Several cryptocurrency companies turned to public markets this year, encouraged by the government’s increasingly supportive stance toward digital assets. Among them, Grayscale Investments recently announced plans for an initial public offering. Founded in 2013, the fintech had around $35 billion in assets under management as of September 2025.
The Offering
Last month, the Connecticut-based company filed a registration statement with the Securities and Exchange Commission to list its shares on the New York Stock Exchange under the symbol GRAY. The management is yet to disclose details like the number of shares being offered and the offer price. The group of underwriters managing the offering is led by Morgan Stanley, Bank of America Securities, Jefferies, and Cantor.
Grayscale intends to use proceeds from the offering to purchase membership interests of Grayscale Operating LLC from the latter’s pre-IPO members at a price for each unit equal to the initial public offering price of the company’s stock, after underwriting discounts and commissions.
Grayscale Investments is one of the leading digital asset-focused investment platforms. The company’s products operate within established regulatory frameworks and are backed by institutional-grade partners, including custodians and auditors. Earlier this year, it launched the first diversified digital asset ETP encompassing multiple tokens, beyond Bitcoin and Ethereum.
Financials
For the nine months ended September 2025, Grayscale reported revenues of $318.67 million, compared to $397.87 million in the corresponding period of 2024. Net income for the nine months declined to $203.27 million from $223.69 million in the prior-year period. Cash flow from operations was $179.30 for the period, down 20% year-over-year.