A wave of IPOs is underway; a look at the crypto projects queuing up for their IPOs.

The convergence of crypto and traditional finance is happening faster than anyone imagined.

Exchanges are acquiring infrastructure, perpetual contract platforms are listing stock indices, stablecoins are entering payment networks, BlackRock's BUIDL fund is making on-chain dividends a routine practice, and even the Intercontinental Exchange is willing to pay up to $2 billion for a prediction market platform. Crypto companies going public is no longer a symbol of "betraying the blockchain," but rather a sign that traditional finance is actively reaching out to lock the next wave of growth into its own system.

For crypto projects aiming for an IPO, this is both an opportunity and a thorough check-up. Once they choose to go public, they can no longer rely solely on token prices to tell their story; they must face quarterly financial reports, audits, board accountability, and even value investors who only look at cash flow and not narratives. This group will be more level-headed, ruthless, and realistic than on-chain players.

The launch of spot ETFs over the past two years has given crypto assets their first official recognition within a mainstream regulatory framework. Now, the wave of IPOs signifies something else: crypto projects are beginning to be treated as businesses, not speculative assets. This will change the industry's narrative and reshape who qualifies for the next round of central roles.

Next, let's turn our attention to these crypto projects that are lining up for their IPOs.

Grayscale (asset management/ETF business)

Founded in 2013, Grayscale Investments is the world's largest cryptocurrency asset management company, managing approximately $35 billion in assets. The company offers over 40 products covering 45 tokens, including a Bitcoin ETF (GBTC), Ethereum, and Solana, providing institutional and retail investors with convenient access to cryptocurrency investments. Its parent company, Digital Currency Group, holds approximately 70% of the shares.

IPO progress:

Current status: IPO application has been formally submitted;

Latest developments: On November 13, 2025, the company filed its S-1 registration statement with the SEC, planning to list on the New York Stock Exchange under the ticker symbol "GRAY". The lead underwriters include Morgan Stanley, Bank of America Securities, Jefferies, and Cantor. Financial data shows revenue of $173.3 million for the first nine months of 2025 (a 20% year-over-year decrease) and net profit of $203.3 million.

Expected IPO timeline: End of 2025 to beginning of 2026;

BitGo (managed service)

Founded in 2013, BitGo is a leading provider of institutional custody services for digital assets. 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. Services include compliant custody, multi-signature wallets, staking, and trade execution, with client insurance coverage up to $250 million.

Funding history:

In 2021, Galaxy Digital announced a $1.2 billion acquisition of BitGo, but ultimately abandoned the deal. Following that failed attempt, BitGo raised new funding, most notably a $100 million funding round in 2023, bringing the company's valuation to $1.75 billion.

IPO progress:

Current status: IPO application submitted;

Latest developments: The S-1 filing was confidentially submitted on September 22, 2025, and publicly revised on November 13, with plans to list on the New York Stock Exchange under the ticker symbol "BTGO". As of June 30, 2025, the platform's assets reached $90.3 billion, with annual revenue growth exceeding fourfold. The lead underwriters include Goldman Sachs and Morgan Stanley.

Expected IPO timeline: Q4 2025 to Q1 2026;

Consensys (Metamask's parent company)

Consensys is a blockchain software company focused on the Ethereum ecosystem. Founded in 2014 by Ethereum co-founder Joseph Lubin, the company's core products include MetaMask (a self-custodied wallet with over 30 million monthly active users), Infura (a developer API infrastructure), Besu (an enterprise Ethereum client), and Linea (a zkEVM Layer 2 solution). It also supports Ethereum fund management company SharpLink.

Funding history:

Consensys was valued at approximately $7 billion in a funding round in 2022. That same year, the company raised $450 million, led by ParaFi Capital, having previously secured substantial funding to support its Web3 infrastructure development initiatives.

Total funding: Approximately US$725 million;

Major investors: SoftBank Vision Fund 2, Microsoft, Temasek, JPMorgan Chase, etc.

IPO progress:

Current status: In active preparation, underwriters have been selected;

Latest Developments: On October 29, 2025, JPMorgan Chase and Goldman Sachs were selected as lead underwriters, marking the start of the substantive preparation phase for the IPO. With the SEC withdrawing its lawsuit against MetaMask's staking functionality in February 2025, the regulatory environment has significantly improved. The company has undergone internal restructuring and cost optimization, and launched a $30 million MetaMask Rewards incentive program on October 28.

Expected IPO timeline: 2026 at the earliest; S-1 filing not yet submitted.

OKX (centralized trading platform)

Founded in 2013, OKX is the world's second-largest cryptocurrency exchange. It offers services including spot trading, derivatives trading, DeFi wallets, and NFT marketplaces, supports over 130 networks, holds licenses in the United States, the United Arab Emirates, Singapore, and other locations, and has over 5,000 employees worldwide.

IPO progress:

Current status: Unknown;

Latest Developments: In June 2025, the CMO stated, "An IPO will definitely be considered in the future, most likely in the United States." In April 2025, the company re-entered the US market, reached a $500 million settlement agreement with the Department of Justice, established its headquarters in San Jose, and appointed a former Barclays executive as its US CEO. Currently, the company is focused on US market expansion and compliance building.

Expected IPO timing: Undetermined;

Kraken (centralized trading platform)

Founded in 2011 and headquartered in San Francisco, Kraken is a globally recognized compliant cryptocurrency trading platform. It supports trading in over 400 cryptocurrencies, serves 15 million users in more than 190 countries, and is projected to generate $1.5 billion in revenue by 2025 (a year-over-year growth of 128%), with adjusted EBITDA of $424 million.

Funding history:

Total funding: Approximately US$622 million;

Latest funding (September 2025): $500 million, post-money valuation of $15 billion, led by Tribe Capital;

Key investments: Acquisition of NinjaTrader ($1.5 billion) and Small Exchange ($100 million) in 2025;

IPO progress:

Current status: Actively preparing for an IPO in 2026;

Latest developments: The company plans to list on Nasdaq in the first quarter of 2026 and is currently partnering with Goldman Sachs and JPMorgan Chase to raise up to $1 billion in debt/equity funding. First quarter 2025 revenue was $472 million (a 19% year-over-year increase), and adjusted EBITDA was $187 million. The co-CEOs emphasized that there is "no rush to go public," with a focus on regulatory clarity.

Expected IPO timeline: First quarter of 2026;

FalconX (Prime Broker/OTC Trading Platform)

Founded in 2018, FalconX is a prime brokerage firm for institutional digital assets, providing trading, financing, custody, and liquidity services to financial institutions, hedge funds, and others. It has facilitated over $2 trillion in trading volume and serves more than 2,000 clients.

Funding history:

Total funding: Approximately US$527 million;

Series D funding (June 2022): $150 million, post-money valuation of $8 billion;

Major investors: Tiger Global, B Capital, GIC (Singapore's sovereign wealth fund), etc.

IPO progress:

Current status: Early discussion stage;

Latest developments: Acquisition of 21Shares (a Swiss ETP issuer managing $11 billion in assets) in October 2025; strategic partnership with Standard Chartered Bank in May. Reports suggest an S-1 filing may be submitted as early as the end of 2025, but no banker or formal timetable has been confirmed.

Expected IPO timeline: End of 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 company that develops blockchain games such as The Sandbox and has a portfolio of over 600 Web3 projects. Animoca was delisted from the Australian Securities Exchange in 2020 for its involvement with unregulated digital tokens, but has since successfully transformed into a regional industry giant. The company currently holds stakes in over 620 companies, including NFT trading platform OpenSea, cryptocurrency exchange Kraken, and software development company Consensys. Its annual revenue in 2024 reached US$314 million, with nearly US$300 million in cash and stablecoin reserves. It currently employs over 700 people, has raised over US$700 million in funding, and has a latest valuation of approximately US$9 billion.

IPO progress:

Current status: Planning a reverse merger to return to the public market;

Latest Developments: On November 3, 2025, Animoca announced the signing of a non-binding letter of intent for a reverse merger with Nasdaq-listed Currenc Group Inc. (CURR). Upon completion of the transaction, Animoca shareholders will own approximately 95% of the combined entity, with a post-investment valuation of approximately $2.4 billion. The target is to complete the transaction in the third quarter of 2026.

Expected IPO timeline: Q3 2026, listing on Nasdaq via a reverse merger;

Blockchain.com (wallet + brokerage services)

Founded in 2011 as a Bitcoin blockchain explorer, Blockchain.com has grown into a global cryptocurrency financial services platform. It has created over 90 million wallets, processed over $1 trillion in transactions, and provides self-custodied wallets, brokerage, and trading platform services in more than 200 countries.

Funding history:

Total funding: Approximately US$1.17 billion;

Series E funding (November 2023): $110 million, Series A closed, post-money valuation approximately $7 billion;

Major investors: Lightspeed, DST Global, Google Ventures, Coinbase Ventures, etc.

IPO progress:

Current status: Preparing for a US IPO in 2026;

Latest developments: The company aims for a listing on a US stock exchange in 2026. In October 2025, it explored a SPAC merger but ultimately opted for a traditional IPO. Co-CEOs have been appointed, and experienced board members have been added, including former KPMG Global Chairman Timothy P. Flynn. Revenue has grown by approximately 1500% over the past four years.

Expected IPO date: 2026; specific trading platform and timing to be determined.

Bithumb (a South Korean cryptocurrency exchange)

Founded in 2014, Bithumb is one of South Korea's largest cryptocurrency exchanges, supporting trading in over 320 digital assets, primarily denominated in Korean Won. Operating under the regulation of the Financial Services Commission of South Korea, it offers spot trading, staking, and automated trading services.

Funding history:

Total funding: $200 million;

Series A funding (April 15, 2019): $200 million, to be used for platform growth and security enhancements;

IPO progress:

Current status: Preparing for listing on KOSDAQ;

Latest developments: Samsung Securities was selected as the underwriter in 2023. A restructuring was carried out on July 31, 2025, splitting the company into Bithumb Korea (core trading business) and Bithumb A (investment and other businesses) to improve transparency. The company plans to list on the KOSDAQ technology sector in South Korea.

Expected IPO timeline: End of 2025 or early 2026, pending regulatory approval;