Crypto

In brief

• Circle’s NYSE debut raised $1.1 billion and saw shares quadruple, making it one of the strongest crypto IPO in recent times.
• With the Trump administration rolling back SEC enforcement and signaling regulatory cooperation, companies now see a clear path to listing.
• Gemini, Bullish, and FalconX are among several crypto firms actively preparing IPOs, testing whether crypto firms can gain lasting traction on U.S. equity markets.

Stablecoin issuer Circle’s debut on the New York Stock Exchange exceeded expectations after its stock quadrupled from its $31 IPO price within 24 hours, raising over $1.1 billion and becoming the largest crypto IPO in recent history. 

Now, several major crypto firms are vying to go public—from prime brokerages to exchanges—the political and economic winds are beginning to shift in their favor.

President Donald Trump’s administration has pushed for a more conducive environment for the industry, as the SEC continues to drop major enforcement cases leftover from the Biden era.

It also marks crypto’s most significant push into mainstream finance since Bitcoin ETFs were approved in January of last year, as pension funds and asset managers seek exposure, while firms fish for capital to scale up and meet changing investor demands.

Here are a few of the companies lining up to go public.

FalconX

FalconX, valued at $8 billion during its last funding round in 2022, is considering a New York Stock Exchange listing as early as this year, according to sources who spoke with Decrypt this month. 

The crypto-focused prime brokerage has held preliminary discussions with bankers and consultants about the IPO process, though it hasn’t yet secured an underwriting bank.

“When you launch an IPO, you need to have a story,” one source familiar with the matter told Decrypt. “You’re selling yourself to the investing public.” 

The firm is exploring ways to enhance its public profile ahead of a potential public debut, while also ramping up strategic partnerships and acquisitions to meet the growing institutional demand for crypto.

Gemini

The Winklevoss twins didn’t wait long. Less than 24 hours after Circle’s debut, Gemini confirmed it had filed a confidential S-1 with the U.S. Securities and Exchange Commission.

“The number of shares of Class A common stock to be offered and the price range… have not yet been determined,” Gemini said in its IPO filing.

Although the company has yet to disclose timing or valuation targets, insiders expect the listing to occur before the end of the year.



Bullish

Bullish, the crypto exchange backed by billionaire Peter Thiel, has filed for a U.S. IPO with investment bank Jefferies potentially leading the offering. 

The company previously walked away from a $9 billion SPAC combination with Far Peak in 2021 as crypto markets collapsed.

Led by former NYSE president Tom Farley, Bullish offers blockchain-based trading with institutional-grade infrastructure. 

The company was founded in 2021 as a subsidiary of Block.one and raised $10 billion in digital assets and cash from heavyweight investors, including Peter Thiel, Louis Bacon, and Richard Li.

TRON

Justin Sun’s TRON is taking a different route—going public through a reverse merger with Nasdaq-listed SRM Entertainment. 

The deal was brokered by Dominari Securities, a firm tied to Eric and Donald Trump Jr.

While Eric Trump later clarified that he had “no public involvement” in the listing, TRON’s pivot to U.S. markets suggests a regulatory thawing.

The transaction follows TRON’s transition from foundation control to TRON Tech Ltd, a British Virgin Islands firm believed to be owned by Sun, in response to regulatory pressure, including a 2023 SEC lawsuit that was later resolved.

Kraken

Major U.S. crypto exchange Kraken’s parent company, Payward Inc., is reportedly streamlining operations ahead of a potential IPO in 2026, although the company later said it isn’t rushing to go public. 

“I think the way we think about it is that, if it’s in service to our clients to going public, building that trust as a currency, then we’ll think about doing it. So we’ll always be ready for it, but it may not be that we’ll have it on a specific date,” co-CEO Arjun Sethi told Axios in March.

“We’ll pursue public markets as it makes sense for our clients, our partners, and shareholders,” a Kraken spokesperson told Decrypt.

Bithumb

South Korea’s second-largest crypto exchange, Bithumb, is preparing for an IPO by late 2025, according to local media reports.

The exchange has rebounded to claim 25% of the local market, up from single digits in 2023, following years of decline after a $30 million hack in 2018.

Bithumb plans to restructure into two entities on July 31, 2025: Bithumb Korea (the exchange arm) and Bithumb A (managing other business ventures). 

The exchange will list on South Korea’s Kosdaq first, with a possible Nasdaq listing to follow for global investor access. Samsung Securities will reportedly underwrite the offering.

Bitkub

Thailand’s leading crypto exchange, Bitkub, plans to go public on the Thailand Stock Exchange this year to raise capital and boost market presence. 

CEO Jirayut Srupsrisopa confirmed last year that the company had hired financial advisers to prepare for the IPO, according to a Bloomberg report.

Final thoughts

If current momentum holds, 2025 may mark the year crypto finally breaks into Wall Street’s inner circle—for good.

Coinbase’s direct listing in April 2021 was the first major test. COIN opened at $381 and briefly touched a $100 billion valuation before closing at $328.28 on its first day.

Since then, the stock has seen sharp swings, trading as low as $33 in 2022 during the crypto winter before rebounding above $330 in mid-2025, as per Google Finance data.

But the stock did fade a little under regulatory pressure and market volatility. Circle’s breakout, backed by a friendlier administration and clearer optics, shows how far the scenario has shifted since then.

“In today’s market, the strongest IPO candidates combine explosive growth, real business models, and category-defining positioning,” Alex Felix, co-founder and CIO of CoinFund, told Decrypt.

“Two of the most successful IPOs this year—CoreWeave and Circle—highlight how public investors are eager for exposure to crypto and AI,” he said. “We expect more companies will follow in their footsteps, as there is a tremendous amount of growth in these two sectors.”

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