Grayscale Investments

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General Information
Business:

(Incorporated in Delaware)

Grayscale is the largest digital asset-focused investment platform in the world, with approximately $35 billion in assets under management as of September 30, 2025. Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products.

Today, we are operating from a position of strength due to our highly differentiated position in the digital asset investment ecosystem.

In 2013, we launched the first widely available and institutional-grade Bitcoin investment fund in the world—then known as the “Bitcoin Investment Trust”—to meet this market demand.

Grayscale was the first firm in history to offer a product of this kind, pioneering regulated access to the digital asset class. Our groundbreaking Bitcoin product offered U.S. accredited investors a familiar investment vehicle to gain exposure to the first and largest digital asset protocol in existence. We would go on to make our Bitcoin product the first publicly traded Bitcoin vehicle under the ticker GBTC, the first SEC reporting digital asset investment vehicle, and among the first spot Bitcoin exchange-traded products following our watershed U.S. Court of Appeals ruling in 2023.

Our Bitcoin trust was introduced when Bitcoin had a market capitalization of only approximately $1.5 billion. As of September 30, 2025, the entire digital asset market capitalization is nearly 3,000 times that at approximately $4 trillion. Comparing digital asset market capitalization from September 30, 2024 to September 30, 2025, the asset class has grown approximately 71%.

Since the launch of our Bitcoin trust, we have become deeply embedded within the digital asset investment ecosystem.

Since the launch of our Bitcoin trust, we have become deeply embedded within the digital asset investment ecosystem. Through our Capital Solutions Platform—an origination engine through which we partner with entrepreneurs, developers, foundations and protocol teams—we structure products and solutions around what we believe are the most promising emerging technologies. What began with Bitcoin has grown into an entire universe of digital asset sectors including artificial intelligence (“AI”), identity systems, digital artwork, storage, web hosting and gaming. Digital assets are reshaping traditional finance through the tokenization of real-world assets—such as stocks, bonds, real estate, and commodities—and stablecoins have emerged as one of the most prominent use cases of the asset class, removing friction and driving efficiency in payment systems infrastructure.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.

(Note: Grayscale Investments, Inc. filed its S-1 for its IPO on Nov. 13, 2025, without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure.)
Industry: Crypto Assets
Employees: 122
Founded: 2013
Contact Information
Address 290 Harbor Drive, 4th Floor Stamford, Connecticut 06902
Phone Number (212) 668-1427
Web Address http://www.grayscale.com/
View Prospectus: Grayscale Investments
Financial Information
Market Cap
Revenues $426.96 mil (last 12 months)
Net Income $261.73 mil (last 12 months)
IPO Profile
Symbol GRAY
Exchange NYSE
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $100.0 mil
Manager / Joint Managers Morgan Stanley/Jefferies/BofA Securities/Cantor/Wells Fargo Securities/Canaccord Genuity/Piper Sandler/Keefe, Bruyette & Woods/Needham & Co.
CO-Managers Benchmark (a StoneX Company)/Compass Point
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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