Which Crypto Companies Are Filing for IPOs — and Who Might Be the Next Circle?
Introduction
In 2025, the crypto industry is riding a fresh wave of financial mainstreaming. Following the explosive IPO of stablecoin issuer Circle on the New York Stock Exchange (NYSE) — where its stock surged over 330% within days — investor enthusiasm for crypto IPOs has intensified. This moment marks a turning point for digital assets entering traditional capital markets and raises the question: Who’s next?
Past Crypto IPO Successes
The U.S. equity market now hosts over 80 crypto-related public companies, spanning exchanges, mining firms, infrastructure providers, hardware manufacturers, fintech platforms, ETFs, and custodians.
Among them, only a few have achieved standout IPO success via direct listings:
What Drives a Successful Crypto IPO?
Factor | Description | Examples |
Regulatory clarity | SEC compliance, transparent financials | Circle, Coinbase |
Diverse revenue streams | Trading, stablecoin interest, custody, Web3 ventures | Coinbase |
Strong brand & user base | Millions of users, loyal communities | Robinhood |
Market timing | Bull cycles, favorable macro conditions | Circle, Coinbase |
Compelling narrative | Web3, tokenization, financial innovation | Strategy (MSTR) |
Institutional backing | Pre-IPO support from BlackRock, Ark Invest | Circle, Coinbase |
Who’s Preparing for IPOs Now?
Following Circle’s blockbuster listing on the NYSE, a wave of crypto firms — ranging from exchanges to infrastructure providers — have begun filing or preparing for public offerings. Here’s a snapshot of the most notable IPO candidates as of August 2025:
Company Name | Business Type | IPO Status | Estimated Valuation |
Bullish | Crypto exchange & media | NYSE IPO scheduled for August 13, 2025 | $4.2 billion |
Gemini | Crypto exchange & custodian | S-1 filed with SEC | ~$7 billion |
Kraken | Crypto exchange | Targeting early 2026 IPO | $15 billion |
Bitkub | Thai crypto exchange | Planning IPO on SET in 2025 | ~$165 million |
Bithumb | Korean crypto exchange | Preparing for IPO by end of 2025 | ~$2 billion |
OKX | Global crypto exchange | Exploring U.S. IPO | Undisclosed |
FalconX | Institutional trading platform | Expected NYSE IPO in 2025 | ~$8 billion |
ConsenSys | Ethereum infrastructure | Rumored IPO prep | ~$7 billion |
Ledger | Hardware wallet manufacturer | Considering IPO in Europe or U.S. | ~$1.4 billion |
BitGo | Crypto custody provider | Filed for U.S. IPO in July | ~$1.75 billion |
Grayscale | Asset manager & trust issuer | S-1 filed with SEC | ~$10 billion |
Figure Technology Solutions | Blockchain lending & exchange | Confidential SEC filing confirmed | Undisclosed |
Uphold | Crypto exchange | Exploring U.S. IPO | ~$1.5 billion |
Who’s Most Likely to Be the Next Circle?
As of mid-2025, the regulatory climate for crypto IPOs is relatively favorable, and investor appetite is strong. This creates a supportive environment for many crypto firms actively pursuing public listings. Among the current IPO candidates, several stand out for their strategic positioning, business maturity, and brand strength — including Gemini, OKX, Kraken, and ConsenSys.
Key Contenders and Their Strengths
Company | Success Potential / Highlights |
Gemini | Strong regulatory compliance, mature institutional services, and a well-developed ecosystem across stablecoins, NFTs, and custody. |
Bullish | Backed by Peter Thiel, previously attempted a SPAC listing, and has robust technical infrastructure. |
Kraken | One of the oldest U.S.-based crypto exchanges, with deep regulatory experience and a loyal user base. |
BitGo | Leader in institutional-grade custody, known for its compliance and security standards. |
ConsenSys | Developer of MetaMask and core Ethereum infrastructure; strong developer community and long-term growth potential. |
FalconX | Institutional trading platform with stable revenue and mature risk management. |
OKX | Global exchange with high trading volumes — #3 in futures and #5 in spot globally. Its scale and revenue stability could position it to outperform even Circle if listed. |
Why Gemini Could Be the Next Circle or Coinbase
Based on current market analysis and IPO filing progress, Gemini appears best positioned to replicate the success of Circle or Coinbase. Here's a breakdown:
Metric | Gemini Performance |
Regulatory Status | Filed S-1 with the SEC; represents a compliant U.S. exchange |
Brand & Trust | Founded by the Winklevoss twins; strong recognition among retail and institutional investors |
Business Model | Diversified across exchange, stablecoin (GUSD), NFT marketplace, and custody |
Valuation Potential | Estimated at ~$7 billion; mid-to-large cap with strong capital market appeal |
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. |
End
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.With its SEC-compliant framework, diversified business model, and strong brand recognition, Gemini could be the next breakout IPO in crypto’s march toward financial mainstreaming.
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