Nov 13 (Reuters) - Grayscale recorded a 20% fall in

revenue for the first nine months of 2025, the crypto-focused

asset manager disclosed in its U.S. initial public offering

paperwork on Thursday.

The company made its IPO filing public hours after

President Donald Trump signed a deal to end the longest

government shutdown in the country's history.

The new listings market is expected to kick back into high

gear after being impacted by the Securities and Exchange

Commission's skeletal staffing during the shutdown.

Stamford, Connecticut-based Grayscale reported a net income

of $203.3 million on revenue of $318.7 million for the nine

months ended September 30, compared with net income of $223.7

million on revenue of $397.9 million a year earlier.

The company attributed the decline in revenue and profit

to lower management fees following some outflows and

distributions.

Grayscale is the latest in a growing cohort of high-profile

crypto firms to tap public markets this year as a

crypto-friendly Trump administration brings digital assets

closer to the mainstream.

Stablecoin giant Circle, Winklevoss twins' crypto

exchange Gemini, CoinDesk owner Bullish, and

Mike Cagney's Figure Technology have gone public in New

York this year.

Founded in 2013, Grayscale manages roughly $35 billion in

assets across more than 40 investment products.

The company, which plans to sell new shares in the offering,

is a prominent player in the crypto landscape and oversees a

leading spot bitcoin exchange-traded fund.

Grayscale's landmark court victory against the SEC in 2023

had played a crucial role in paving the way for the approval of

spot bitcoin ETFs last year.

Morgan Stanley, BofA Securities, Jefferies and Cantor are

the lead underwriters for the offering. Grayscale will list on

the New York Stock Exchange under the symbol "GRAY."