The intersection of cryptocurrency and traditional finance is happening faster than anyone imagined.

Trading platforms are acquiring infrastructure, perpetual contract platforms are launching stock indices, stablecoins are entering payment networks, BlackRock's BUIDL fund is turning on-chain dividends into everyday operations, and even intercontinental trading platforms are willing to pay up to $2 billion for a prediction market platform. The listing of crypto companies is no longer a symbol of "betraying the chain," but rather a proactive reach from traditional finance wanting to lock in the next round of growth within its own system.

For crypto projects sprinting towards an IPO, this is both an opportunity and a thorough check-up. Once they choose to go public, they can no longer tell their story solely through token prices; they must face quarterly financial reports, audits, board accountability, and even those value investors who look only at cash flow, not narratives. This group will be more rational, more ruthless, and more real than on-chain players.

The launch of spot ETFs over the past two years has allowed crypto assets to gain "legitimacy" within mainstream regulatory frameworks for the first time. Now, the emergence of a listing wave signifies another thing: crypto projects are starting to be treated as businesses rather than speculative products. This will change the narrative logic of the industry and reshape who qualifies to enter the next core stage.

Next, let’s focus on these crypto projects that are lining up for an IPO.

Grayscale (Asset Management/ETF Business)

Grayscale Investments was founded in 2013 and is the largest crypto asset management company in the world, managing approximately $35 billion in assets. The company offers over 40 products covering 45 tokens, including Bitcoin ETF (GBTC), Ethereum, Solana, etc., providing convenient investment channels for institutional and retail investors. The main investor is the parent company Digital Currency Group, which holds about 70%.

IPO Progress:

Current Status: Officially submitted IPO application;

Latest Development: Submitted S-1 registration document to the SEC on November 13, 2025, planning to list on the New York Stock Exchange under the ticker "GRAY." Lead underwriters include Morgan Stanley, Bank of America Securities, Jefferies, and Cantor. Financial data shows revenue of $173.3 million for the first nine months of 2025 (down 20% year-on-year) and net profit of $203.3 million;

Expected IPO Timing: Late 2025 to early 2026;

BitGo (Custody Services)

BitGo was founded in 2013 and is a leading digital asset institutional custody service provider. It supports over 1,400 digital assets, serves over 4,600 institutional clients and 1.1 million users, managing approximately $104 billion in assets. It offers compliant custody, multi-signature wallets, staking, trading execution, and other services, with client insurance coverage up to $250 million.

Funding History:

In 2021, Galaxy Digital announced plans to acquire BitGo for $1.2 billion but ultimately abandoned the deal. After that failed transaction, BitGo raised new funds, most notably a $100 million round in 2023, bringing the company's valuation to $1.75 billion.

IPO Progress:

Current Status: IPO application submitted;

Latest Development: Secretly submitted S-1 document on September 22, 2025, publicly revised on November 13, planning to list on the New York Stock Exchange under the ticker "BTGO." As of June 30, 2025, platform assets reached $90.3 billion, with annual revenue growth exceeding four times. Lead underwriters include Goldman Sachs and Morgan Stanley;

Expected IPO Timing: Q4 2025 to Q1 2026;

Consensys (Parent Company of MetaMask)

Consensys is a blockchain software company focused on the Ethereum ecosystem, founded in 2014 by Ethereum co-founder Joseph Lubin. The company has core products including MetaMask (a self-custody wallet with over 30 million monthly active users), Infura (developer API infrastructure), Besu (enterprise Ethereum client), and Linea (zkEVM Layer 2 solution), and also supports Ethereum fund management company SharpLink.

Funding History:

Consensys was valued at approximately $7 billion in a funding round in 2022. In the same year, the company raised $450 million, led by ParaFi Capital, and previously received substantial funding to support its Web3 infrastructure development plan;

Total Funding Amount: Approximately $725 million;

Major Investors: SoftBank Vision Fund 2, Microsoft, Temasek, JPMorgan, etc.;

IPO Progress:

Current Status: Actively preparing, underwriters selected;

Latest Development: On October 29, 2025, selected JPMorgan and Goldman Sachs as lead underwriters, marking the IPO's entry into substantive preparation. With the SEC withdrawing its lawsuit against MetaMask's staking feature in February 2025, the regulatory environment has significantly improved. The company has undergone internal restructuring and cost optimization, and launched a $30 million MetaMask Rewards incentive program on October 28;

Expected IPO Timing: Earliest in 2026, S-1 document not yet submitted;

OKX (Centralized Trading Platform)

OKX was founded in 2013 and is the second-largest cryptocurrency trading platform in the world. It offers spot and derivatives trading, DeFi wallets, NFT markets, and other services, supporting over 130 networks, holding licenses in the US, UAE, Singapore, and employing over 5,000 people globally.

IPO Progress:

Current Status: Unknown;

Latest Development: In June 2025, the CMO stated, "We will definitely consider an IPO in the future, likely in the US." In April 2025, re-entered the US market, reached a $500 million settlement with the Department of Justice, established a headquarters in San Jose, and appointed a former Barclays executive as US CEO. Currently focused on expanding in the US market and building compliance;

Expected IPO Timing: Undetermined;

Kraken (Centralized Trading Platform)

Kraken was founded in 2011 and is a well-known compliant cryptocurrency trading platform headquartered in San Francisco. It supports trading of over 400 cryptocurrencies, serving 15 million users across more than 190 countries. In 2025, revenue reached $1.5 billion (up 128% year-on-year), with adjusted EBITDA of $424 million.

Funding History:

Total Funding Amount: Approximately $622 million;

Latest Funding (September 2025): $500 million, post-money valuation of $15 billion, led by Tribe Capital;

Significant Investments: Acquired NinjaTrader ($1.5 billion) and Small Exchange ($100 million) in 2025;

IPO Progress:

Current Status: Actively preparing for a 2026 IPO;

Latest Development: Planning to list on Nasdaq in Q1 2026, currently collaborating with Goldman Sachs and JPMorgan to raise up to $1 billion in debt/equity funding. Revenue for Q1 2025 was $472 million (up 19% year-on-year), with adjusted EBITDA of $187 million. Co-CEO emphasized "not rushing to go public," focusing on regulatory clarity;

Expected IPO Timing: Q1 2026;

FalconX (Prime Brokerage/OTC Trading Platform)

FalconX was founded in 2018 and is an institutional digital asset prime broker, providing trading, financing, custody, and liquidity services to financial institutions, hedge funds, and others. It has facilitated over $2 trillion in trading volume, serving over 2,000 clients.

Funding History:

Total Funding Amount: Approximately $527 million;

Series D Funding (June 2022): $150 million, post-money valuation of $8 billion;

Major Investors: Tiger Global, B Capital, Singapore's Government Investment Corporation (GIC), etc.;

IPO Progress:

Current Status: Early discussion stage;

Latest Development: In October 2025, acquired 21Shares (a Swiss ETP issuer managing $11 billion in assets), and established a strategic partnership with Standard Chartered Bank in May. Reports suggest that it may submit an S-1 document as early as the end of 2025, but no bankers or formal timeline have been confirmed;

Expected IPO Timing: Late 2025 to 2026, still under discussion;

Animoca Brands (Gaming/Investment Sector)

Animoca Brands was founded in 2014 and is a Hong Kong-based Web3 gaming and investment company, developing blockchain games like The Sandbox and holding a portfolio of over 600 Web3 projects. Animoca was delisted from the Australian Securities Exchange in 2020 due to involvement with unregulated digital tokens, and has since successfully transformed into a regional industry giant. The company currently holds stakes in over 620 enterprises, including NFT trading platform OpenSea, cryptocurrency exchange Kraken, and software development company Consensys. Its annual revenue for 2024 reached $314 million, with nearly $300 million in cash and stablecoin reserves. It currently employs over 700 people and has raised over $700 million in total funding, with a latest valuation of approximately $9 billion.

IPO Progress:

Current Status: Planning a reverse merger to return to the public market;

Latest Development: On November 3, 2025, announced a non-binding reverse merger intention letter with Currency Group Inc. (CURR), which is listed on Nasdaq. After the transaction is completed, Animoca shareholders will own about 95% of the merged entity, with a post-money valuation of approximately $2.4 billion. The goal is to complete the transaction by Q3 2026;

Expected IPO Timing: Q3 2026 through reverse merger on Nasdaq;

Blockchain.com (Wallet + Brokerage Business)

Blockchain.com was founded in 2011, initially as a Bitcoin blockchain explorer, and has now evolved into a global cryptocurrency financial services platform. It has created over 90 million wallets, processed over $1 trillion in transactions, and provides self-custody wallets, brokerage, and trading platform services in over 200 countries.

Funding History:

Total Funding Amount: Approximately $1.17 billion;

Series E Funding (November 2023): $110 million first close, post-money valuation of approximately $7 billion;

Major Investors: Lightspeed, DST Global, Google Ventures, Coinbase Ventures, etc.;

IPO Progress:

Current Status: Preparing for a 2026 IPO in the US;

Latest Development: Aiming to list on a US securities exchange in 2026, previously explored a SPAC merger in October 2025 but shifted to a traditional IPO path. Appointed a co-CEO and added experienced board members, including former KPMG Global Chairman Timothy P. Flynn. Revenue growth of approximately 1500% over the past four years;

Expected IPO Timing: 2026, specific trading platform and timing to be determined;

Bithumb (South Korean Cryptocurrency Exchange)

Bithumb was founded in 2014 and is one of the largest cryptocurrency exchanges in South Korea, supporting trading of over 320 digital assets, primarily priced in Korean won. It operates under the supervision of the South Korean Financial Services Commission, offering spot trading, staking, and automated trading services.

Funding History:

Total Funding Amount: $200 million;

Series A Funding (April 15, 2019): $200 million for platform growth and security enhancements;

IPO Progress:

Current Status: Preparing to list on KOSDAQ;

Latest Development: Selected Samsung Securities as underwriter in 2023, underwent restructuring on July 31, 2025, splitting into Bithumb Korea (core trading business) and Bithumb A (investment and other businesses) to improve transparency. Plans to list on the KOSDAQ technology sector in South Korea;

Expected IPO Timing: Late 2025 or early 2026, awaiting regulatory approval;

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