1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
GRAY
Event Date
2020-09-25
IPO Date (Actual)
2020-09-23
Sector
Health Care
Subsector
Pharmaceuticals
Offer Range
$16.00-$16.00
Shares Offered
5.6M
20.98M
$306.6M
Implied Upside vs Midpoint
Description
Grayscale is the largest digital asset-focused investment platform in the world, with approximately $35 billion in assets under management as of September 30, 2025. Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products. Today, we are operating from a position of strength due to our highly differentiated position in the digital asset investment ecosystem. --- We believe that Grayscale is the smart way to invest in the digital asset class, just as investing in our products is a smart way to invest in digital assets. The inherent operating leverage underlying our platform has the potential to deliver superior returns relative to digital assets when market values appreciate, while also providing us the flexibility to maintain financial discipline, control costs and opportunistically invest in our growth initiatives should digital asset prices depreciate for sustained periods of time. When compared with the other options investors have to gain digital asset exposure via the public markets, we believe Grayscale offers (1) better diversification than stablecoin issuers due to our comprehensive coverage of the digital asset universe rather than single sector exposure, (2) better capital efficiency than miners due to our lower operating expenses, (3) better economics than digital asset trading platforms because our revenues are derived from more stable management fees on AUM rather than transaction fees, and (4) better return on equity than treasury companies with less risk because our profitable and capital-efficient operating business model can, but does not need to, issue debt or dilutive equity to generate returns. We also have the ability to organically and efficiently compound our exposure to digital assets by accruing tokens through our asset management business, allowing us to retain operating profit in the form of digital assets and further participate in the potential growth of the market. --- Pioneering the Digital Asset Revolution Digital assets and blockchain technology are driving a secular shift in the global financial system, streamlining financial access and democratizing payment rails. Recognizing this transformative potential, we knew investors would need regulated investment vehicles that provide transparent, compliant and secure access. In 2013, we launched the first widely available and institutional-grade Bitcoin investment fund in the world-then known as the-bitcoin Investment Trust-to meet this market demand. Grayscale was the first firm in history to offer a product of this kind, pioneering regulated access to the digital asset class. Our groundbreaking Bitcoin product offered U.S. accredited investors a familiar investment vehicle to gain exposure to the first and largest digital asset protocol in existence. We would go on to make our Bitcoin product the first publicly traded Bitcoin vehicle under the ticker GBTC, the first SEC reporting digital asset investment vehicle, and among the first spot Bitcoin exchange-traded products following our watershed U.S. Court of Appeals ruling in 2023. Our Bitcoin trust was introduced when Bitcoin had a market capitalization of only approximately $1.5 billion. As of December 31, 2025, the entire digital asset market capitalization is approximately 2,000 times that at approximately $3 trillion. Since the launch of our Bitcoin trust, we have become deeply embedded within the digital asset investment ecosystem. Through our Capital Solutions Platform—an origination engine through which we partner with entrepreneurs, developers, foundations and protocol teams—we structure products and solutions around what we believe are the most promising emerging technologies. What began with Bitcoin has grown into an entire universe of digital asset sectors including artificial intelligence ("AI"), identity systems, digital artwork, storage, web hosting and gaming. Digital assets are reshaping traditional finance through the tokenization of real-world assets—such as stocks, bonds, real estate, and commodities—and stablecoins have emerged as one of the most prominent use cases of the asset class, removing friction and driving efficiency in payment systems infrastructure. As digital assets reshape the future of finance, Grayscale is not just participating in the asset class, we are helping unlock its true potential by inventing products and pioneering regulated access for investors. We are doing for digital assets what Vanguard and PIMCO did for the investment management industry with their mutual fund and bond fund in the 1970s and 1980s, and what KKR did for private equity with their leveraged buy-out vehicles in the 1980s. --- Grayscale Investments, Inc. (formerly known as GSO Intermediate Holdings I Corporation) was incorporated in the State of Delaware on May 2, 2025. Our principal executive offices are located at 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902 and our telephone number is (212) 668-1427. Our website is www.grayscale.com.
CalciMedica, Inc. annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings.
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Operating income | ($35.9M) | — | ($24.2M) | ($23.1M) |
| Net income | ($35.8M) | — | ($13.7M) | ($29.6M) |
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $69.1M | — | $19.8M | $13.6M |
| Total liabilities | $4.1M | — | $5.4M | $20.2M |
| Total equity | $65.0M | $8.2M | $14.4M | ($6.6M) |
| Cash & equivalents | $13.4M | — | $7.9M | $11.5M |