Grayscale Files for US IPO

Grayscale moved to list shares on the NYSE as revenues decline and ETF fee income becomes an increasingly dominant part of its business.

Crypto asset manager Grayscale has filed to go public in the U.S. via an initial public offering (IPO) — the latest firm to join the wave of digital-asset companies tapping the public markets.

The firm submitted an S-1 form on Thursday as part of the process to become a publicly traded company on the New York Stock Exchange under the ticker symbol “GRAY.”

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The exact number of shares to be offered and the price range are still yet to be determined.

Grayscale reported revenues of $319 million for the nine months ending September 30, with assets under management of around $35 billion. 

However, the firm’s revenue has declined nearly 20% from the same period last year. Fees from the Grayscale Bitcoin Trust ETF and the Grayscale Ethereum Trust ETF made up 88% of the firm’s revenue over the nine-month period.