Grayscale, the asset manager behind the Grayscale Bitcoin Trust ETF, has stopped preparing for a public listing and is unlikely to restart the process before Q4, CoinDesk has learned, citing a person familiar with the matter.
The Connecticut-headquartered company filed confidentially for a U.S. IPO last year, following listings from stablecoin issuer Circle and crypto exchange Bullish, the parent company of CoinDesk.
But the window has seemingly narrowed since then. Softer crypto trading volumes, weaker token prices and poor post-listing performance from some newly public companies have made investors more cautious.
The delay also adds to a broader slowdown in crypto IPO plans after several companies entered 2026 expecting public markets to reopen more widely for crypto firms.
- As The Coinformer reported earlier, Consensys, the Ethereum software firm behind MetaMask, delayed its potential U.S. IPO until at least the fall as market conditions weakened for crypto listings.
- Ledger, the French hardware wallet maker, and Payward, the parent company of Kraken, have also paused IPO plans while waiting for a better market.
Still, the crypto IPO window hasn't fully closed. Blockchain.com, a crypto financial services company, said last week that it had confidentially filed for a U.S. IPO with the SEC, though the offering size and price range haven't been set.