By Paul R. La Monica

The crypto IPO boom isn't over yet.

Digital asset management firm Grayscale Investments filed for an initial public offering on Thursday, paving the way for it to join stablecoin company Circle Internet Group and brokerage firms Gemini Space Station, Bullish, and Galaxy Digital as newly public crypto companies on Wall Street.

Grayscale filed confidentially for its IPO with the Securities and Exchange Commission in July, allowing it to not publicly disclose its financials at the time. But now that Grayscale has officially filed for its IPO -- and its books are open for everyone to see.

Grayscale's financial picture is mixed.

The good news? Grayscale, unlike many other fintech start-up firms, is profitable. The company, which managed $35 billion in assets as of Sept. 30, reported net income of $203.3 million in the first nine months of 2025.

But profitability, along with revenue, has decreased in the past year. Grayscale reported net income of $223.7 million during the first three quarters of 2024. Revenue through Sept. 30 came in at $318.7 million, down 20% from $397.9 million in the same period of 2024.

Grayscale, like other crypto firms, has been hit by the massive volatility in the market, with the prices of Bitcoin, Ethereum, and other digital coins rising and falling dramatically this year. Shares of Circle and Bullish have plunged from their post-IPO peak prices, while Gemini is trading for less than half of its offering price as investors fret about mounting losses due to rising expenses.

Grayscale noted in its IPO filing that the firm has "concentrated exposure to the digital asset industry, which may be exacerbated by our principal investments, and the success of our business is closely tied to conditions in the digital asset markets, which continue to be extremely volatile."

To that end, the Grayscale Bitcoin Trust exchange-traded fund, which was up as much as 33% in 2025 as recently as early October, is now up just 8.5% for the year following a recent crypto slide. And the Grayscale Ethereum ETF has given up virtually all of its gains in recent months. It is now flat in 2025 after surging more than 40% for the year at its peak in late August.

It will be interesting to see how Grayscale stock performs once it begins trading. No timeline for the IPO has been set yet. The company will first need to go on its roadshow with institutional investors and set a price range for its shares.

The company plans to trade on the New York Stock Exchange under the ticker symbol GRAY. Morgan Stanley, BofA Securities, Jefferies, and Cantor are the lead underwriters on the deal.

Write to Paul R. La Monica at paul.lamonica@barrons.com

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November 13, 2025 12:24 ET (17:24 GMT)

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