Key Takeaways
- Circle’s initial public offering (IPO) may pave the way for other crypto companies to follow suit.
- A report by Bybit highlighted six crypto firms that could go public next.
- Potential IPO candidates include infrastructure providers, exchanges and blockchain analytics firms.
In the wake of Circle’s blockbuster initial public offering (IPO), other crypto companies could also pursue public listings following CRCL’s impressive first days of trading.
According to a report by Bybit, six large crypto firms are among the most likely to go public next, potentially signaling a wave of crypto IPOs ahead.
1. Consensys
Best known as the developer of MetaMask, Consensys is increasingly mentioned in IPO predictions.
With other established platforms like Infura and Linea in its portfolio, the company operates a mature business by crypto standards, and according to Forbes, has already embarked on “internal preparations” to IPO.
Consensys last raised capital in 2022, when it was valued at over $7 billion.
As a private company, the firm doesn’t publish exact financial statements. But it has likely generated over ten million dollars in the last year from MetaMask wallet fees alone. Other major revenue streams include enterprise software licensing and consulting services.
2. Ledger
Hardware wallet provider Ledger is another crypto firm frequently cited as an IPO candidate.
In a 2023 interview, CEO Pascal Gauthier boasted that Ledger had “consistently outperformed the market,” with year-on-year revenue growth as high as 200%.
In May, the firm reported that more than 20% of the world’s crypto is stored in Ledger wallets, reflecting the strong demand for its main product offering.
3. Fireblocks
As noted by Bybit, Fireblocks’ IPO potential stems from its strong positioning in the market for institutional custody and payment services.
Like Circle, the firm plays an increasingly central role in the stablecoin market, helping to process $40 billion in stablecoin transactions per quarter.
Moreover, with crypto adoption rising, Fireblocks now secures $60 billion worth of assets for over 2,000 customers.
These include crypto native financial technology companies, but also banks and asset managers like Bancolombia and WisdomTree.
4. Kraken
While it may not be one of the top crypto exchanges by trade volume, Kraken’s strong track record for regulatory compliance is a major advantage when it comes to listing publicly.
For now, the firm hasn’t filed paperwork with the SEC, but its IPO preparations are reportedly well underway, with rumors indicating that the company could float as soon as the first quarter of 2026.
5. Chainalysis
If ties to Washington and Wall Street are considered the necessary preconditions for a crypto company to go public, Chainalysis is arguably the next most logical IPO candidate now that Coinbase and Circle have made the move.
The blockchain analytics firm has positioned itself as a key partner for government agencies and private businesses alike. And as regulatory scrutiny of crypto transactions increases, demand for Chainalysis’ services is only likely to grow.
6. Bithumb
According to Korean media outlets, crypto exchange Bithumb aims to go public in the second half of 2025.
To strengthen its position ahead of an IPO, the firm recently moved to spin off more risky parts of its business, such as its venture arm.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
