Grayscale Investments (GRAY)
Market Price (10/26/2026): $1.24 | Market Cap: $-Sector: Financials | Industry: Asset Management & Custody Banks
Grayscale Investments (GRAY)
Market Price (10/26/2026): $1.24Market Cap: $-Sector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Digital Assets, and Digital Asset Custody. |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Digital Assets, and Digital Asset Custody. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/1/2026
Grayscale Investments (GRAY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strategic Adaptation Amidst Shifting Crypto Landscape.
Grayscale Investments demonstrated strategic adaptation and a forward-looking approach in fiscal Q2 2026 by refining its "Assets Under Consideration" list. This update highlighted a proactive focus on emerging sectors, including AI-Infrastructure tokens, high-performance Layer 1 networks, and DeFi 2.0/Real-World Assets, signaling the company's intent to capture future growth despite a broader crypto market decline. This strategic pivot could have instilled investor confidence in Grayscale's long-term product development and market positioning.
2. Positive Regulatory Developments for Digital Assets.
During fiscal Q2 2026, the advancement of key cryptocurrency legislation, specifically the bipartisan vote to advance the Digital Asset Market CLARITY Act on May 14, 2026, served as a critical milestone for regulatory clarity in the United States. This progress towards establishing a clearer framework for digital assets likely provided a stabilizing effect for regulated entities like Grayscale, mitigating some of the negative sentiment from overall market volatility and contributing to investor confidence in the sector's institutional maturation.
Show more
Grayscale Investments (GRAY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strategic Adaptation Amidst Shifting Crypto Landscape.
Grayscale Investments demonstrated strategic adaptation and a forward-looking approach in fiscal Q2 2026 by refining its "Assets Under Consideration" list. This update highlighted a proactive focus on emerging sectors, including AI-Infrastructure tokens, high-performance Layer 1 networks, and DeFi 2.0/Real-World Assets, signaling the company's intent to capture future growth despite a broader crypto market decline. This strategic pivot could have instilled investor confidence in Grayscale's long-term product development and market positioning.
2. Positive Regulatory Developments for Digital Assets.
During fiscal Q2 2026, the advancement of key cryptocurrency legislation, specifically the bipartisan vote to advance the Digital Asset Market CLARITY Act on May 14, 2026, served as a critical milestone for regulatory clarity in the United States. This progress towards establishing a clearer framework for digital assets likely provided a stabilizing effect for regulated entities like Grayscale, mitigating some of the negative sentiment from overall market volatility and contributing to investor confidence in the sector's institutional maturation.
Show more
Updated on 10/1/2026
Grayscale Investments (GRAY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strategic Adaptation Amidst Shifting Crypto Landscape.
Grayscale Investments demonstrated strategic adaptation and a forward-looking approach in fiscal Q2 2026 by refining its "Assets Under Consideration" list. This update highlighted a proactive focus on emerging sectors, including AI-Infrastructure tokens, high-performance Layer 1 networks, and DeFi 2.0/Real-World Assets, signaling the company's intent to capture future growth despite a broader crypto market decline. This strategic pivot could have instilled investor confidence in Grayscale's long-term product development and market positioning.
2. Positive Regulatory Developments for Digital Assets.
During fiscal Q2 2026, the advancement of key cryptocurrency legislation, specifically the bipartisan vote to advance the Digital Asset Market CLARITY Act on May 14, 2026, served as a critical milestone for regulatory clarity in the United States. This progress towards establishing a clearer framework for digital assets likely provided a stabilizing effect for regulated entities like Grayscale, mitigating some of the negative sentiment from overall market volatility and contributing to investor confidence in the sector's institutional maturation.
3. Proactive Product Enhancements to Boost Investor Returns.
Grayscale showcased a commitment to enhancing investor value and product competitiveness through the restructuring of its Solana Staking ETF (GSOL), announced on July 17, 2026. This change, effective around August 7, 2026, introduced compulsory quarterly cash distributions to holders and significantly reduced fees, with the annual management fee decreasing from 0.35% to 0.19% and the internal staking fee cut from 23% to 7%. This proactive adjustment to improve investor returns and attract greater adoption likely contributed to a stable outlook for the company's stock, even against the backdrop of a declining total crypto market capitalization of -12.6% in fiscal Q2 2026.
Show less
Grayscale Investments (GRAY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strategic Adaptation Amidst Shifting Crypto Landscape.
Grayscale Investments demonstrated strategic adaptation and a forward-looking approach in fiscal Q2 2026 by refining its "Assets Under Consideration" list. This update highlighted a proactive focus on emerging sectors, including AI-Infrastructure tokens, high-performance Layer 1 networks, and DeFi 2.0/Real-World Assets, signaling the company's intent to capture future growth despite a broader crypto market decline. This strategic pivot could have instilled investor confidence in Grayscale's long-term product development and market positioning.
2. Positive Regulatory Developments for Digital Assets.
During fiscal Q2 2026, the advancement of key cryptocurrency legislation, specifically the bipartisan vote to advance the Digital Asset Market CLARITY Act on May 14, 2026, served as a critical milestone for regulatory clarity in the United States. This progress towards establishing a clearer framework for digital assets likely provided a stabilizing effect for regulated entities like Grayscale, mitigating some of the negative sentiment from overall market volatility and contributing to investor confidence in the sector's institutional maturation.
3. Proactive Product Enhancements to Boost Investor Returns.
Grayscale showcased a commitment to enhancing investor value and product competitiveness through the restructuring of its Solana Staking ETF (GSOL), announced on July 17, 2026. This change, effective around August 7, 2026, introduced compulsory quarterly cash distributions to holders and significantly reduced fees, with the annual management fee decreasing from 0.35% to 0.19% and the internal staking fee cut from 23% to 7%. This proactive adjustment to improve investor returns and attract greater adoption likely contributed to a stable outlook for the company's stock, even against the backdrop of a declining total crypto market capitalization of -12.6% in fiscal Q2 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
6/30/2026 to 10/24/2026| Return | Correlation | |
|---|---|---|
| GRAY | 0.0% | |
| Market (SPY) | 1.8% | � |
| Sector (XLF) | 4.3% | � |
Fundamental Drivers
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Market Drivers
3/31/2026 to 10/24/2026| Return | Correlation | |
|---|---|---|
| GRAY | 0.0% | |
| Market (SPY) | 17.2% | � |
| Sector (XLF) | 13.6% | � |
Fundamental Drivers
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Market Drivers
9/30/2025 to 10/24/2026| Return | Correlation | |
|---|---|---|
| GRAY | 2.6% | |
| Market (SPY) | 15.0% | 11.3% |
| Sector (XLF) | 5.0% | 21.9% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/24/2026| Return | Correlation | |
|---|---|---|
| GRAY | 18.7% | |
| Market (SPY) | 83.9% | 1.7% |
| Sector (XLF) | 75.9% | 8.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GRAY Return | -94% | -73% | -59% | 24% | -11% | - | -99% |
| Peers Return | 20% | -50% | 190% | 108% | 1% | -8% | 241% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| GRAY Win Rate | 25% | 25% | 17% | 42% | 36% | - | |
| Peers Win Rate | 52% | 38% | 60% | 60% | 55% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GRAY Max Drawdown | -95% | -76% | -83% | -64% | -60% | - | |
| Peers Max Drawdown | -34% | -62% | -34% | -32% | -44% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, MSTR, GLXY, BLK, IVZ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/23/2026 (YTD)
How Low Can It Go
| Event | GRAY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.8% | -18.8% |
| % Gain to Breakeven | 63.5% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.3% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 5 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.9% | -9.5% |
| % Gain to Breakeven | 92.0% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
In The Past
Grayscale Investments's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | GRAY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.8% | -18.8% |
| % Gain to Breakeven | 63.5% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.9% | -9.5% |
| % Gain to Breakeven | 92.0% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
In The Past
Grayscale Investments's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 146.61 |
| Mkt Cap | 43.2 |
| Rev LTM | 6,902 |
| Op Inc LTM | 677 |
| FCF LTM | 1,714 |
| FCF 3Y Avg | 1,482 |
| CFO LTM | 1,714 |
| CFO 3Y Avg | 1,577 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.2% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 17.2% |
| Op Inc Chg 3Y Avg | 13.9% |
| Op Mgn LTM | 1.2% |
| Op Mgn 3Y Avg | 0.9% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 14.4% |
| CFO/Rev 3Y Avg | 19.4% |
| FCF/Rev LTM | 12.9% |
| FCF/Rev 3Y Avg | 17.9% |
Price Behavior
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GRAY Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | � | � | � | � | 0.07 | 0.08 |
| Up Beta | � | � | � | � | 0.05 | -0.48 |
| Down Beta | � | � | � | � | 0.35 | 0.72 |
| Up Capture | 0% | 0% | 0% | 0% | -1% | 3% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 0 | 0 | 0 | 0 | 18 | 251 |
| Down Capture | -0% | -0% | -0% | -0% | -6% | 24% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 0 | 0 | 0 | 0 | 19 | 268 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRAY | |
|---|---|---|---|---|
| GRAY | 4.5% | 50.9% | 1.26 | - |
| Sector ETF (XLF) | 8.0% | 14.5% | 0.29 | 24.3% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | -0.1% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 15.8% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -19.8% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 4.0% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | -2.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRAY | |
|---|---|---|---|---|
| GRAY | -43.2% | 91.7% | -0.39 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 11.5% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 8.0% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 4.7% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 4.6% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 12.5% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRAY | |
|---|---|---|---|---|
| GRAY | -35.4% | 98.0% | -0.45 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 6.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 7.4% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 1.8% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 3.1% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 11.8% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 5.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Grayscale Investments — Investor Video Playlist
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Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/24/2026