Grayscale, an asset manager focused on cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE), has filed to hold an initial public offering (IPO) in New York.
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Grayscale plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “GRAY.” An exact date for the IPO hasn’t been set. The Stamford, Connecticut-based company is the latest crypto firm to go public after market debuts this year from stablecoin issuer Circle (CRCL) and crypto exchange Gemini (GEMI), among others.
Both the crypto and IPO markets have experienced a resurgence this year under U.S. President Donald Trump, who has relaxed regulations and pledged to make America the “crypto capital of the planet.” Grayscale’s court victory against the U.S. Securities and Exchange Commission (SEC) in 2023 cleared the way for the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs).
Financials
Grayscale reported net income of $203.3 million on revenue of $318.7 million for the nine months ended September 30 of this year. That’s down from net income of $223.7 million and revenue of $397.9 million a year earlier. Management attributed the declines to lower management fees, outflows, and distributions.
Founded in 2013, Grayscale currently manages about $35 billion of assets across more than 40 investment products. The company, which plans to sell new shares in the offering, is a prominent player in the cryptocurrency sector and oversees a leading spot Bitcoin ETF.
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has fallen 10.02% in the last 12 weeks.
