Grayscale dropped its public IPO filing with the U.S. Securities and Exchange Commission on Thursday, thanks to a confidence boost from so-called crypto president Donald Trump.
Sadly, the filing also showed quite the brutal combo: a $318.7 million net loss and a 20% revenue drop over the first nine months of 2025.
Its revenue fell from $397.9 million a year ago to just $318.7 million. Profit slipped too, from $223.7 million to $203.3 million, even as the company tried to hold its ground.
For a company chasing a debut on the New York Stock Exchange, this is the kind of info that Grayscale investors won’t scroll past.
The crypto firm, based in Stamford, Connecticut, is part of the empire built by Barry Silbert under the Digital Currency Group umbrella. During the same stretch last year, Grayscale pulled in $397.9 million in revenue and logged $223.7 million in profit. This year’s drop is a sharp turn, arriving just as the SEC’s IPO review process is resuming after being frozen by the now-ended U.S. government shutdown. But with holidays approaching and wait periods still in play, the IPO window is narrow for any company aiming to land before 2025 wraps up.
Grayscale turns to ETFs as losses mount
Grayscale, launched in 2013, got an early start offering crypto exposure through Bitcoin and Ether trusts. Its most well-known product, the Grayscale Bitcoin Trust, used to trade as a closed-end fund, often at big premiums or discounts.
In 2023, Grayscale won a federal court case allowing it to convert that trust into a spot Bitcoin ETF, enabling it to hold actual Bitcoin rather than just tracking the price. That court win opened the door for other companies to launch Bitcoin ETFs too.
The wave that followed has been massive. As of now, Bitcoin ETFs collectively hold $169 billion in assets and have seen more than $25 billion in net inflows this year alone.
But Grayscale’s own ETF, which trades under the ticker GBTC, hasn’t benefited the same way. It’s seen outflows of over $21 billion in 2024 and another $3 billion this year. Analysts say the 1.5% fee is too steep compared to newer offerings. Trying to counter that, the company launched the Bitcoin Mini Trust ETF last year with a lower 0.15% expense ratio, and that one now manages around $5 billion.
IPO structure, investments, and what’s next
Right now, Grayscale oversees $35 billion in assets across more than 40 products, each giving exposure to a range of over 45 tokens.
The company has around 120 employees, and it recently raised $250 million through a private placement of convertible preferred stock in October. That money will go toward principal investments, meaning it’ll use its own balance sheet to fund positions in crypto tokens and Grayscale’s own products.
Once the IPO goes live, Digital Currency Group will still call the shots. It holds Class B shares with ten votes per share, securing majority control even after the company goes public.
Barry, in his founder’s letter included with the filing, said that Grayscale isn’t just another ETF shop or a token treasury play. He called it a platform offering diversified crypto exposure and pointed to cost control as a key part of the strategy. He also flagged the rise of tokenization, saying asset classes like private credit and real estate could soon be digitized on-chain. He compared the trend to the early days of crypto.
The IPO push lands during a period of renewed crypto enthusiasm, helped in part by a Trump administration more open to crypto companies listing publicly. That environment has already drawn others in, like Gemini Space Station Inc. , backed by Cameron and Tyler Winklevoss, which went public in September.
Still though, the market’s been shaky lately. Bitcoin has slipped back to $100,000, down from its 2025 high above $120,000.
The IPO, expected to trade under the symbol GRAY, will be led by Morgan Stanley, Bank of America, Jefferies, and Cantor Fitzgerald, all lined up as underwriters.
Grayscale now has to prove it can survive the public markets while carrying a heavy load of losses and fighting off ETF competitors with lower fees and fresh inflows.
