Following Circle's extremely successful IPO, major companies in the cryptocurrency industry are preparing to go public as investor demand surges.
Author: Vismaya
Source: decrypt
Translation: Baihua Blockchain
Stablecoin issuer Circle's debut on the New York Stock Exchange exceeded expectations, with its stock price quadrupling from the $31 IPO price within 24 hours, raising over $1.1 billion, making it the largest cryptocurrency IPO in recent times.
Now, from major brokerage firms to trading platforms, several leading cryptocurrency companies are vying to go public—political and economic conditions are starting to favor them.
The Trump administration pushed to create a more favorable environment for the industry, while the SEC continues to withdraw significant enforcement cases left over from the Biden era.
This also marks the most significant push for cryptocurrency into mainstream finance since the approval of the Bitcoin ETF last January, with pension funds and asset management companies seeking exposure, while companies look for capital to scale and meet the evolving demands of investors.
Here are several companies preparing to go public:
OK
OK is the latest cryptocurrency trading platform to express IPO ambitions, with its Chief Marketing Officer Haider Rafique stating to The Information that the company "will absolutely consider an IPO in the future," with the U.S. as a potential listing location.
This statement follows its launch of U.S. operations in April and a $500 million settlement with the Department of Justice, which accused it of servicing U.S. customers without a money transmission license.
OK has since positioned itself as a compliant and security-focused platform, led by newly appointed U.S. CEO Roshan Robert in its expansion in San Jose.
An IPO would mark an important milestone for OK in deepening its presence in the U.S. market and restoring its reputation after regulatory setbacks. No timeline or filing details have been announced yet.
FalconX
According to sources interviewed by Decrypt this month, FalconX, which was valued at $8 billion in its latest funding round in 2022, is considering going public on the New York Stock Exchange as early as this year.
The major cryptocurrency brokerage has had preliminary discussions with bankers and advisors regarding the IPO process but has not yet selected an underwriter.
A knowledgeable source told Decrypt: "When launching an IPO, you need to have a story. You are marketing yourself to the investing public."
The company is exploring ways to enhance its public image in preparation for a potential public debut while accelerating strategic partnerships and acquisitions to meet the growing institutional demand for cryptocurrency.
Bullish
Cryptocurrency trading platform Bullish, backed by billionaire Peter Thiel, has filed for an IPO in the U.S., with investment bank Jefferies likely to lead the offering.
The company previously abandoned a $9 billion SPAC merger with Far Peak in 2021 due to the collapse of the cryptocurrency market.
Led by former NYSE president Tom Farley, Bullish offers blockchain-based trading with institutional-grade infrastructure.
Founded in 2021 as a subsidiary of Block.one, the company raised $10 billion in digital assets and cash from heavyweight investors like Peter Thiel, Louis Bacon, and Richard Li.
TRON
Justin Sun's TRON has taken a different route—going public through a reverse merger with Nasdaq-listed SRM Entertainment.
The deal was facilitated by Dominari Securities, which has ties to Eric and Donald Trump Jr.
Although Eric Trump later clarified that he "was not publicly involved" in the listing, TRON's pivot to the U.S. market indicates that the regulatory environment is thawing.
The transaction occurred after TRON transitioned from being foundation-controlled to being controlled by Sun's British Virgin Islands company TRON Tech Ltd, a move made to address regulatory pressures, including a lawsuit from the SEC in 2023, which has since been resolved.
Kraken
Major U.S. cryptocurrency exchange Kraken's parent company Payward Inc. is reportedly streamlining operations for a potential IPO in 2026, although the company later stated it is not in a rush to go public.
Co-CEO Arjun Sethi told Axios in March: "We believe that if going public can serve our customers and build trust as a currency, we will consider doing so. So we will always be prepared for that, but it may not happen on a specific date."
A Kraken spokesperson told Decrypt: "We will pursue the public market when it makes sense for our customers, partners, and shareholders."
Bithumb
According to local media reports, South Korea's second-largest cryptocurrency exchange Bithumb is preparing for an IPO in the second half of 2025.
The trading platform has rebounded after suffering a $30 million hack in 2018, now capturing 25% of the local market, up from single digits in 2023.
Bithumb plans to restructure into two entities by July 31, 2025: Bithumb Korea (the trading platform division) and Bithumb A (managing other business projects).
The trading platform will first list on Korea's Kosdaq, followed by a potential listing on Nasdaq to attract global investors. Reports indicate that Samsung Securities will underwrite the offering.
Bitkub
Thailand's leading cryptocurrency exchange Bitkub plans to list on the Thailand Stock Exchange this year to raise funds and enhance its market influence.
CEO Jirayut Srupsrisopa confirmed last year that the company has hired financial advisors to prepare for the IPO, according to Bloomberg.
Summary
If the current momentum continues, 2025 could mark the year cryptocurrency finally enters the core circle of Wall Street permanently.
Coinbase's direct listing in April 2021 was the first major test. COIN opened at $381, briefly reaching a $100 billion valuation, closing its first day at $328.28.
Since then, the stock price has experienced significant volatility, dropping to $33 during the cryptocurrency winter of 2022, before rebounding to over $330 in mid-2025, according to data from Google Finance.
However, under regulatory pressure and market fluctuations, the stock price has slightly retreated. Circle's breakthrough, supported by a friendlier government and clearer outlook, shows how much the landscape has changed since then.
Alex Felix, co-founder and chief investment officer of CoinFund, told Decrypt: "The strongest IPO candidates in today's market combine explosive growth, a real business model, and category-defining positioning."
He added: "The two most successful IPOs this year—CoreWeave and Circle—highlight the public investors' demand for exposure to cryptocurrency and artificial intelligence. We expect more companies to follow suit, as both sectors have tremendous growth potential."
Article link: https://www.hellobtc.com/kp/du/06/5910.html
Source: https://decrypt.co/326369/which-crypto-ipos-could-be-next-following-circle
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