Grayscale, crypto asset manager, pauses IPO until Q4 2026

Grayscale Investments, one of the world’s largest cryptocurrency asset managers, has paused its preparations for an initial public offering, according to a person familiar with the matter. The firm is not expected to restart the process until the fourth quarter of this year at the earliest.

The Stamford-based firm, a subsidiary of Digital Currency Group, confidentially filed for a U.S. IPO in November 2025. A company spokesperson declined to comment, citing a Securities and Exchange Commission-mandated quiet period surrounding the filing. The delay reflects a broader cooling in the market for public listings of digital asset companies in 2026.

Industry observers had anticipated a strong year for crypto IPOs following successful listings by firms like Circle and Bullish in 2025, which had revived investor interest. However, market conditions have since deteriorated, characterized by softer trading activity, increased volatility, and underwhelming post-listing performance from some newly public crypto firms. This has tempered enthusiasm for new offerings.

Grayscale’s decision is part of a wider trend. Several other prominent crypto firms, including Kraken’s parent company Payward,...