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Grayscale files for NYSE IPO
Alpha Team
November 15, 2025
📈 Grayscale Files for NYSE Listing
IPO Filing Details: Grayscale Investments filed an S-1 with the SEC on November 13 to list Class A shares on the NYSE under ticker GRAY. The firm managed $35 billion in assets across 45 digital assets as of September 30, with a total addressable market of $365 billion. A dual-class structure will be used: Class A shares carry one vote each, while Class B shares, held by parent Digital Currency Group (DCG), have 10 votes but no economic rights. DCG will retain majority voting control, allowing Grayscale to operate as a controlled company under NYSE rules. The IPO uses an Up-C structure, with proceeds purchasing LLC units from existing holders. No share count or price range has been disclosed.
Financial Results: For the nine months ended September 30, Grayscale reported net income of $203 million, down 9.1% year-over-year. Revenue fell 20% to $318.7 million from $398 million, and average assets under management declined 3.5% to $30.6 billion. Chairman Barry Silbert stated in the filing: "We are a pioneer that enabled and helped scale investor access to the fastest-growing asset class in recent history. Our platform offers investors diversified exposure to the digital asset class that is management fee-based, capital efficient and cash flow generating." The filing notes ongoing operations of products including the Bitcoin Trust ETF (GBTC) and CoinDesk Crypto 5 ETF (GDLC).
Market Context: The filing aligns with increased crypto IPO activity following the start of President Trump's administration. Circle Internet Group (CRCL) and Bullish (BLSH) listed earlier in 2025 with strong initial performance; Gemini shares opened above $40. BitGo filed confidential paperwork showing revenue growth, while Consensys works with JPMorgan and Goldman Sachs on its IPO. Figure Technologies submitted drafts, and Kraken pursues a 2026 listing targeting a $20 billion valuation through strategic investments. These developments reflect growing institutional interest and supportive regulatory conditions in the U.S. digital asset sector. Read More.
️ On today's Top Picks:
- ⭐️ Aztec launches $AZTEC public token sale; registration live.
- ⭐️ Labor Department "unsure" to release October CPI inflation data.
- ⭐️ Saylor denies rumors that Strategy $MSTR sold Bitcoin $BTC.
- ⭐️ Balancer $BAL rescues ~$4.1M in whitehat recovery.
Read time: ⏰ 6 minutes
Crypto News
• ⭐️ Grayscale files for IPO; to list on NYSE under the ticker GRAY; reports $35B in assets under management.
• BlackRock $BLK launches BUIDL Fund on $BNB Chain; also accepts BUIDL as collateral on Binance.
• Kalshi partners with Coinbase $COIN; Coinbase to custody USDC for event-based contracts; users can deposit & transfer USDC, powered by Coinbase.
• CZ to debate Peter Schiff on Bitcoin $BTC vs tokenized Gold $XAU at Binance $BNB Blockchain Week in Dubai (December 3rd - 4th).
• Castle Labs publishes report on OpenEden $EDEN; highlights the EDEN token, OpenEden's roadmap, OpenEden’s growing footprint in RWA tokenization, & more.
• ICYMI EigenCloud $EIGEN partners with LayerZero $ZRO to launch EigenZero, the first cryptoeconomically secured Decentralized Verifier Network (DVN).
Alpha
• ⭐️ Aztec launches $AZTEC token sale; offering 14.95% of supply with a starting floor price of $350M FDV; registration is live.
• Coinbase $COIN launches Coinbase One Member Week; Day 4 offers $50 in Bitcoin for referring someone to Coinbase One Card; Day 5 offers early access to instant unstaking.
• Rainbow launches support for zkSync $ZK network; to add more chains "every day"; to launch $RNBW soon.
• Zama to launch $ZAMA token soon; to be used for protocol fees & staking; to also launch Zama OG NFT soon.
• Irys launches Irys Genesis NFT; Irys contributors & community members are potentially eligible; closes on November 17th.
Airdrops
• Nansen to launch Anichess $CHECK Permissionless Reward; Ice, North, & Star tiers to be eligible; to take snapshot on November 19th.
• Vooi launches $VOOI airdrop application; Vooi points holders to be eligible; application closes in ~13 days.
• Espresso announces more paths to $ESP airdrop eligibility; MiniPay top users & NodeOps Network top node operators to be eligible.
• ICYMI Allora launches $ALLO airdrop claim; Allora community members, Allora builders, & more are eligible.
• ICYMI Infinex to launch $INX TGE & airdrop soon; Infinex Patrons NFT holders to be eligible.
Finance News
• ⭐️ US Labor Department "unsure" if they will be able to release October CPI inflation data; US White House also announced that October jobs report to be released without unemployment rate.
• US President Trump to sign executive order reducing tariffs on beef, coffee, & other goods; aims to lower costs on groceries.
• ⭐️ Michael Saylor denies rumors that Strategy $MSTR sold Bitcoin $BTC; adds that Strategy has "bought Bitcoin every day this week"; currently holds 641,692 BTC (~$61.3B).
• American Bitcoin $ABTC reports Q3 2025 earnings; reports net income of $3.5M, revenue of $64.2M, EBITDA of $27.7M, & more; currently holds 4,004 Bitcoin $BTC (~$382M).
• CleanSpark $CLSK raises $1.15B via convertible notes offering; repurchases 30.6M shares (~$460M); to use remaining proceeds for power & land portfolio expansion, data center development, & more.
• Bitfarms $BITF to wind down Bitcoin $BTC mining business by 2027; to expand into high-performance computing and AI infrastructure.
• Bitmine $BMNR appoints Chi Tsang as new CEO; also appoints Robert Sechan, Olivia Howe, & Jason Edgeworth as new board members; currently holds 3,505,723 Ethereum $ETH (~$11.2B).
• Forward Industries $FWDI changes NASDAQ ticker symbol from FORD to FWDI; currently holds ~6.82M Solana $SOL (~$973M).
• Upexi $UPXI announces $50M share repurchase program; currently holds 2,106,989 Solana $SOL (~$299M).
• Tron Inc $TRON reports Q3 2025 earnings; reports $12.17M in net income, over $239M in shareholders’ equity, & more; currently holds ~677.6M Tron $TRX (~$199M).
• Tether to reportedly lead $1.16B funding round in Neura Robotics; potential valuation between $9.29B and $11.6B.
Security and Exploits
• Tether supports Royal Thai Police and US Secret Service in tracing & seizing $12M from transnational scam network.
• ⭐️ Balancer $BAL rescues ~$4.1M in whitehat recovery; done in coordination with Certora & Security Alliance.
• Google $GOOG backpedals on new Android developer registration rules; previously planned to require "Developer Verification" starting in 2026; to instead support dedicated account types for developers.
Token Unlocks
• WalletConnect $WCT / ~$14M / NOV 15th
• Starknet $STRK / ~$22M / NOV 15th
• Sei $SEI / ~$9M / NOV 15th
• Arbitrum $ARB / ~$22M / NOV 16th
• ZKsync $ZK / ~$9M / NOV 17th
• ApeCoin $APE / ~$6M / NOV 17th
Sourced from Tokenomist
Funding
• Acurast raises $11M in funding from several investors.
• Self Protocol raises $9M in Seed funding from several investors.
The Degen Farmer
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| PROTOCOL | ASSETS | APY |
|---|---|---|
 Pendle (Ethereum) | CTSTABLEUSDT | 298.21% |
 Hyperion (Aptos) | USD1USDC | 166.52% |
 Peapods Finance (Ethereum) | USDC | 44.45% |
 Uniswap V3 (Ethereum) | EURCVUSDC | 33.29% |
 BeraPaw (Berachain) | KODISUSDEHONEY | 24.70% |
 Strata Tranches (Ethereum) | JRUSDE | 24.02% |
 Aerodrome Slipstream (Base) | EURCUSDC | 22.56% |
 Kinetic (Flare) | USD₮0 | 20.35% |
☁️ EigenCloud: Verifiable Cloud & Ethereum Restaking |  |
☁️ What is EigenCloud EigenCloud is a developer platform built on EigenLayer, Ethereum’s leading restaking protocol. Users restake ETH or EIGEN to secure DeFi, AI, and real-world applications. With over $20B in TVL and 162+ Actively Validated Services (AVSs) in development, it’s backed by a16z’s recent $170M investment. Join now: Restake to earn rewards (over $128M already distributed) or run nodes for AI inference and scaling. Just launched: Concrete’s Staked Eigen Vault delivers 8-10% real USD yield, Eigen incentives, partner rewards, and full DeFi composability.
🌉 EigenZero: Restaking for Interoperability EigenCloud and LayerZero just launched EigenZero, the first cryptoeconomically secured Decentralized Verifier Network (DVN). Powered by EigenCloud’s restaking and slashing infrastructure and backed by $5M in ZRO stake, it enforces accountability for cross-chain verifications. Verifiers face real penalties for failures. Over 600 LayerZero-integrated apps can now opt into Ethereum-grade security, while builders select verifiers based on stake, history, and performance. Each new DVN deepens EIGEN's role as the economic trust layer for verifiable interactions across chains.
🚀 EIGEN & x402: Early in the Stack Long before x402 became the standard for agent-to-agent (A2A) payments, EigenCloud shipped live verifiable workflows with Google’s AP2 in September. EigenCompute executes tasks with cryptographic proofs, EigenDA provides scalable storage for inputs and outputs across chains, and AVSs integrate trust directly into agent operations. Together, the x402 + AP2 + EigenCloud stack forms a complete verifiability layer, enabling secure, programmable interactions in the emerging agent economy.
👉 Deposit into Concrete’s Staked Eigen Vault and earn real yield today!
That’s it for today’s edition! See you soon.
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