Asset management giant Grayscale is the latest crypto company to delay its IPO plans due to market conditions, according to a person with knowledge of the matter.
The Stamford-based investment firm has suspended its IPO preparations and is unlikely to resume the process until the fourth quarter at the earliest, said the person, who spoke on condition of anonymity because the matter is private.
Grayscale, a subsidiary of DCG, one of the world’s largest crypto asset managers and the company behind the Bitcoin Trust ETF (GBTC), confidentially filed for an IPO in the United States in November last year.
“Due to the SEC-mandated quiet period, we are unable to comment at this time,” a Grayscale spokesperson said in emailed comments.
Grayscale is a leading digital asset investment platform that provides investors with secure and regulated exposure to the cryptocurrency market. Through its suite of single-asset, diversified and thematic investment products, the Company enables institutional and retail investors to access digital assets without the operational complexities of directly purchasing, storing or managing crypto. Since its founding in 2013, the company has played a central role in the transition from traditional finance to the evolving digital asset ecosystem.
Crypto companies entered 2026 expecting a banner year for IPOs after successful public listings of 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, slowing trading activity, and disappointing post-listing performance of new public companies, including BitGo (BTGO), have dampened enthusiasm for new digital asset IPOs.
As a result, several major crypto companies, including Payward, the parent company of Kraken; Consensys, Ethereum software developer; and hardware wallet maker Ledger, have delayed their IPO plans while waiting for market conditions to stabilize.
Some companies are nevertheless continuing their listing plans. Blockchain.com said last week that it had filed confidentially for an IPO in the United States with the SEC.
Grayscale’s Ethereum Staking Mini exchange-traded fund (ETF) ranked as the top-performing U.S. Ethereum ETP in the first quarter of 2026, attracting $337 million in inflows as of March 31, according to Bloomberg data. Despite a broader slowdown in crypto markets, the company has decided to convert or list 10 digital asset investment products into exchange-traded products since fall 2025.
