Asset management giant Grayscale is the latest crypto firm to delay its plans to go public due to market conditions, according to a person with knowledge of the matter.

The Stamford-based investment firm has paused its IPO preparations, and is unlikely to restart the process until the fourth quarter at the earliest, the person said, who spoke on condition of anonymity as the matter is private.

DCG subsidiary Grayscale, one of the world’s largest crypto asset managers and the firm behind the Bitcoin Trust ETF (GBTC), filed confidentially for a U.S. IPO in November last year.

“Due to the SEC-mandated quiet period, we are unable to comment at this time,” a Grayscale spokesperson said in emailed comments.

Grayscale is a leading digital…