Grayscale Files for an IPO, Capping a Big Year for Crypto Exits
Longtime cryptocurrency 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 since President Donald Trump’s administration embraced the asset class. It’s been a banner year for crypto IPOs, with long-awaited companies like stablecoin issuer Circle CRCL 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 in the year-ago period. The business derives much of its revenue from management fees, which have been dropping as competition intensifies for passive crypto…
