Grayscale IPO – how to trade Grayscale shares

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When is the Grayscale IPO date? 

As of July 2025, Grayscale has not officially announced a date for its initial public offering (IPO). However, on 14 July, Grayscale Investments confidentially submitted a draft registration statement (Form S-1) with the US Securities and Exchange Commission, marking an official step toward a potential listing. With the success of the Grayscale Bitcoin Trust (GBTC) and other crypto funds, a public listing could unlock new capital and transparency for the brand.

A public offering could depend on market conditions, crypto regulation in the US, and investor demand for digital asset exposure via traditional equity markets.

Several factors could influence the timing of a Grayscale IPO:

• Regulatory clarity: the SEC's decision to approve spot bitcoin ETFs in January 2024 set a precedent that may ease Grayscale's path to listing.

• Market appetite: crypto markets have rebounded in 2024 and 2025, boosting investor interest in digital asset firms.

• Operational readiness: Grayscale has converted GBTC into an ETF and restructured its fee model, which may suggest preparation for further market-facing activity.

What is Grayscale? 

Grayscale is a digital asset management firm known for offering crypto investment products to institutional and retail investors. Headquartered in the US and founded in 2013, it operates under the umbrella of Digital Currency Group (DCG).

Its flagship product, the Grayscale Bitcoin Trust (GBTC), provides indirect exposure to bitcoin without requiring direct crypto ownership. Grayscale has expanded its offerings to include trusts and ETFs for Ethereum, Solana, Chainlink and other digital assets, giving investors access to crypto markets via traditional brokerage accounts.

Grayscale played a key role in legitimising crypto as an asset class for traditional investors. Before the rise of crypto ETFs, its trusts were among the few SEC-reporting investment vehicles giving regulated bitcoin exposure, helping hedge funds, pensions, and wealth managers access digital assets compliantly.

Key milestones in Grayscale’s history

• 2013: Grayscale launched its Bitcoin Investment Trust, the first publicly traded bitcoin fund in the US.

• 2015: became a wholly owned subsidiary of DCG.

• 2020: assets under management (AUM) surpassed $10bn amid the crypto bull run.

• 2021: filed to convert GBTC into a spot bitcoin ETF.

• 2023: won a court case against the SEC, clearing a path for GBTC to become an ETF.

• 2024: GBTC officially converted to an ETF in January, trading on NYSE Arca.

• 2025: continues to expand its ETF suite and diversify into multi-asset crypto products. Filed for IPO with the SEC. 

Grayscale’s key offerings:

• Digital asset ETFs and trusts: bitcoin, Ethereum, Solana, Chainlink and more.

• Institutional-grade custody: offers security infrastructure via Coinbase Custody.

• Market insights and research: publishes in-depth reports on digital asset trends.

The firm aims to make crypto more accessible to traditional investors and currently manages tens of billions in assets across its product suite.

How does Grayscale make money? 

Grayscale earns revenue by charging management fees on its investment products, particularly its ETFs and private placement vehicles. Unlike some crypto exchanges, Grayscale does not facilitate trading directly but packages digital assets into investable products. Here’s a breakdown of Grayscale’s revenue streams.

Grayscale does not directly profit from trading spreads or leverage. Its business model depends on attracting AUM and retaining investor trust in its crypto exposure products.

Grayscale faced criticism for its higher fees compared to competitors. In response, the firm has started reducing fees on new ETFs to remain competitive as more low-cost crypto products enter the market.

What might influence the Grayscale live stock price? 

Should Grayscale go public, its share price will likely respond to several crypto-related and market-wide factors. As a pure-play crypto asset manager, it would be closely tied to the sentiment and volatility of the digital asset class. Here are some of the company’s key drivers. 

Crypto market sentiment 

Grayscale’s stock would likely correlate with bitcoin and broader altcoin performance. When crypto prices rise, investor interest in exposure products grows, boosting AUM and fees. Conversely, bear markets tend to reduce fund inflows and compress valuations.

ETF flows and performance 

If Grayscale’s ETFs perform well and attract capital, this will reflect positively on its business model. ETF outflows or price discounts to NAV may raise concerns about product competitiveness.

Regulatory outlook 

The SEC’s stance on new crypto ETFs, staking, and custody rules could influence investor confidence. Clearer regulation may benefit Grayscale, while adverse rulings could limit its future products.

Competition and innovation 

Firms like BlackRock, Fidelity, and Bitwise are actively expanding in the crypto ETF space. Grayscale’s ability to retain market share amid fee compression and innovation will be closely watched.

Parent company impact 

Grayscale is owned by DCG, which has faced legal and financial scrutiny over the past few years. A clean separation or rebranding ahead of an IPO may ease investor concerns.

How to trade Grayscale stocks via CFDs 

If and when Grayscale lists, you could speculate on its share price movements using contracts for difference (CFDs). This means you won’t own the shares directly, but can take long or short positions based on your view of the market.

Here’s how to get started:

• 1. Choose a broker

  Select a regulated platform that offers access to Grayscale stock via CFDs. Capital.com provides CFD trading on thousands of shares, including newly listed IPOs where available.

• 2. Open an account

  Create a live or demo trading account. You’ll need to verify your identity and provide some financial background information

• 3. Deposit funds

  Add money to your account using your preferred payment method. Always trade within your risk tolerance.

• 4. Research the market
  Use our platform’s news and analysis to monitor Grayscale’s performance and the broader crypto market.

• 5. Place a CFD trade
  Go long if you think the stock will rise, or short if you expect it to fall. Set stop-losses and take-profits to manage risk.

Learn more about contracts for difference in our CFDs trading guide.

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Which crypto-related stocks can I trade? 

Until Grayscale goes public, there are several other listed companies that provide indirect exposure to crypto markets. You can trade these stocks via CFDs on Capital.com:

• Coinbase (COIN) – a leading crypto exchange platform with over 100 million users and growing institutional custody services.

• MicroStrategy (MSTR) – holds over 200,000 bitcoin on its balance sheet, with a corporate strategy focused on long-term BTC exposure.

• Robinhood (HOOD) – offers crypto trading to retail users, alongside stocks and ETFs.

• Riot Platforms (RIOT) and Marathon Digital (MARA) – major US bitcoin miners whose revenue depends on BTC price and network hash rate.

• Block (SQ) – formerly Square, offers crypto payments, wallets, and development through its TBD division.

• Galaxy Digital (GLXY.TO) – a diversified crypto financial firm providing asset management, trading and venture services.

You can also track sector-specific ETFs such as:

• BITQ – Bitwise Crypto Industry Innovators ETF

• WGMI – Valkyrie Bitcoin Miners ETF

Learn more about crypto markets and how you can approach them with our comprehensive cryptocurrency trading guide.

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