Grayscale publicly files for IPO, betting on digital asset prospects and seeking compliance

Grayscale has publicly filed for an initial public offering, the latest cryptocurrency-related company to test the waters of public markets in the face of a more open U.S. government for digital assets. According to the company's filing with the Securities Exchange Commission on Thursday, the crypto asset manager generated $318.70 million in revenue and $203.30 million in net income for the nine months ended Sept. 30. That compares to $223.70 million on revenue of $397.90 million a year ago. The company filed for a listing in secret in July. With the U.S. government shutdown ending, IPO activity is expected to accelerate before the end of the year. Even so, given the required waiting period and holidays, there are only a few weeks left on the 2025 calendar for potential IPOs. Grayscale currently manages about $35 billion in assets and has more than 40 products offering exposure to more than 45 tokens, according to the filing.