Grayscale formalizes its IPO filing

In the crypto universe, Grayscale does not just follow the wave, it shapes it. The New York asset manager, creator of GBTC, has become essential whenever digital finance is discussed. Combining legal maneuvers, market strategies, and bold positioning, it has just filed its application to go public. The IPO is on track, the Grayscale machine in conquest mode. And it does not intend to stop there.

Grayscale IPO: When numbers fall, strategy accelerates

Grayscale’s IPO, very different from a purely crypto ICO, looks ambitious, even if the accounts shine a bit less. Between January and September 2025, the asset manager saw its revenues drop by 20%, to $318.7 million. Net profit slipped to $203.3 million. However, the company continues to manage $35 billion in crypto assets, a performance few can claim.

The chosen IPO model? A classic in tech finance: the Up-C structure. The capital raised will not finance the company directly but will be used to buy internal shares. Control remains locked in DCG’s hands, the parent company. The stock market pays, DCG controls.

We are a pioneer who has enabled — and contributed to broadening — investor access to the fastest growing asset class in recent history… Our platform offers investors diversified exposure to the digital asset universe, based on management fees, capital efficiency, and cash flow generation.

Barry Silbert, Grayscale chairman

Grayscale bets not only on numbers, but on its leading role in the crypto industry.

The SEC, the ballots, and crypto giants: time is running

Grayscale did not choose its date by chance. The filing was made public on the day of the SEC’s reopening, after 43 days of shutdown. A political and regulatory window was finally open.

This strategic move allows Grayscale to act before the 2026 midterm elections, where pro-crypto balances could shift. Analyst Matt Kennedy summarizes it this way:

The 2026 midterm elections are approaching, and they could fundamentally change the crypto landscape. I expect many crypto companies, like Grayscale and BitGo, to seek to go public before this uncertainty materializes.

The company also benefits from its post-victory aura against the SEC in 2023, a battle that paved the way for spot Bitcoin ETFs. The IPO is therefore not just a fundraising, it is a statement of existence in a standards battle.

DEX, crypto, and Wall Street: convergence or façade?

Grayscale’s IPO fits into a larger momentum. In 2025, several crypto giants took the step: Gemini, Circle, Bullish. All seek new legitimacy in the stock market arena.

But Grayscale plays a different tune. With its Directed Share Program, a portion of shares is reserved for its historic clients (GBTC, ETHE). The crypto community is prioritized, but public opening remains fenced.

In a world where DEXs advocate radical decentralization, Grayscale embodies another vision: concentration, strategy, and influence. The market opens its doors to it, but the keys remain in the creator’s hands.

What to remember

• Revenues down 20% over nine months;
• Net profits at $203.3 million;
• $35 billion in assets under management;
• Up-C structure: control retained by DCG;
• IPO target: late 2025 to early 2026, according to analysts.

Grayscale has passed a milestone but keeps several files on the table. The SEC must still rule on its ETF requests for XRP, Dogecoin, and, more recently, Avalanche. The crypto giant remains aggressive, ready to align with upcoming trends… or impose them.