Key Takeaways
Why is Grayscale going public in 2025?
Grayscale aims to raise capital and reduce dependence on ETFs amid increasing competition and outflows.
What caused Grayscale’s revenue decline this year?
The company’s heavy dependence on GBTC and ETHE, which saw massive outflows, led to lower profits.
In 2025, high-profile crypto companies have taken the opportunity to go public amid crypto-friendly policies.
Some of these companies include Circle and the crypto exchange Gemini. As the wave of companies rush to get SEC approval before the 2026 midterm elections, Grayscale has also followed suit.
Grayscale file IPO to go public
In a major development, Grayscale has filed to go public on the New York Exchange, becoming the latest crypto company to apply for a US listing.
The company has its S-1 registration form filed with the U.S. Securities and Exchange Commission (SEC) on November 13, 2025.
However, the filing did not specify how many shares were to be sold, nor what the value of those shares was. According to reports, the company will remain under the control of the Digital Currency Group.
Importantly, Grayscale will reserve a portion of the IPO allocation for investors in its Bitcoin spot ETF and Ethereum ETF. These investors will have early access to Gray shares through a targeted equity program.
Grayscale’s revenues are plummeting
Grayscale’s IPO filing shows a notable drop in revenue between January and September 2025.
During this period, the company reported $318.7 million in gross revenues and $203.3 million in net revenues.
In comparison, the same time frame in 2024 saw gross sales of $397.9 million and net sales of $223.7 million, highlighting a significant year-over-year decline.
Significantly, Grayscale recorded a sharp drop in revenue due to its overreliance on its ETFs. According to the filing, Grayscale’s GBTC and ETHE make up 70% of the company’s total assets under management.
At the same time, fees from these two funds accounted for 88% of total revenue for the nine months ending September 2025.
As such, both Grayscale’s Bitcoin and Ethereum ETFs have experienced massive outflows over the past year. In 2025 alone, GBTs recorded outflows of $3.3 billion, while ETHE recorded $1.2 billion. bringing total ETF outflows to $4.5 billion.
Source: TheBlock
Recent data shows that GBTC posted net outflows of $23 million, with consistent negative flows throughout the month of November.
Meanwhile, ETHE recorded $75 million in daily net outflows and experienced negative flows for 18 consecutive days. Similarly, ETH has experienced continuous net outflows since November 5.
Source: TheBlock
In contrast to the outflows from ETHE and GBTC, Grayscale’s Ethereum Mini Trust and Bitcoin Mini Trust ETFs have attracted cumulative inflows of $3.3 billion.
This shift highlights the growing competition in the ETF space and increasing pressure on Grayscale’s flagship funds.
Therefore, Grayscale’s move to go public is not only intended to increase revenues but also to hedge against its dependence on ETFs.
By doing this, the company will raise significant capital, which in turn can be used for diversification, further improving the company’s financial performance.