Following the conclusion of the recent US government shutdown, Grayscale, the industry’s leading asset manager, has made a significant move by filing for its initial public offering (IPO) with US regulators.
This step aligns with a trend where several crypto-focused companies have been increasingly entering the IPO race, reflecting the growing prominence of digital assets within the financial landscape.
Grayscale’s IPO Revelation
Grayscale initiated the IPO process confidentially back in July, which allowed the company to withhold public disclosure of its financial information until now, with the official IPO filing now unveiled for public scrutiny.
With assets under management totaling $35 billion as of September 30, Grayscale disclosed a net income of $203.3 million in the initial nine months of 2025.
However, despite its substantial assets under management, Grayscale has faced a decline in profitability and revenue over the past year. In the corresponding period of 2024, the company reported a higher net income of $223.7 million.
The revenue for the first three quarters of the year stood at $318.7 million, marking a 20% decrease from the $397.9 million recorded in the same time frame back in 2024.
The ongoing surge of crypto firms entering the public market has been notable in the backdrop of a crypto-friendly administration by President Donald Trump, which has facilitated a closer integration of digital assets into mainstream financial operations.
Noteworthy names such as stablecoin issuer Circle (CRCL), crypto exchanges Gemini (GEMI) and Bullish (BLSH), and Figure Technology led by Mike Cagney have all made their debut in the New York Stock Exchange (NYSE) this year.
A New Chapter For The Crypto Asset Manager
While Grayscale’s IPO marks a significant milestone, the company, like many others in the crypto sector, has encountered challenges due to the extreme market volatility experienced this year.
Price upswings in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have impacted the performance of crypto-related firms. Post-IPO, Circle and Bullish have witnessed decreases in share value from their peak prices, while Gemini is trading below its offering price as concerns regarding mounting losses persist.
Grayscale’s IPO filing acknowledges the company’s concentrated exposure to the digital asset industry, emphasizing its reliance on market conditions, which remain notably volatile.
The performance of its exchange-traded funds (ETFs), particularly the Grayscale Bitcoin Trust and the Grayscale Ethereum ETF, has fluctuated significantly throughout the year due to continuous market uncertainties.
With plans to trade on the New York Stock Exchange under the ticker symbol “GRAY,” Grayscale’s IPO has garnered notable attention, with Morgan Stanley, BofA Securities, Jefferies, and Cantor serving as the lead underwriters for the deal.
