Grayscale Investments (GRAY)
Market Price (9/23/2026): $1.82 | Market Cap: $-Sector: Financials | Industry: Asset Management & Custody Banks
Grayscale Investments (GRAY)
Market Price (9/23/2026): $1.82Market Cap: $-Sector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 65% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Digital Assets, and Digital Asset Custody. | Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -76% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 65% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Digital Assets, and Digital Asset Custody. |
| Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -76% |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/1/2026
Grayscale Investments (GRAY) stock has remained largely at the same level since 5/31/2026 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 5/31/2026 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 9/1/2026
Grayscale Investments (GRAY) stock has remained largely at the same level since 5/31/2026 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 5/31/2026 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
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| GRAY | 0.0% | |
| Market (SPY) | 2.5% | � |
| Sector (XLF) | 6.6% | � |
Fundamental Drivers
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Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| GRAY | 0.0% | |
| Market (SPY) | 13.3% | � |
| Sector (XLF) | 7.5% | � |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| GRAY | 16.9% | |
| Market (SPY) | 21.2% | 7.1% |
| Sector (XLF) | 3.1% | 19.3% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| GRAY | 3.5% | |
| Market (SPY) | 78.3% | 2.2% |
| Sector (XLF) | 67.1% | 9.6% |
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% | 302% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| GRAY Win Rate | 25% | 25% | 17% | 42% | 36% | - | |
| Peers Win Rate | 52% | 38% | 60% | 60% | 55% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| GRAY Max Drawdown | -95% | -76% | -83% | -64% | -60% | - | |
| Peers Max Drawdown | -34% | -62% | -34% | -32% | -44% | -39% | |
| 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 9/22/2026 (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.
Peer Outperformance in Asset Management & Custody Banks
GRAY has trailed 94% of its 86 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 14th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that GRAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
63%
of 107 industry peers · -2.3% return
3Y
52%
of 98 industry peers · 19.5% return
5Y
6%
of 86 industry peers · -94.0% return
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Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is GRAY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 7 | 25.1% | 63.7% | 118.0% | SPNT 171% · RGA 146% · RNR 139% |
| Diversified Banks | 13 | 30.7% | 131.4% | 112.5% | CM 152% · RY 141% · JPM 139% |
| Investment Banking & Brokerage | 13 | -1.5% | 107.8% | 109.6% | IBKR 507% · SNEX 256% · GS 174% |
| Life & Health Insurance | 20 | 7.5% | 51.6% | 98.0% | JXN 517% · UNM 350% · FG 195% |
| Multi-Sector Holdings | 4 | 4.9% | 46.9% | 78.8% | JONE 362% · BRK-B 81% · VOYA 77% |
| Property & Casualty Insurance | 42 | 8.4% | 64.8% | 65.7% | ASIC 2701900% · HRTG 395% · UVE 312% |
| Regional Banks | 266 | 24.8% | 91.2% | 61.2% | ESQ 365% · BLX 356% · GCBC 312% |
| Multi-line Insurance | 9 | 7.0% | 69.5% | 58.1% | GNW 176% · L 103% · SLF 98% |
| Financial Exchanges & Data | 15 | -3.1% | 16.7% | 28.8% | VIRT 173% · CBOE 130% · CME 70% |
| Diversified Financial Services | 4 | -7.4% | 22.5% | 24.8% | FRHC 165% · EQH 103% · TMS -53% |
| Consumer Finance | 30 | -1.3% | 89.1% | 21.8% | ENVA 409% · EZPW 306% · FCFS 166% |
| Insurance Brokers | 16 | -18.3% | -10.1% | 14.3% | LIFE 190% · ARX 88% · CRD-A 63% |
| Commercial & Residential Mortgage Finance | 15 | -44.3% | 26.6% | 12.7% | FNMA 445% · FMCC 407% · ACT 174% |
| Asset Management & Custody Banks ← | 87 | -11.0% | 14.3% | 7.5% | WT 330% · SII 291% · VCTR 263% |
| Specialized Finance | 3 | 13.3% | 43.6% | -3.2% | EFC 27% · CACC -3% · HASI -17% |
| Mortgage REITs | 33 | -10.2% | 8.5% | -21.2% | NREF 59% · RITM 43% · DX 34% |
| Diversified Capital Markets | 25 | -32.4% | 9.5% | -47.0% | OPY 180% · LPLA 105% · CD 82% |
| Transaction & Payment Processing Services | 17 | -1.2% | -8.2% | -47.9% | V 65% · MA 62% · CPAY 49% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 167.33 |
| Mkt Cap | 53.0 |
| Rev LTM | 6,593 |
| Op Inc LTM | 477 |
| FCF LTM | 979 |
| FCF 3Y Avg | 1,482 |
| CFO LTM | 979 |
| CFO 3Y Avg | 1,577 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.2% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 12.6% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 17.2% |
| Op Inc Chg 3Y Avg | 13.9% |
| Op Mgn LTM | 6.4% |
| Op Mgn 3Y Avg | 0.9% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 20.9% |
| CFO/Rev 3Y Avg | 19.4% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 17.9% |
Price Behavior
Price Behavior
| Market Price | $3.16 | |
| Distance from 52W High | -6.9% | |
| 50 Days | 200 Days | |
| DMA Price | $3.13 | $2.44 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 0.9% | 29.2% |
| 3M | 1YR | |
| Volatility | 0.0% | 51.8% |
| Downside Capture | � | 29.70 |
| Upside Capture | � | 12.24 |
| Correlation (SPY) | � | 6.8% |
GRAY Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | � | � | � | � | 0.00 | 0.11 |
| Up Beta | � | � | � | � | -0.14 | -0.47 |
| Down Beta | � | � | � | � | 0.29 | 0.72 |
| Up Capture | 0% | 0% | 0% | 0% | 4% | 4% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 0 | 0 | 0 | 0 | 28 | 260 |
| Down Capture | -0% | -0% | -0% | -0% | -23% | 40% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 0 | 0 | 0 | 0 | 28 | 278 |
[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% | 53.9% | 0.67 | - |
| Sector ETF (XLF) | 2.6% | 14.7% | -0.05 | 22.6% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 16.9% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 10.1% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -3.7% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 2.7% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 8.2% |
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 | -43.4% | 91.0% | -0.39 | - |
| Sector ETF (XLF) | 9.8% | 18.4% | 0.39 | 11.4% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 8.1% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 4.9% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 4.6% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 12.4% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 4.4% |
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) | 12.8% | 22.1% | 0.53 | 6.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 7.4% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 1.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 3.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 11.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 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
Leadership
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Products & Services
Introducing the Grayscale Bitcoin Miners ETF (Ticker: MNRS)
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: 9/22/2026