Crypto projects still lining up for listings in this bear market
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Crypto projects still lining up for listings in this bear market
The emergence of the listing boom means one other thing: crypto projects will start being treated as businesses, not speculative assets.
Navigating Web3 tides with focused insightsAuthor: Lüdong Xiao Gong
The convergence of crypto and traditional finance is happening faster than anyone imagined.
Exchanges are acquiring infrastructure, perpetual futures platforms are launching stock indices, stablecoins are entering payment networks, BlackRock's BUIDL fund has made on-chain dividends a routine operation, and even intercontinental exchanges are willing to bet up to $2 billion on a prediction market platform. For crypto companies going public, this is no longer a symbol of "betraying the chain," but rather evidence of traditional finance reaching out proactively to lock the next wave of growth into its own system.
For crypto projects racing toward IPOs, this is both an opportunity and a full-scale audit. Once they choose the public markets, they can no longer rely solely on token prices to tell their story—they must face quarterly financial reports, audits, board accountability, and investors who don't care about narratives but focus strictly on cash flow. These investors will be calmer, harsher, and more realistic than on-chain participants.
The launch of spot ETFs over the past two years has already granted crypto assets formal recognition within mainstream regulatory frameworks. Now, the emerging wave of listings signifies another shift: crypto projects are beginning to be treated as real companies, not speculative assets. This will change the industry’s narrative logic and redefine who qualifies for the core stage of the next cycle.
Now, let’s turn our attention to these crypto projects lining up for IPOs.
Grayscale (Asset Management / ETF Business)
Grayscale Investments, founded in 2013, is the world’s largest digital asset management firm, overseeing approximately $35 billion in assets. The company offers more than 40 products covering 45 tokens, including Bitcoin ETF (GBTC), Ethereum, Solana, and others, providing institutional and retail investors with accessible exposure to crypto assets. The majority shareholder is its parent company, Digital Currency Group, holding around 70%.
IPO Status:
Current Status: Officially filed IPO application;
Latest Update: Submitted S-1 registration statement 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 $173.3 million in revenue (down 20% year-on-year) and $203.3 million in net profit for the first nine months of 2025;
Expected IPO Timing: Late 2025 to early 2026;
BitGo (Custody Services)
Founded in 2013, BitGo is a leading institutional digital asset custody provider. It supports over 1,400 digital assets, serves more than 4,600 institutional clients and 1.1 million users, and manages approximately $104 billion in assets. The company offers compliant custody, multi-signature wallets, staking, and trade execution 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. Following that, BitGo raised new capital, most notably a $100 million round in 2023 that brought its valuation to $1.75 billion.
IPO Status:
Current Status: Filed IPO application;
Latest Update: Secretly filed 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." Platform assets reached $90.3 billion as of June 30, 2025, with annual revenue growing over fourfold. Lead underwriters include Goldman Sachs and Morgan Stanley;
Expected IPO Timing: Fourth quarter 2025 to first quarter 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. Its key products include MetaMask (a self-custody wallet with over 30 million monthly active users), Infura (developer API infrastructure), Besu (enterprise Ethereum client), and Linea (a zkEVM Layer 2 solution). It also supports SharpLink, an Ethereum treasury management firm.
Funding History:
Consensys was valued at approximately $7 billion in a 2022 funding round. That same year, it raised $450 million led by ParaFi Capital, following earlier investments supporting its Web3 infrastructure development plan;
Total Funding: Approximately $725 million;
Key Investors: SoftBank Vision Fund 2, Microsoft, Temasek, JPMorgan Chase, among others;
IPO Status:
Current Status: Actively preparing, underwriter selected;
Latest Update: On October 29, 2025, selected JPMorgan and Goldman Sachs as lead underwriters, marking entry into substantive IPO preparation. The regulatory environment improved significantly after the SEC dropped its lawsuit against MetaMask’s staking feature in February 2025. The company has completed 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 not yet filed;
OKX (Centralized Exchange)
Founded in 2013, OKX is the world’s second-largest cryptocurrency exchange. It offers spot and derivatives trading, DeFi wallets, NFT marketplace services, supports over 130 networks, holds licenses in the U.S., UAE, Singapore, and employs over 5,000 people globally.
IPO Status:
Current Status: Unknown;
Latest Update: In June 2025, CMO stated, "We will absolutely consider an IPO in the future, likely in the U.S." In April 2025, OKX re-entered the U.S. market, settling with the Department of Justice for $500 million, establishing a San Jose headquarters, and appointing a former Barclays executive as U.S. CEO. Currently focused on U.S. expansion and compliance;
Expected IPO Timing: Undetermined;
Kraken (Centralized Exchange)
Founded in 2011 and headquartered in San Francisco, Kraken is a globally recognized compliant cryptocurrency exchange. It supports trading of over 400 cryptocurrencies, serves 15 million users across 190+ countries. Generated $1.5 billion in revenue in 2025 (up 128% YoY), with adjusted EBITDA of $424 million.
Funding History:
Total Funding: Approximately $622 million;
Latest Funding (September 2025): $500 million, post-money valuation of $15 billion, led by Tribe Capital;
Key Acquisitions: Acquired NinjaTrader ($1.5 billion) and Small Exchange ($100 million) in 2025;
IPO Status:
Current Status: Actively preparing for 2026 IPO;
Latest Update: Plans to list on Nasdaq in Q1 2026, currently working with Goldman Sachs and JPMorgan to raise up to $1 billion in debt/equity financing. Q1 2025 revenue was $472 million (up 19% YoY), adjusted EBITDA $187 million. Co-CEOs emphasize they are "not rushing to go public," prioritizing regulatory clarity;
Expected IPO Timing: First quarter 2026;
FalconX (Prime Brokerage / OTC Trading Platform)
Founded in 2018, FalconX is a prime broker for institutional digital asset traders, offering trading, financing, custody, and liquidity services to financial institutions and hedge funds. It has facilitated over $2 trillion in trading volume and serves more than 2,000 clients.
Funding History:
Total Funding: Approximately $527 million;
Series D (June 2022): $150 million, post-money valuation of $8 billion;
Key Investors: Tiger Global, B Capital, Singapore’s GIC, among others;
IPO Status:
Current Status: Early discussion phase;
Latest Update: Acquired 21Shares (a Swiss ETP issuer managing $11 billion in assets) in October 2025, formed strategic partnership with Standard Chartered in May. Reports suggest it may file S-1 as early as late 2025, though underwriters and official timeline remain unconfirmed;
Expected IPO Timing: Late 2025 to 2026, still under discussion;
Animoca Brands (Gaming / Investment Sector)
Founded in 2014, Animoca Brands is a Hong Kong-based Web3 gaming and investment firm, known for developing blockchain games like The Sandbox and investing in over 600 Web3 projects. After being delisted from the Australian Securities Exchange in 2020 due to unregulated digital tokens, it successfully transformed into a regional industry leader. Today, it holds stakes in over 620 companies, including OpenSea, Kraken, and Consensys. Reported $314 million in annual revenue for 2024, with nearly $300 million in cash and stablecoin reserves. Employs over 700 people, has raised over $700 million in total funding, and is currently valued at approximately $9 billion.
IPO Status:
Current Status: Planning reverse merger to return to public markets;
Latest Update: Announced a non-binding letter of intent on November 3, 2025, to merge with Nasdaq-listed Currenc Group Inc. (CURR). Upon completion, Animoca shareholders will own approximately 95% of the combined entity, with a post-transaction valuation of around $2.4 billion. Target completion in Q3 2026;
Expected IPO Timing: Q3 2026 via reverse merger on Nasdaq;
Blockchain.com (Wallet + Brokerage Business)
Founded in 2011 as a Bitcoin blockchain explorer, Blockchain.com has evolved into a global crypto financial services platform. It has created over 90 million wallets, processed over $1 trillion in transactions, and provides self-custody wallets, brokerage, and trading services in over 200 countries.
Funding History:
Total Funding: Approximately $1.17 billion;
Series E (November 2023): First close of $110 million, post-money valuation around $7 billion;
Key Investors: Lightspeed, DST Global, Google Ventures, Coinbase Ventures, among others;
IPO Status:
Current Status: Preparing for 2026 U.S. IPO;
Latest Update: Targeting a U.S. exchange listing in 2026. Explored SPAC merger in October 2025 but shifted to traditional IPO path. Appointed co-CEOs and added experienced board members, including Timothy P. Flynn, former global chairman of KPMG. Revenue has grown approximately 1,500% over the past four years;
Expected IPO Timing: 2026, specific exchange and date TBA;
Bithumb (South Korean Cryptocurrency Exchange)
Founded in 2014, Bithumb is one of South Korea’s largest cryptocurrency exchanges, supporting trading of over 320 digital assets, primarily priced in Korean won. It operates under the supervision of the Financial Services Commission, offering spot trading, staking, and automated trading services.
Funding History:
Total Funding: $200 million;
Series A (April 15, 2019): $200 million raised for platform growth and security improvements;
IPO Status:
Current Status: Preparing for KOSDAQ listing;
Latest Update: Selected Samsung Securities as underwriter in 2023. Completed restructuring on July 31, 2025, splitting into Bithumb Korea (core trading operations) and Bithumb A (investment and other businesses) to enhance transparency. Plans to list on the KOSDAQ tech segment;
Expected IPO Timing: Late 2025 or early 2026, pending regulatory approval.
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