Financial Performance and Market Risks
In 2024, Grayscale generated $506 million in revenue. For the first nine months of 2025, the firm reported $319 million—down from $397 million during the same period in 2024, reflecting the industry’s characteristic volatility.
The filing underscored the inherent risks tied to the company’s heavy concentration in bitcoin and ether, as well as the unpredictable nature of digital asset markets. Yet, Grayscale emphasized emerging catalysts: clearer regulation, institutional adoption, and a market it described as expanding “massively.”
Who’s Advising the Players
Grayscale is being guided by Joseph A. Hall and Daniel P. Gibbons of Davis Polk & Wardwell LLP.
The underwriters have enlisted Ryan J. Dzierniejko and Lorenzo Corte of Skadden Arps Slate Meagher & Flom LLP.
As the crypto sector continues evolving at breakneck speed, Grayscale’s potential IPO stands as one more signal that digital assets are steadily weaving themselves into the fabric of mainstream finance—one regulatory filing at a time.
