Grayscale Files for an IPO, Capping a Big Year for Crypto Exits
The crypto investment manager’s revenue has been dropping, but its net income has increased.
Longtime cryptocurrency investment firm Grayscale Investments has filed to go public on the NYSE under the ticker symbol “GRAY.”
It’s the latest example of crypto exits picking up since President Donald Trump’s administration embraced the asset class. It’s been a banner year for crypto IPOs, with long-awaited companies like stablecoin issuer Circle CRCL and exchange Gemini taking the leap.
Grayscale’s finances have been mixed. The company brought in $318.7 million in revenue during the first three quarters of 2025, down from $397.9 million in the year-ago period. The business derives much of its revenue from management fees, which have been dropping as competition intensifies for passive crypto products. It reported a net income of $203.3 million for the first three quarters of 2025, down from $233.7 million in the year-ago period.
Grayscale, founded in 2013, is one of the oldest crypto investment firms and is owned by Digital Currency Group. It became known for its bitcoin trust, which offers institutional investors bitcoin exposure without having to custody the asset. The company now operates a number of ETFs, a private funds arm, and other active and passive crypto investment products. Grayscale had $35 billion of assets under management as of Sept. 30, according to the filing.
Editor’s Note: This article was originally published on PitchBook.com.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
United States