Grayscale Investments has delayed its long-awaited IPO amid cooling market enthusiasm, joining peers like Kraken and Consensys in pulling back from public listing plans.
Grayscale confidentially filed its S-1 in July 2025 and publicly disclosed it in November, targeting a NYSE listing under the ticker GRAY. The filing revealed $318.7 million in revenue for the first nine months of 2025, down 20% year-over-year, with net income of $203.3 million. Assets under management stood around $35 billion, driven by flagship products including GBTC and ETHE.
As of late May 2026, no IPO has launched. The company is holding off due to softer investor demand, Bitcoin volatility, and reduced trading volumes that pressure fee-based revenues.
Grayscale is not alone. Kraken paused its preparations in March 2026 after a November 2025 confidential filing, pushing a potential listing to late 2026 or 2027, citing weak market conditions despite targeting a multibillion-dollar valuation. Consensys delayed its plans to at least fall 2026, while Ledger shelved its IPO exploration entirely. These moves follow a more active 2025 that included Circle’s public debut.
Bitcoin’s correlation with firm revenues remains a central concern. Pullbacks in crypto prices and ETF outflows have dampened appetite for high-growth listings, pushing companies to prioritize operational resilience. High-fee legacy products also face growing competition from lower-cost ETFs, though diversified offerings in staking and custody provide some buffer.
Regulatory progress, including potential U.S. market structure clarity, continues in the background. Blockchain.com recently filed confidentially, signaling that selective momentum remains. Analysts point to Q4 2026 or 2027 as a potential window for a rebound, contingent on Bitcoin price stabilization and policy developments.
Source: Grayscale Delays IPO as Crypto Listing Market Cools in 2026