Grayscale reports 20% revenue decline in latest IPO filing amid fee pressure

Grayscale disclosed a roughly 20% year-to-date revenue drop in its latest U.S. IPO filing, reflecting persistent fee compression and intensifying competition across digital-asset products. Despite the decline, the company continues to manage sizable crypto holdings. Filings show operating conditions shaped by shifting investor preferences and broader market volatility that has influenced flows into digital-asset investment vehicles.