Which Crypto Companies Are Filing for IPOs — and Who Might Be the Next Circle?
Introduction: A New Wave of Crypto Capitalization
TradingKey - In 2025, the crypto industry is experiencing a fresh wave of capital market enthusiasm. Following Circle’s blockbuster IPO on the New York Stock Exchange (NYSE) — where its stock surged over 330% in just days — investor interest in crypto IPOs has skyrocketed. This milestone not only signals crypto’s entry into mainstream finance but also raises the question: Who’s next?
This article explores the crypto firms currently preparing for IPOs, analyzes their business models and valuation potential, and identifies the most likely candidates to become the next capital markets breakout.
Circle’s IPO: A Catalyst for the Crypto Public Listing Boom
On June 4, 2025, Circle (CRCL) — issuer of the USDC stablecoin — priced its IPO at $31 per share, valuing the company at $6.8 billion. The next day, it debuted on the NYSE at $69, soaring to $103.75 and pushing its market cap past $20 billion. By June 23, Circle hit a high of $298, marking an 860% gain from its IPO price.
The IPO raised $1.1 billion and attracted major institutional investors including ARK Invest, BlackRock, Citi, and Goldman Sachs, signaling strong confidence in the stablecoin sector. Circle’s success has opened the floodgates for other crypto firms eyeing public markets.
Crypto Companies Preparing for IPOs
Company | Type | IPO Status | Estimated Valuation |
Gemini | Exchange | S-1 filed with SEC | ~$7B |
Bullish | Exchange | Confidential filing | ~$8B |
Kraken | Exchange | Targeting early 2026 | $3–6B |
Bitkub | Exchange | Listing on Thai Stock Exchange | ~$165M |
Bithumb | Exchange | IPO planned for late 2025 | ~$2B |
OKX | Exchange | Considering IPO in the U.S. | Undisclosed |
FalconX | Prime Broker | Targeting NYSE listing this year | ~$8B |
ConsenSys | Ethereum (ETH) Infrastructure | Rumored to be preparing | ~$7B |
Ledger | Hardware Wallet | Considering EU/U.S. listing | ~$1.4B |
BitGo | Custody | IPO expected in 2025 | ~$1.75B |
Who Could Be the Next Circle?
With regulatory clarity improving — especially under the Trump administration — many of these firms are well-positioned for IPOs. Exchanges may have an edge due to their diverse revenue streams and scalability.
1.OKX
A global exchange ranked #3 in futures and #5 in spot trading volume. With strong revenue and a growing U.S. presence, OKX could surpass Circle in valuation if it lists successfully.
2.Gemini
Founded by the Winklevoss twins, Gemini is a compliance-first U.S. exchange expanding into stablecoins, NFTs, and institutional services. It has already filed an S-1 with the SEC.
3.Kraken
One of the oldest U.S. exchanges with a loyal user base and regulatory credibility. A 2026 IPO could make it the most prominent listing since Coinbase.
4.ConsenSys
Developer of MetaMask and a key player in the Ethereum ecosystem. Its developer moat and infrastructure role make it a long-term contender for public markets.
What’s Driving the Crypto IPO Boom?
The wave of crypto companies driving initial public offerings (IPOs) is backed by strong market momentum and many practical challenges. The following is an analysis of its driving factors and challenges:
1. Driving factors of crypto IPOs
Driver | Explanation |
Regulatory Clarity | Frameworks like the GENIUS Act, MiCA, and Hong Kong’s Stablecoin Ordinance are paving the way for compliant listings. |
Capital Market Access | Bitcoin (BTC) ETFs, tokenization, and Circle’s IPO have boosted institutional acceptance. |
Institutional Demand | Firms like BlackRock, ARK, Citi, and Fidelity are backing crypto IPOs. |
Mature Business Models | Stablecoins, custody, payments, and infrastructure now offer scalable, cash-generating operations. |
Market Sentiment | The rebound in cryptocurrency concept stocks (such as Coinbase, Robinhood) and Bitcoin prices has driven up overall valuations and investor confidence. |
2.Challenges Facing Crypto IPOs
Challenge | Explanation |
Macro Uncertainty | Interest rates, inflation, and geopolitics may dampen IPO appetite. |
Valuation Risk | Overhyped firms without earnings may face post-IPO corrections. |
Security Concerns | Smart contract bugs and hacks can erode trust. |
Investor Tips: How to Navigate the Crypto IPO Wave
Strategy | Actionable Advice |
Track Regulation | Monitor SEC, CFTC, and global regulators — especially statements from key figures like Paul Atkins. |
Focus on Fundamentals | Prioritize firms with revenue, compliance, and defensible tech (e.g., Kraken). |
Analyze Financials | Review income growth, profitability, and balance sheet health. |
Attend Roadshows | Join investor briefings to hear directly from leadership. |
Watch Market Trends | Follow Bitcoin price action and sector sentiment for timing cues. |
Conclusion: The Race to Be the Next Circle
Circle’s IPO has opened the floodgates for crypto firms to tap public markets. From Gemini and Bullish to Kraken and ConsenSys, the next wave of listings is already forming.
But investors should balance excitement with due diligence. The next “Circle” will need more than hype — it will require a resilient business model, regulatory alignment, and the ability to scale through volatility.
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