Grayscale Sees 20% Revenue Drop Ahead of NYSE IPO Launch

Grayscale, one of the leading crypto-focused asset managers, reported a significant 20% drop in revenue for the first nine months of 2025, just as the company prepares to go public on the New York Stock Exchange.

The Stamford, Connecticut-based firm disclosed in its U.S. IPO filing that net income for the period stood at $203.3 million on $318.7 million in revenue, down from $223.7 million on $397.9 million a year earlier. The decline is largely attributed to lower management fees following investor outflows and distributions from Grayscale’s products.

Founded in 2013, Grayscale currently manages about $35 billion across more than 40 investment offerings. The firm is widely recognized for its leading spot bitcoin exchange-traded fund and has been a key player in the crypto industry’s expansion into mainstream finance. Its landmark 2023 court victory against the U.S. Securities and Exchange Commission (SEC) was instrumental in clearing the path for the approval of spot bitcoin ETFs.

The timing of the IPO is notable, coinciding with renewed activity in the U.S. capital markets after the government shutdown ended in late 2025. Experts anticipate a stronger market for new listings, which had slowed due to reduced SEC staffing during the shutdown period.

This year, several other high-profile crypto companies have entered public markets, including stablecoin leader Circle, Gemini exchange founded by the Winklevoss twins, CoinDesk owner Bullish, and Figure Technology. Grayscale aims to capitalize on this trend while offering new shares to investors under the ticker symbol “GRAY.”

The IPO is being underwritten by Morgan Stanley, BofA Securities, Jefferies, and Cantor, reflecting strong institutional interest despite the dip in recent revenues. The move is seen as part of a broader effort by crypto firms to establish a firmer presence in regulated financial markets while navigating the challenges of a volatile industry.