Bitcoin News Today: Grayscale Pushes IPO as Revenue Falls 20% Amid ETF Wars

Grayscale Investments, the leading digital asset manager, has taken a significant step toward becoming a publicly traded company by filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A common stock according to reports. The firm, known for its Grayscale Bitcoin Trust (GBTC) and a suite of crypto exchange-traded funds (ETFs), aims to list on the New York Stock Exchange under the ticker symbol "GRAY" as announced. The move positions Grayscale as one of the largest crypto-native firms to pursue a U.S. equity market debut, reflecting growing institutional confidence in the sector according to market analysis.

The S-1 filing, made public on November 13, 2025, reveals that the number of shares and pricing range for the IPO remain undetermined, pending SEC review and favorable market conditions as detailed. Morgan Stanley, BofA Securities, Jefferies, and Cantor Fitzgerald are leading the underwriting effort, with additional support from Wells Fargo Securities and other firms as reported. Grayscale's chief legal officer, Craig Salm, noted in a public statement that the SEC's post-government-shutdown resumption of operations could expedite the approval process, though no definitive timeline has been set according to company filings.

Grayscale's decision to go public follows successful listings by peers such as stablecoin issuer Circle Internet Financial (CRCL) and crypto exchange Bullish (BLSH) earlier in 2025 as reported.

The firm's IPO comes at a pivotal moment for the crypto industry, which has seen increased regulatory clarity under the Trump administration and a surge in institutional adoption of digital assets according to industry reports. However, Grayscale faces challenges, including a 20% revenue decline in the first nine months of 2025, with net income falling to $203.3 million from $223.7 million in the same period in 2024 according to financial data. The drop reflects intensified competition in the crypto ETF space, where Grayscale's higher-fee products struggle against newer, lower-cost offerings as noted by analysts.

The firm's landmark 2023 court victory against the SEC, which allowed it to convert GBTC into a spot Bitcoin ETF, catalyzed broader market approval for crypto ETFs. Despite this, Grayscale's flagship ETF, GBTC, has experienced outflows of over $21 billion since 2024, prompting the launch of the lower-fee Bitcoin Mini Trust ETF in 2024 as reported. The company now manages $35 billion in assets across 40+ products, spanning 45 cryptocurrencies according to Morningstar analysis.

Analysts suggest Grayscale's IPO could set a precedent for other crypto firms ahead of the 2026 midterm elections, which may reshape regulatory and market dynamics as reported. However, Bitcoin's recent price correction-trading below $100,000 after peaking above $120,000 in 2025-introduces volatility that could impact investor sentiment according to market analysis.