset value, decrease in debt, and improvement in profit margin, Grayscale's operational condition is continuously improving.
The S-1 filing also disclosed Grayscale's future development plans, including expanding the types of private funds (introducing more altcoin private investment products); launching active management products to complement passive investment products (ETFs, ETPs); conducting active investments targeting its own investment products, cryptocurrencies, or other assets.
Regarding expanding distribution channels, Grayscale disclosed that it has completed due diligence on three broker-dealers with a total AUM of $14.2 trillion and recently launched Bitcoin and Ethereum mini ETFs on the platform of a large independent broker-dealer with over 17,500 financial advisors and consulting and brokerage assets exceeding $1 trillion. In August of this year, Grayscale partnered with the iCapital Network, a network of 6,700 advisory firms, under which Grayscale will provide digital asset investment channels through its active management strategies to the network companies in the future.
Overall, the information disclosed by Grayscale indicates that the company is a relatively stable asset management firm, with the main revenue source being management fees from investment products, offering limited room for imagination. However, given the precedents of traditional asset management companies going public, the expectations for Grayscale's market value, P/E ratio, etc., are somewhat foreseeable, providing a relatively predictable investment target.
You may also like

Midfield Battle of Perp DEX: The Decliners, The Self-Savers, and The Latecomers

Iran War Stalemate: What Signal Should the Market Follow?

Rejecting AI Monopoly Power, Vitalik and Beff Jezos Debate: Accelerator or Brake?

Insider Trading Alert! Will Trump Call a Truce by End of April?

After establishing itself as the top tokenized stock, does Ondo have any new highlights?

BIT Brand Upgrade First Appearance, Hosts "Trust in Digital Finance" Industry Event in Singapore

OpenClaw Founder Interview: Why the US Should Learn from China on AI Implementation
WEEX AI Wars II: Enlist as an AI Agent Arsenal and Lead the Battle
Where the thunder of legions falls into a hallowed hush, the true kings of arena are crowned in gold and etched into eternity. Season 1 of WEEX AI Wars has ended, leaving a battlefield of glory. Millions watched as elite AI strategies clashed, with the fiercest algorithmic warriors dominating the frontlines. The echoes of victory still reverberate. Now, the call to arms sounds once more!
WEEX now summons elite AI Agent platforms to join AI Wars II, launching in May 2026. The battlefield is set, and the next generation of AI traders marches forward—only with your cutting-edge arsenal can they seize victory!
Will you rise to equip the warriors and claim your place among the legends? Can your AI Agent technology dominate the battlefield? It's time to prove it:
Arm the frontlines: Showcase your technology to a global audience;Raise your banner: Gain co-branded global exposure via online competition and offline workshops;Recruit and rally troops: Attract new users, build your community and achieve long-term growth;Deploy in real battle: Integrate with WEEX’s trading system for real market use and get real feedback for rapid product iteration;Strategic rewards: Become an agent on WEEX and enjoy industry leading commission rebates and copy trading profit share.Join WEEX AI Wars II now to sound the charge!
Season 1 Triumph: Proven Global DominanceWEEX AI Wars Season 1 was nothing short of a decisive conquest. Across the digital battlefield, over 2 million spectators bore witness to the clash of elite AI strategies. Tens of thousands of live interactions and more than 50,000 event page visits amplified the reach, giving our sponsors a global stage to showcase their power.
Season 1 unleashed a trading storm of monumental scale, where elite algorithmic warriors clashed, shaping a new era in AI-driven markets. $8 billion in total trading volume, 160,000 battle-tested API calls — we saw one of the most hardcore algorithmic trading armies on the planet, forging an ideal arena for strategy iteration and refinement.
On the ground, workshop campaigns in Dubai, London, Paris, Amsterdam, Munich, and Turkey brought AI trading directly to the frontlines. Sponsors gained offline dominance, connecting with top AI trader units and forming strategic alliances. Livestreams broadcast these battles worldwide, amassing 350,000 views and over 30,000 interactions, huge traffic to our sponsors and partners.
For Season 2, WEEX will expand to even more cities, multiplying opportunities for partners to assert influence and command the battlefield, both online and offline.
Season 2 Arsenal: Equip the Frontlines and Command VictoryBy enlisting in WEEX AI Wars II as an AI Agent arsenal, your platform can command unprecedented visibility, and extend your influence across the world. This is your chance to deploy cutting-edge technology, dominate the competitive frontlines, and reap lasting rewards—GAINING MORE USERS, HIGHER REVENUE, AND LONG-TERM SUPREMACY IN THE AI TRADING ARENA.
Reach WEEX’s 8 million userbase and global crypto community. Unleash your potential on a global stage! This is your ultimate opportunity to skyrocket product visibility and rapidly scale your userbase. Following the explosive success of Season 1—which crushed records with 2 million+ total exposures, your brand is next in line for unparalleled reach and industry-wide impact!Test and showcase your AI Agent in real markets. Throw your AI Agents into the ultimate arena! Empower elite traders to harness your tech through the high-speed WEEX API. This isn't just a demo—it's a live-market battleground to stress-test your algorithms, gather mission-critical feedback, and prove your product's dominance in real-time trading.Gain extensive co-branded exposure and traffic support. Command the spotlight! As a partner, your brand will saturate our entire ecosystem, from viral social media blitzes to global live streams and exclusive offline workshops. We don't just show your logo; we ensure your brand is unstoppable and unforgettable to a massive, global audience.Enjoy industry leading rebates. Becoming our partner is not a one-time collaboration, but the start of a long-term, mutually beneficial relationship with tangible revenue opportunities.Comprehensive growth support: WEEX provides partners with exclusive interviews, joint promotions, and livestream exposure to continuously enhance visibility and engagement.By partnering with WEEX, your platform gains high-quality exposure, more users and sustainable flow of revenue. The Hackathon is more than a competition. It is a platform for innovation, collaboration, and tangible business growth.
Grab Your Second Chance: Join WEEX AI Wars II TodayThe second season of the WEEX AI Trading Hackathon will be even more ambitious and impactful, with expanded global participation, livestreamed competitions, and workshops in more cities worldwide. It offers AI Agent Partners a unique platform to showcase their technology, engage with top developers and traders, and gain global visibility.
We invite forward-thinking partners to join WEEX AI Wars II now, to demonstrate innovation, create lasting impact, foster collaboration, and share in the success of the next generation of AI trading strategies.
About WEEXFounded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.
Follow WEEX on social mediaX: @WEEX_Official
Instagram: @WEEX Exchange
Tiktok: @weex_global
Youtube: @WEEX_Official
Discord: WEEX Community
Telegram: WeexGlobal Group

Nasdaq Enters Correction Territory | Rewire News Morning Brief

OpenAI loses to Thousnad-Question, unable to grow a checkout counter in the chatbox

One-Year Valuation Surged 140%, Who Is Signing the Check for Defense AI?

Bittensor vs. Virtuals: Two Distinct AI Flywheel Mechanisms

Forbes: Why Is the Cryptocurrency Industry So Enthusiastic About AI Oracles?

Ethereum Foundation publishes: Restructuring the division of labor between L1 and L2, jointly building the ultimate Ethereum ecosystem

Morning Report | Startale completes $63 million Series A financing; STS Digital launches structured cryptocurrency platform; Polymarket will charge a taker fee on almost all trading categories

The most important thing in Web3 primary market investment

The strategic focus of cryptocurrency in reconstructing the international monetary system and the Chinese solution

