Grayscale Investments, a crypto-focused asset manager, has filed an S-1 registration form with the US Securities and Exchange Commission for a proposed initial public offering (IPO).
The company will offer an undisclosed number of Class A shares and list them on the New York Stock Exchange. The IPO is subject to market conditions, and Grayscale has not confirmed a timeline for completion.
“Our platform offers investors diversified exposure to the digital asset class that is management fee-based, capital efficient and cash flow generating,” Grayscale founder and chairman Barry Silbert said in a prepared statement.
Grayscale Bets Investors Still Have The Appetite
The Connecticut-based firm reported in the filings diminished revenue for the first nine months of this year disclosing a net income of $203.3 million on revenue of $318.7 million. In contrast, Grayscale touted net income of $223.7 million on proceeds of $397.9 million in 2024.
The crypto space has witnessed heightened momentum of digital asset-related IPOs throughout this year, following enacted crypto-related legislations in the US.
In July, President Trump signed the Genius Act into law, which inaugurated a regulatory framework for stablecoins.
Lawmakers also advanced the Digital Asset Market Clarity Act—a comprehensive framework for digital assets. The House passed it on a bipartisan basis and the Senate Committee on Agriculture, Nutrition and Forestry amended it.
The Grayscale filing may help gauge investor appetite for crypto stocks, as digital asset share prices have delivered mixed performances after their IPOs and Bitcoin has fallen sharply amid shifting risk sentiment—especially after the U.S.–China trade war escalated in October.
For instance, in August, the shares of crypto exchange Bullish opened at $90 on the completion of its IPO, but its share price has declined to $37.
However, Kraken, one of the world’s largest crypto exchanges, has filed for an IPO, demonstrating that the aspirations for digital asset IPOs have not abated just yet.
Grayscale, founded in 2013, is a subsidiary of the Digital Currency Group. As of September 30, the firm had approximately $35 billion in assets under management.
