Grayscale Reports 20% Revenue Decline Prior to NYSE IPO

Grayscale, a prominent player in cryptocurrency asset management, has revealed a notable 20% revenue decrease for the first three quarters of 2025, coinciding with its upcoming public listing on the New York Stock Exchange.

The Stamford, Connecticut-based company shared details in its IPO filing, reporting a net income of $203.3 million from total revenues of $318.7 million, a decline from $223.7 million and $397.9 million a year prior. This drop is primarily linked to diminished management fees due to investor withdrawals and distributions from Grayscale's offerings.

Established in 2013, Grayscale manages nearly $35 billion across over 40 investment products. It’s well-known for its significant spot bitcoin exchange-traded fund and has played a crucial role in incorporating cryptocurrency into mainstream finance. The firm’s landmark legal victory against the U.S. Securities and Exchange Commission (SEC) in 2023 paved the way for the approval of spot bitcoin ETFs.

The IPO's timing is significant, aligning with revitalized activity in U.S. capital markets after the resolution of the government shutdown in late 2025. Analysts project a more robust market for new listings that had previously slowed due to limited SEC staffing during the shutdown.

This year has also seen several major crypto firms venture into the public markets, including top stablecoin provider Circle, the Winklevoss twins’ Gemini exchange, CoinDesk owner Bullish, and Figure Technology. Grayscale seeks to leverage this trend by issuing new shares under the ticker symbol “GRAY.”

The IPO is backed by Morgan Stanley, BofA Securities, Jefferies, and Cantor, indicating strong institutional backing despite recent revenue challenges. This initiative reflects the broader ambition of cryptocurrency firms to secure a more robust foothold in regulated financial sectors while navigating the industry’s inherent volatility.