Nonetheless, DCG, the parent company, will still retain 70% of voting power as holders of Class B shares ... Because DCG will still retain control, Grayscale will be a “controlled company” under NYSE rules ... Grayscale is a subsidiary of DCG.
The IPO is a strategic “public access, private control” move, using a dual-class share structure that gives parent company DCG 10-vote Class B shares, ensuring it retains majority control.