The post Grayscale’s IPO filing reveals strategic shift amid revenue dip appeared on BitcoinEthereumNews.com.

Grayscale filed an S-1 form with the Securities and Exchange Commission (SEC) on Nov. 13 to list Class A common stock on the New York Stock Exchange under ticker symbol GRAY. The firm manages approximately $35 billion across more than 40 crypto products, including spot Bitcoin and Ethereum ETFs. As a public company, Grayscale will have to disclose more financials and face shareholder pressure, which could influence future fee decisions and product strategy. The filing does not specify share count or pricing range for the proposed offering. Morgan Stanley, BofA Securities, Jefferies, and Cantor will serve as lead managing bookrunners. Financial performance shows revenue pressure Grayscale reported $318.7 million in revenue for the nine months ended Sept. 30, down from $397.9 million in the same period of 2024. The company posted net income of $203.3 million through September 2025 compared with $223.7 million a year earlier. Operating margin reached 65.7% in the recent nine-month period. The firm’s weighted-average management fee declined to 1.39% through September 2025 from 1.67% in the prior-year period, reflecting competitive pressure from lower-cost ETF entrants, including BlackRock and Fidelity. Average assets under management slipped to $30.6 billion from $31.8 billion year-over-year. Full-year 2024 results showed revenue of $506.2 million and net income of $282.1 million, down from $512.7 million and $325 million, respectively, in 2023. The company attributed the decline to reduced management fees, outflows, and distributions. Dual-class structure preserves DCG control The offering employs a dual-class share structure, giving Digital Currency Group, Grayscale’s parent company, 10 votes per Class B share compared with one vote per Class A share. DCG will retain approximately 70% of total voting power after the IPO through its Class B holdings, which carry no economic rights. Each Class A share will receive one vote and full economic participation. The structure…

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Filed under: News - @ November 15, 2025 3:11 am