Asset management giant Grayscale is the latest crypto firm to delay its plans to go public due to market conditions, according to a person with knowledge of the matter.
The Stamford-based investment firm has paused its IPO preparations and is unlikely to restart the process until the fourth quarter at the earliest, said the person, who spoke on condition of anonymity because the matter is private.
DCG subsidiary Grayscale, one of the world’s largest crypto asset managers and the firm behind the Bitcoin Trust ETF (GBTC), confidentially filed for a US IPO last November.
“Due to the SEC-mandated quiet period, we are unable to comment at this time,” a Grayscale spokesman said in emailed comments.
Grayscale is a leading digital asset investment platform that provides investors with safe and regulated exposure to the cryptocurrency market. Through its suite of single-asset, diversified and thematic investment products, the firm allows institutional and retail investors to access digital assets without the operational complexities of directly buying, holding or managing crypto. Since its founding in 2013, the firm has played a central role in bridging the gap between traditional finance and the evolving digital asset ecosystem.
Crypto firms entered 2026 anticipating a breakout year for IPOs after successful public listings by companies such as Circle ( CRCL ) and Bullish ( BLSH ), the parent company of CoinDesk, helped revive investor interest in digital asset companies last year. Since then, however, deteriorating market conditions, softer trading activity and underwhelming post-IPO performance from new public firms, including BitGo ( BTGO ), have dampened enthusiasm for further digital asset IPOs.
As a result, several major crypto companies, including Payward, Kraken’s parent company; Ethereum software developer Consensys; and hardware wallet maker Ledger, have delayed their IPO plans as they wait for market conditions to stabilize.
Still, some companies are moving ahead with their listing plans. Blockchain.com said last week that it had confidentially submitted for a US IPO with the SEC.
Grayscale’s Ethereum Staking Mini exchange-traded fund (ETF) ranked as the best-performing U.S. ETP for Ethereum in the first quarter of 2026, drawing $337 million in inflows per March 31, according to Bloomberg data. Despite a broader downturn in crypto markets, the firm has moved to convert or list 10 digital investment products into exchange-traded products since fall 2025.
