Grayscale Files for NYSE IPO Under "GRAY": Revenue Dip Amid Crypto Boom

2025-11-14 08:04:37

Grayscale IPO is officially underway, with the crypto asset manager filing an S-1 with the U.S. Securities and Exchange Commission (SEC) for a public offering of its Class A common stock on the New York Stock Exchange under the ticker GRAY. This marks a pivotal moment for one of the industry’s largest players, managing $35 billion in assets, as it seeks to tap into the surging crypto IPO market.

Grayscale’s S-1 Filing: $GRAY on NYSE Amid Revenue Challenges

The filing reveals Grayscale’s plan to list on the NYSE with a dual-class structure: Class A shares for public trading with economic and voting rights, and Class B shares (10 votes each, no economic value) retaining control for Digital Currency Group (DCG). The IPO size, price range, and timing remain market-dependent, pending SEC approval. Underwriters include Morgan Stanley, BofA Securities, Jefferies, and Cantor Fitzgerald as lead bookrunners.

Grayscale reported a 20% revenue drop to $318.7 million for the first nine months of 2025, with net income falling to $203.3 million from $223.8 million last year. Despite this, assets under management (AUM) hit $35 billion, buoyed by spot Bitcoin and Ethereum ETFs. The IPO could provide capital for expansion, including new products like tokenized funds.

Ticker and Structure: GRAY on NYSE; dual-class for DCG control.
Revenue: -20% to $318.7M; net income $203.3M.
AUM: $35B; underwriters Morgan Stanley et al.

Revenue Dip: 20% Decline Amid ETF Success

Grayscale’s Q3 2025 revenue fell 20% year-over-year to $318.7 million, with net income down to $203.3 million from $223.8 million. The dip reflects market volatility and fee pressures, but ETF conversions like GBTC (from trust to ETF) boosted AUM to $35 billion. The firm pioneered Bitcoin ETFs in 2023, paving the way for industry approvals, and now manages 10+ crypto products.

Market Context: Crypto IPO Surge in 2025

Grayscale’s filing joins a wave of crypto IPOs, including Circle (NYSE: CRCL) in June 2025 (500% post-debut surge), Gemini, Bullish, and Figure Technologies. Consensys and Kraken are exploring listings. The post-shutdown IPO revival, with SEC staffing resuming, could see GRAY debut by early 2026, valuing Grayscale at $5-10 billion.

2025 Grayscale Stock Price Prediction: $20-$30 Consensus

Grayscale stock price prediction for 2025 targets $20-$30 post-IPO, with 100% upside. Changelly $18-$22; CoinDCX $25. Bull catalysts: AUM growth; bear risks: Volatility testing $15 support.

For investors, how to buy Grayscale stock via compliant platforms ensures entry. How to sell Grayscale stock and how to cash out Grayscale stock offer liquidity. Sell Grayscale stock for cash and convert Grayscale stock to cash enable fiat conversions.

Trading Strategy: IPO Momentum Longs

Short-term: Long above $15 targeting $20, stop $13 (13% risk). Swing: Accumulate dips, staking for 5% APY. Watch $18 breakout; below $13, exit.

In summary, Grayscale’s GRAY IPO filing, despite 20% revenue dip, signals crypto finance’s mainstream push, eyeing $20-$30 2025 potential in DeFi’s surge.

BTC-4.56%

ETH-4.55%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.