Key Takeaways
- Crypto IPOs are expected to surge with a more crypto-friendly U.S. government.
- Animoca Brands, Kraken, and TRON are only some names aiming to go public after Circle debuted on the NYSE.
- Conversely, big players like Ripple and Tether haven’t been discussing launching an IPO soon.
Fueled by growing institutional interest and a friendlier regulatory climate, a wave of crypto firms is preparing to launch Initial Public Offerings (IPOs), aiming to bridge the gap between digital assets and traditional finance.
From established exchanges in Asia to fintech innovators in the U.S., the crypto sector is gearing up for one of its most significant moments yet.
At the same time, some notable players remain cautious about going public.
Crypto IPOs on the Rise
Kraken
On Nov.19, Kraken, operated by Payward, Inc., announced that it has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The filing keeps key details, such as the number of shares and price range, under wraps for now, with the actual listing expected after SEC review, potentially as early as Q1 2026, depending on market conditions.
The move follows an $800 million fundraising round completed on Nov. 18, 2025, which valued Kraken at $20 billion—a 33% jump from its prior valuation in just under two months.
Investors included major Wall Street firms like Citadel Securities and Jane Street.
The company aims to improve its EBITDA by aggressively trimming costs across departments, making the organization leaner and more efficient.
Kraken also expands revenue through acquisitions, such as the derivatives platform NinjaTrader, and recently added stock trading.
Grayscale Investments Inc.
Grayscale Investments Inc. has become the latest crypto firm to file for an IPO amid a sea of crypto companies eyeing a public debut.
According to its S-1 filing, as of Sept. 30, the firm managed roughly $35 billion in assets, with a total addressable market of $365 billion.
Grayscale offers approximately 40 items that span over 45 digital tokens.
Animoca Brands
Animoca Brands, the Web3 powerhouse, intends to go public through a reverse merger.
Animoca stockholders are expected to possess approximately 95% of the new Nasdaq-listed business.
A three-month exclusivity period has been agreed upon to conclude the merger details.
The new company will concentrate on digital asset investments and blockchain applications.
Consensys
The parent company behind MetaMask, Consensys, is reportedly the latest to join the crypto IPO frenzy this year, owing to the United States’ improved and favorable regulatory conditions.
According to reports, Consensys is preparing to go public and has enlisted top banks, including JPMorgan and Goldman Sachs, to lead its initial public offering (IPO).
The company has raised over $725 million across six funding rounds from high-profile investors like SoftBank, BlackRock, Temasek, Mastercard, Coinbase, and HSBC.
Its last significant raise was a $450 million Series D in March 2022 at a $7 billion post-money valuation.
As of mid-2025, secondary market estimates place it at $10–$10.05 billion, up from $7 billion in 2022, reflecting the recovery of the cryptocurrency market and increased product adoption.
Gemini
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed its IPO registration with the U.S. SEC, confirming plans to list on Nasdaq under the ticker “GEMI.”
While share numbers and pricing remain undisclosed, the offering could raise to $400 million, funding platform expansion and compliance investment.
The filing shows Gemini had 523,000 monthly active users by mid-2025, processed $24.8 billion in trading volume in the first half of the year, and held $18.2 billion in assets.
Despite growth, the company remains unprofitable, reporting a $282.5 million net loss in H1 2025, following a $158.5 million loss in 2024, when revenue increased 45% to $142.2 million.
Gemini also disclosed a $75 million credit deal with Ripple, underscoring ties within the crypto sector. Founded in 2014, the exchange has emphasized compliance and security as it competes with Coinbase and decentralized finance platforms.
Figure Technology Solutions
Figure Technology Solutions Inc., a blockchain-based credit company, has filed for an initial public offering on Nasdaq.
The firm completed its Initial Public Offering (IPO) on September 11, 2025, and now trades on the Nasdaq Global Select Market under the ticker FIGR.
The New York-based firm reported net income of $29.1 million on $190.6 million in revenue for the first half of 2025, compared with a $15.6 million loss on $156 million in revenue a year earlier.
Co-founded in 2018 by SoFi veteran Mike Cagney, Figure develops blockchain technology for lending and has funded more than $16 billion in loans.
The company, valued at $3.2 billion in a 2021 funding round, also uses AI from OpenAI and Google to help evaluate applications.
Apollo Global Management, 10T Holdings and Ribbit Capital are among its backers. Goldman Sachs, Jefferies and Bank of America are leading the IPO. Cagney is expected to retain majority voting control after the listing.
OKX
Global crypto exchange OKX is reportedly exploring a U.S. IPO, just months after reentering the market following a $505 million settlement with the Department of Justice (DOJ) over anti-money laundering violations.
OKX, which operates across Asia, the Middle East, and Europe, reentered the U.S. in April, establishing a new headquarters in San Jose, California, and appointing Wall Street veteran Roshan Robert as U.S. CEO.
The move comes amid a broader trend of crypto firms going public in the U.S., driven by improving regulatory clarity and pro-crypto sentiment in Washington.
Sources say OKX may pursue a “split listing,” though plans are still evolving.
A U.S. IPO would grant the company greater access to institutional capital and a stronger position in the maturing American crypto market.
FalconX
FalconX, a leading crypto-focused brokerage for institutional clients, is considering launching an IPO on the New York Stock Exchange.
A formal filing could come later this year.
Insiders say the company has engaged in preliminary conversations with advisors and industry experts to gauge its roadmap to becoming publicly traded.
However, it has yet to secure an underwriting bank, a key milestone in the IPO process.
Going public would provide FalconX with fresh capital to fuel its growth strategy, which includes exploring acquisition opportunities and forging new alliances, especially as mainstream interest in digital assets continues to build momentum.
The brokerage was valued at $8 billion during its last fundraising effort in 2022, when it raised $150 million.
Additionally, the company is reportedly actively considering initiatives to enhance its brand visibility ahead of a potential market debut.
TRON
TRON went public in the U.S. in July on Nasdaq and began trading by the end of July following a $100 million reverse merger with SRM Entertainment (SRM).
This marked the blockchain company’s public debut under the ticker ‘TRON.’
TRON’s stock slid nearly 5% on Nasdaq on the first trading day.
The deal was arranged by Dominari Securities, a firm tied to Donald Trump Jr. and Eric Trump, who is also expected to take a role at the new company, Tron Inc.
Under the merger, Tron will receive $210 million in tokens, possibly from Sun-linked entities, and may use TRX as a treasury reserve asset—a first for a public company.
The deal underscores growing ties between Sun and the Trump family; Dominari’s offices are in Trump Tower, and Sun is a major backer of the Trumps’ crypto ventures.
Initially launched by the TRON Foundation, which ran the 2017 TRX ICO, blockchain control has gradually shifted to TRON Tech Ltd, a British Virgin Islands firm believed to be owned by Justin Sun.
This transition followed regulatory pressure, including a 2023 SEC lawsuit against the foundation and Sun.
The case was resolved mainly earlier this year as U.S. crypto enforcement cooled.
This week, Eric Trump, son of U.S. President Donald Trump, clarified that he has no public involvement in Tron’s IPO.
Eric Trump said he is a big fan of Tron and Justin Sun but is not involved in the listing process.
Bullish
Bullish, the crypto exchange backed by billionaire Peter Thiel, went public in the second week of August.
Bullish previously attempted to go public via a SPAC merger in 2021 but scrapped the plan due to market turbulence.
With markets stabilizing and regulatory winds shifting, the exchange is making another attempt.
Led by former NYSE president Tom Farley, Bullish offers blockchain-based trading with deep liquidity and institutional-grade infrastructure.
The company was founded in 2021 as a subsidiary of Block.one and raised $10 billion in digital assets and cash from heavyweight investors, including Thiel, Louis Bacon, and Richard Li.
Alan Howard was an early backer but has since exited the company.
Block.one itself famously raised $4 billion in a 2018 ICO and later settled with the SEC for $24 million over unregistered securities violations.
Circle
Circle, the issuer of USDC, has finally become a public company after completing its IPO process.
CRCL stock surged by 168% on its first trading day, opening at $69 after pricing its IPO at $31, well above expectations.
Shares peaked at $103.75 with 46 million traded. The IPO valued the stablecoin firm at $6.8 billion pre-trading.
This marks Circle’s second attempt to go public after a failed SPAC deal in 2022. It joins crypto-native firms like Coinbase and Riot Platforms on U.S. public markets.
CEO Jeremy Allaire highlighted the company’s regulatory stance, stating that Circle is “one of the most licensed, regulated, transparent companies” in the crypto space.
The IPO valuation aligns with recent rumored buyout offers from Coinbase and Ripple, which Circle rejected.
It also reflects a drop from Circle’s earlier $9 billion SPAC valuation in 2022.
Bithumb
South Korea’s second-largest crypto exchange, Bithumb, is staging a strong comeback as it prepares for an IPO by late 2025.
After years of decline following a $30 million hack in 2018, Bithumb has rebounded to claim 25% of the local market, up from single digits in 2023.
The exchange plans to list on South Korea’s Kosdaq and possibly follow up with a listing on NASDAQ to attract global investors. Samsung Securities will underwrite the offering.
To prepare, Bithumb will restructure into two entities on July 31, 2025: Bithumb Korea (the exchange arm) and Bithumb A (which will manage other business ventures). This move aims to streamline operations ahead of the IPO.
Blockchain.com
Crypto platform Blockchain.com is ramping up preparations for a potential public listing by strengthening its executive team.
The company has hired Justin Evans, a former Goldman Sachs executive, as Chief Financial Officer, and Mike Wilcox, a veteran of Velocity Global and Point72, as Chief Operating Officer.
While the company hasn’t formally announced IPO plans, Evans noted they are positioning themselves to go public “when market conditions permit.”
Bitkub
Thailand’s leading crypto exchange, Bitkub, plans to go public on the Thai Stock Exchange in 2025 to raise capital and boost its market presence.
CEO Jirayut Srupsrisopa said the company hires financial advisers to prepare for the IPO.
Despite a 6% staff reduction in 2022–2023, Bitkub aims to double its workforce to 4,000 by 2025, signaling aggressive growth.
Holding 77% of Thailand’s crypto market and $30 million in daily trading volume, Bitkub faces rising competition from Binance, Upbit, Bitazza, and bank-backed platforms.
In July 2023, Bitkub sold a 9.2% stake in Bitkub Online to Asphere Innovations for $16.5 million.
Ripple
Ripple has raised an additional $500 million, valuing the company at $40 billion, thereby reconfirming its January valuation and solidifying its position as one of the most valuable blockchain companies.
However, the firm has not confirmed any plans for an IPO in the near future.
In a CNBC interview, Ripple President Monica Long confirmed that an IPO is not currently on the company’s agenda, emphasizing Ripple’s strong financial position, which includes tens of billions of dollars in cash reserves.
She explained that companies usually go public to raise capital or enhance brand visibility—both of which Ripple “does not need“ at this time.
Ripple CEO Brad Garlinghouse has stated that the company isn’t seeking external funding and has “no plans for a near-term IPO.”
Although rumors of a Ripple IPO have circulated for years, Garlinghouse said in 2022 that they might reconsider an IPO once their legal dispute with the U.S. SEC was over.
However, after the settlement in 2025, he reaffirmed that going public is not a priority.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
