Key Takeaways
- Crypto IPOs are expected to surge with a more crypto-friendly U.S. government.
- Bullish, Kraken, and Bitkub are only some names aiming to go public this year after Circle debuted on the NYSE.
- Conversely, big players like Ripple and Tether haven’t been discussing launching an IPO soon.
After years of uncertainty and slow movement, 2025 is emerging as a breakthrough year for crypto companies seeking to enter the public markets.
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
Bullish
Bullish, the crypto exchange backed by billionaire Peter Thiel, has filed for a U.S. IPO, according to the Financial Times .
Investment bank Jefferies is expected to lead the offering.
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 trying again.
Led by former NYSE president Tom Farley, Bullish offers blockchain-based trading with deep liquidity and institutional-grade infrastructure. T
he 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.
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, saying Circle is “one of the most licensed, regulated, transparent companies” in crypto.
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 (managing 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 Velocity Global and Point72 veteran, 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 Thailand 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.
Figure
Figure Technologies , founded by former SoFi CEO Mike Cagney, planned to take its lending arm, LendCo, public in 2023.
Backed by major players like Goldman Sachs, JPMorgan, and Jefferies, the company reportedly targeted a valuation between $2 billion and $3 billion.
The IPO, initially slated for the first half of 2024, has yet to materialize. While the company hasn’t publicly scrapped the plan, there has been no official update on the timeline.
LendCo includes Figure’s lending and private capital markets business, while its digital asset division, excluded from the IPO, is raising $50 million independently.
Cagney continues to lead the digital division and is expected to appoint a separate CEO for LendCo if the IPO moves forward.
Figure previously reached a $3.2 billion valuation during the 2021 bull run.
Kraken
Crypto exchange Kraken has laid off hundreds of employees as it streamlines operations ahead of a potential U.S. IPO. A
bout 15% of staff were cut in October 2024 after Arjun Sethi became co-CEO alongside David Ripley, and additional layoffs have continued.
The company aims to improve its EBITDA by aggressively trimming across departments and making the organization leaner and faster.
Kraken also expands revenue through acquisitions, such as the derivatives platform NinjaTrader, and recently added stock trading.
A Kraken spokesperson said the firm constantly evaluates its workforce to align with strategic priorities, consolidating roles where needed while hiring in key areas—all part of preparing for the upcoming IPO.
Ripple
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 with tens of billions in cash reserves.
She explained that companies usually go public to raise capital or enhance brand visibility—both of which Ripple “does not need“ now.
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.
Tether
Tether CEO Paolo Ardoino said the company had no intention of going public just days after rival Circle debuted on the NYSE.
“No need to go public,” Ardoino said.
Responding to valuation estimates from Artmesis CEO Jon Ma, who claimed Tether could be worth $515 billion, ranking it as the 19th largest company globally, Ardoino called the figure “beautiful,” but possibly “a bit bearish” given Tether’s growing Bitcoin and gold reserves.
Bitcoin advocates Jack Mallers and Anthony Pompliano believe Tether could eventually hit a $1 trillion valuation.
Additionally, exchanges like Upbit and OKX—often mentioned as potential IPO candidates this year—have yet to indicate plans to go public.
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