(Reuters) -Grayscale recorded a 20% fall in revenue for the first nine months of 2025, the crypto-focused asset manager disclosed in its U.S. initial public offering paperwork on Thursday.
The company made its IPO filing public hours after President Donald Trump signed a deal to end the longest government shutdown in the country’s history.
The new listings market is expected to kick back into high gear after being impacted by the Securities and Exchange Commission’s skeletal staffing during the shutdown.
Stamford, Connecticut-based Grayscale reported a net income of $203.3 million on revenue of $318.7 million for the nine months ended September 30, compared with net income of $223.7 million on revenue of $397.9 million a year earlier.
The company attributed the decline in revenue and profit to lower management fees following some outflows and distributions.
Grayscale is the latest in a growing cohort of high-profile crypto firms to tap public markets this year as a crypto-friendly Trump administration brings digital assets closer to the mainstream.
Stablecoin giant Circle, Winklevoss twins’ crypto exchange Gemini, CoinDesk owner Bullish, and Mike Cagney’s Figure Technology have gone public in New York this year.
Founded in 2013, Grayscale manages roughly $35 billion in assets across more than 40 investment products.
The company, which plans to sell new shares in the offering, is a prominent player in the crypto landscape and oversees a leading spot bitcoin exchange-traded fund.
Grayscale’s landmark court victory against the SEC in 2023 had played a crucial role in paving the way for the approval of spot bitcoin ETFs last year.
Morgan Stanley, BofA Securities, Jefferies and Cantor are the lead underwriters for the offering. Grayscale will list on the New York Stock Exchange under the symbol “GRAY.”
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo and Sahal Muhammed)
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