Grayscale pauses U.S. IPO plans amid cooling crypto market conditions

Grayscale has delayed its planned U.S. IPO, filed confidentially in November 2025, and is unlikely to restart preparations before Q4 2026 due to weak market conditions. The decision aligns with other crypto firms including Kraken parent Payward, ConsenSys, and Ledger also postponing listings amid lower trading volumes and poor post-listing performance. Despite the IPO pause, Grayscale continues to see demand in ETP products, with its Ethereum Staking Mini ETF attracting $337 million in inflows and ten products converted or uplisted since fall 2025. The move signals broader caution among institutional issuers and may weigh on sentiment for Bitcoin and crypto assets.