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Grayscale halts IPO plans as crypto giants delay listings

Grayscale has temporarily halted its initial public offering plans due to market conditions, as crypto companies delay listings amid weaker investment demand, bitcoin volatility and lower trading volumes. Grayscale filed a confidential S-1 in July 2025 and made it public in November, targeting the NYSE under the ticker GRAY, but has not proceeded with an IPO. Kraken paused preparations, while Consensys and Ledger also pushed back plans.