Crypto IPO Momentum Intensifies as Sol Strategies, FalconX Target New York Listings

Key Takeaways

• FalconX, a crypto prime brokerage, is exploring an IPO and could file as early as this year.
• Sol Strategies, already listed on the Canadian Securities Exchange, has filed with the U.S. SEC to list on the Nasdaq.
• Analysts see this IPO trend as a turning point for crypto firms seeking to integrate more deeply with traditional capital markets.

A growing wave of crypto firms is lining up to go public, with more digital asset companies filing for listings on the New York Stock Exchange (NYSE).

Among those preparing for their Wall Street debut are FalconX, Sol Strategies, and Gemini, each aiming to tap into investor appetite and fuel their next stage of growth with public capital.

FalconX Eyes NYSE IPO Amid Institutional Crypto Surge

Crypto prime brokerage FalconX is exploring an initial public offering on the NYSE, with sources saying the company could file as early as this year.

The firm has reportedly held informal talks with bankers and consultants to better understand the IPO process, though it has not yet hired an investment bank, typically the first formal step in going public.

FalconX is looking to tap public markets to support its expansion plans, including potential acquisitions and strategic partnerships, as institutional interest in digital assets continues to rise.

The company was last valued at $8 billion following a $150 million funding round in 2022.

Sources added that FalconX has also been discussing ways to boost its public profile.

Solana Treasury Firm Sol Strategies Files to List on Nasdaq

Sol Strategies, a Canadian-listed crypto firm holding over 420,000 SOL tokens, has filed to uplist to the Nasdaq under the ticker “STKE,” according to a recent Securities and Exchange Commission (SEC) filing.

The company, currently trading on the Canadian Securities Exchange (CSE), operates validator nodes on Solana and uses SOL as a core treasury asset.

Back in April, Sol Strategies issued $500 million in convertible securities to New York-based investment firm ATW Partners.

The capital was used to acquire and stake large amounts of SOL, both a treasury strategy and a signal of long-term confidence in Solana’s ecosystem.

A spokesperson for the firm said the focus is on building institutional infrastructure for Solana, not chasing price action.

“By increasing the stake across our validator network, we aim to strengthen decentralization and security,” the spokesperson added.

Staking rewards from the SOL holdings will benefit both Sol Strategies and ATW, underscoring growing institutional appetite for Solana-based assets.

Gemini Eyes NYSE Debut, Joins Wave of Crypto IPO Ambitions

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has officially filed paperwork with the SEC for an initial public offering, aiming to list on the NYSE.

The move comes just days after rival firms FalconX and Sol Strategies signaled similar intentions to go public.

While Gemini has not yet disclosed the size or pricing of the planned offering, its IPO filing marks a significant moment for crypto-native firms looking to reenter public capital markets after a prolonged bear market.

“Gemini’s move adds to the broader momentum and shows crypto-native firms are increasingly eyeing public markets,” said Kat Liu, VP at IPOX.

The analyst added it signals that long-anticipated firms are ready to reengage with public capital, noting renewed investor interest in companies with clear business models in fintech, AI, and digital assets.

Gemini currently offers trading for more than 70 cryptocurrencies and has been a longtime advocate for regulatory clarity in the U.S.