[Analysis: Improved market conditions drive BitGo, Kraken, Grayscale, and other crypto companies to seek IPOs next year] According to Decrypt, this year saw a rush of companies—from exchanges to stablecoin issuers—entering the public market, leading to an unusually crowded IPO schedule. The successful listings of Circle and Bullish on the U.S. stock market have also drawn attention from Wall Street. Analysts believe that as successful cases increase and market conditions improve, multiple crypto companies will seek IPOs in 2026. Crypto brokerage FalconX is reportedly considering an IPO but has not yet filed any documents with the U.S. Securities and Exchange Commission (SEC). Other companies are also preparing for the listing stage, including Kraken, which has already submitted its application, as well as BitGo, Grayscale, and Blockchain.com, which have explored or publicly discussed IPO plans.