Crypto asset manager Grayscale has officially filed for its U.S. IPO — and the numbers highlight both the momentum and the growing pains of the digital-assets industry.
🔹 Key Financials (9M 2025)
- Revenue: $318.7M (↓ 20% YoY)
- Net Income: $203.3M (↓ from $223.7M YoY)
- AUM: ~$35B across 40+ products
- Reason: Lower management fees due to outflows and distributions
Despite the revenue decline, Grayscale remains one of the most influential crypto players, operating a leading spot Bitcoin ETF and shaping U.S. regulation after its landmark 2023 court win against the SEC.
🔹 Macro Context Boosting the IPO
The filing went public just hours after President Trump ended the longest U.S. government shutdown, clearing the path for IPO activity to accelerate again.
A more crypto-friendly political environment has already pushed several major players to list this year:
- Circle
- Gemini
- Bullish
- Figure Technologies
🔹 Why This IPO Matters
Grayscale’s listing (ticker: GRAY) signals:
- Strong institutional appetite for regulated crypto exposure
- Rising maturity of digital-asset infrastructure
- A shift from purely trading-driven businesses to diversified asset management models
Lead underwriters include Morgan Stanley, BofA Securities, Jefferies, and Cantor — underscoring Wall Street’s deeper integration with crypto.
📌 Takeaway
Even with fee pressure and fund outflows, Grayscale’s IPO highlights a bigger trend: crypto asset management is moving into mainstream U.S. capital markets, powered by regulatory wins and political tailwinds.