Grayscale Files NYSE IPO Amid Revenue Dip, ETF Rivals
Grayscale IPO: Grayscale, the world’s largest crypto asset manager, filed its S-1 registration with the SEC on November 13 for a NYSE listing under the ticker GRAY. As of September 30, 2025, the firm manages $35 billion in assets and reported $319 million in revenue for the first nine months of 2025—a nearly 20% year-on-year decline—and a 9.1% drop in net profit. ETF fee income from its Bitcoin and Ethereum trusts accounted for 88% of total revenue. Historically, its GBTC trust absorbed 76% of newly mined BTC in 2020, but the GBTC premium collapsed amid market turmoil and following its January 2024 conversion to a spot BTC ETF, which triggered over $10 billion in outflows within two months. Now, Grayscale faces fee-based competition from BlackRock and Fidelity’s spot Bitcoin ETFs and high-leverage BTC plays by MicroStrategy. As the Grayscale IPO approaches, traders will watch the share count, pricing range and whether the firm can differentiate through performance, cost efficiency and product diversification as it transitions from a crypto on-ramp to a mainstream financial issuer.
Neutral
While Grayscale’s planned IPO and SEC filing underscore the firm’s push for transparency and potential to attract broader capital, the revenue decline and intense competition from low-cost Bitcoin ETFs may temper immediate bullish sentiment on BTC price. In the short term, the IPO process is unlikely to significantly affect Bitcoin market stability, as it primarily impacts institutional access to Grayscale shares rather than direct Bitcoin supply. Over the long term, however, Grayscale’s transition into a publicly traded issuer could enhance mainstream adoption of crypto ETFs and reinforce regulatory clarity, potentially supporting positive sentiment for BTC. Overall, the net effect on Bitcoin’s price outlook appears neutral, with balanced bullish drivers from increased accessibility and bearish pressure from competitive fee compression and past outflows.