Bitcoin News Today: Grayscale Files IPO Despite 20% Revenue Drop and Fierce Crypto Competition

Grayscale Investments, one of the largest crypto asset managers in the U.S., has filed for an IPO on the New York Stock Exchange under the ticker symbol "GRAY". The move marks a significant milestone for the firm, which manages approximately $35 billion in assets across its trusts and ETFs, including its flagship Bitcoin product.

The SEC filing, made public on November 13, follows a confidential S-1 submission in July and signals Grayscale's transition from private ownership to a public listing.

The IPO reflects a broader shift in the crypto sector, with companies increasingly seeking public market access amid improved regulatory clarity under the Trump administration. Grayscale's decision to go public comes as other crypto firms, including stablecoin issuer Circle and exchange Gemini, have recently completed similar exits. The firm's road to an IPO has not been without challenges, however. For the nine months ended September 30, 2025, Grayscale reported revenue of $318.7 million and net income of $203.3 million, representing a 20% decline in revenue compared to the same period in 2024. The drop is attributed to heightened competition in passive crypto products and market volatility in Bitcoin and Ethereum prices.

Grayscale's regulatory journey has been pivotal to its public-market ambitions. The firm's conversion of its Bitcoin Trust into a spot ETF in 2023 boosted institutional inflows and enhanced its credibility. However, the ETF has since faced outflows, including over $3 billion in 2025. Despite these challenges, the company remains optimistic about leveraging its established position in the crypto market. Parent company Digital Currency Group, which owns Grayscale, has positioned itself as a leader in digital asset innovation, though its exposure may influence investor sentiment as the IPO progresses.

The IPO process is expected to involve a roadshow with institutional investors to set pricing, with an anticipated listing window between late 2025 and early 2026. Morgan Stanley, BofA Securities, Jefferies, and Cantor are the lead underwriters for the offering. Analysts project Grayscale's valuation could range between $30 and $33 billion, though final figures will depend on market conditions and regulatory feedback.