Longtime crypto investment firm Grayscale Investments has filed to go public on the NYSE under the ticker symbol “GRAY.”
It’s the latest example of crypto exits picking up under an embrace of the asset class by President Donald Trump’s administration. It’s been a banner year for crypto IPOs, with long-awaited companies like stablecoin issuer Circle and exchange Gemini taking the leap.
Grayscale’s finances have been mixed. The company brought in $318.7 million in revenue during the first three quarters of 2025, down from $397.9 million during the same period one year earlier. The business derives much of its revenue from management fees, which have been dropping as competition for passive crypto products intensifies.
It reported a net income of $203.3 million for the first three quarters of 2025, down from $233.7 million in the same period a year earlier.
Grayscale’s public filing with the SEC came shortly after Trump signed a bill to end the record 43-day-long government shutdown.
Grayscale, founded in 2013, is one of the oldest crypto investment firms and is owned by Digital Currency Group. It became known for its bitcoin trust, which offers institutional investors bitcoin exposures without having to custody the asset.
The company now operates a number of ETFs, a private funds arm and other active and passive crypto investment products. Grayscale had $35 billion of assets under management as of Sept. 30, according to the filing.
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