Bitcoin News Update: Grayscale Submits IPO Application Amid 20% Revenue Decline and Intense Cryptocurrency Market Rivalry

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Bitget-RWA2025/11/13 20:42

By:Bitget-RWA

- Grayscale Investments files for NYSE IPO as "GRAY", managing $35B in crypto assets including its flagship Bitcoin product. - The SEC filing follows a July S-1 submission, reflecting broader crypto sector trends with firms like Circle and Gemini also going public. - 2025 revenue dropped 20% to $318.7M due to competitive pressures and crypto market volatility, despite 2023 ETF conversion boosting credibility. - The IPO roadshow with Morgan Stanley and others targets $30-33B valuation, with listing expected

Grayscale Investments, recognized as one of the top crypto asset managers in the United States, has

submitted an application for an IPO

on the New York Stock Exchange, where it will trade under the ticker "GRAY". This step represents a major achievement for the company, which oversees about $35 billion in assets through its various trusts and ETFs, including

its leading Bitcoin fund

Bitcoin News Update: Grayscale Submits IPO Application Amid 20% Revenue Decline and Intense Cryptocurrency Market Rivalry image 0

The SEC made the filing public on November 13, following a confidential S-1 submission in July, and it

indicates Grayscale's shift

from being privately held to becoming a publicly traded company.

The IPO

highlights a growing trend

within the digital asset industry, as more firms pursue public listings amid clearer regulations under the Trump administration. Grayscale's move to enter the public market follows similar actions by other crypto companies, such as stablecoin provider Circle and the Gemini exchange, which have recently

undergone comparable transitions

. However, Grayscale's path to going public has included obstacles. For the nine months ending September 30, 2025,

Grayscale disclosed revenues

of $318.7 million and a net profit of $203.3 million, marking a 20% decrease in revenue from the same period in 2024. This decline is mainly due to

increased rivalry

in passive crypto investment products and price swings in

Bitcoin

and

Ethereum

Grayscale's regulatory efforts have played a crucial role in its pursuit of a public listing.

The company's transformation

of its Bitcoin Trust into a spot ETF in 2023 attracted more institutional investors and strengthened its reputation. Nevertheless, the ETF has experienced outflows, with more than $3 billion leaving in 2025. Despite these setbacks, Grayscale remains confident in capitalizing on its established presence in the crypto space. Its parent, Digital Currency Group, which owns Grayscale, has

established itself as a pioneer

in digital asset development, though its involvement could affect investor confidence as the IPO unfolds.

The IPO journey will likely include a roadshow targeting institutional investors to determine pricing, with

a projected listing period

expected between late 2025 and early 2026. Morgan Stanley, BofA Securities, Jefferies, and Cantor are acting as the primary underwriters for the deal.

Experts estimate

Grayscale's market value could fall between $30 billion and $33 billion, though the final amount will depend on market trends and regulatory input.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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