More Crypto Firms Expected to go Public in Second Half of 2025

Circle, a stablecoin issuer, is just one of several crypto companies that have sold shares to the public for the first time this year. Others include eToro, the Israeli trading platform company, and Galaxy Digital, a Canadian crypto financial services firm, both of which registered gains of more than 40% after listing shares in May. 

Improving business environment

Amid an improving business environment for IPOs in general, digital assets are also attracting more interest from traditional finance (TradFi) firms seeking a slice of the pie.  

Going public entails adhering to rigourous transparency regulations, which is both a requirement of being listed and an important way of building trust with investors. That acceptance marks a shift for crypto firms, especially those dealing in infrastructure or stablecoins. They are now being viewed as institutionally safe rather than speculative assets, as they enjoy a surge in political support in the US especially.

Heading into the second half of the year, Matt Kennedy, a senior strategist at Renaissance Capital, has predicted an uptick of activity:

Best outlook in 3 years

"The outlook for crypto IPOs is better than at any point in the past 3 years or so," Kennedy told Reuters at the end of May. "We expect approximately one or two deals per week in June, ramping up a bit in July after Independence Day, and if all goes well, a full rebound in September, October after the summer lull." Renaissance Capital is a provider of IPO-focused research across multiple sectors.

The Trump family businesses are integrally involved in backing crypto, including:

• Issuing meme coins
• Raising funds to buy Bitcoin
• Planning the launch of the Truth Social Bitcoin and Ethereum Exchange-Traded Fund

White House support

Trump also nominated a new crypto-friendly commissioner of the US Securities and Exchange Commission (SEC), Paul Atkins, was sworn in late April. He is known to be an advocate of light regulation and is himself a crypto multi-millionaire. 

TradFi investment heavyweights have entered the fray:

• BlackRock has recently suggested that cryptocurrencies should make up 2% of a diversified portfolio. It was also rumoured to have taken a major investment in Circle when it listed
• Fidelity is reportedly preparing its own US dollar-linked stablecoin
• Visa is expanding its stablecoin payment settlement capabilities

Circle’s IPO stands out among the 20 or so crypto-related listings to date. 

“This transition into a public company is an inflection point for us as we move from the early adopter phase of this technology to widespread mainstream acceptance.” 

– Circle’s Jeremy Allaire

The following companies have already listed on stock exchanges:

Major crypto exchanges and platforms

• Bakkt Holdings – New York Stock Exchange
• Circle – New York Stock Exchange
• Coinbase Global – Nasdaq
• eToro – Nasdaq
• Exodus – New York Stock Exchange
• Galaxy – Nasdaq
• Robinhood – Nasdaq 

Mining and Infrastructure Firms

• Block – New York Stock Exchange
• Bitfarms – Nasdaq
• Bit Mining – New York Stock Exchange
• BTCS – Nasdaq
• Canaan – Nasdaq
• HIVE – Nasdaq
• Hut 8 – TSX & Nasdaq
• Marathon – Nasdaq
• Metaplanet – Tokyo Stock Exchange
• Riot Platforms – Nasdaq
• Strategy – Nasdaq 

Financial and Asset Managers

• CoinShares – Nasdaq
• EQONEX – Nasdaq 

Two major crypto firms, Gemini and Tron, have recently filed for IPOs with the SEC, meaning they have definite plans to attract new investors. Bullish, the Peter Thiel-backed crypto exchange, has also filed. 

Suspended probes

In each case, Gemini and Tron have benefited from the SEC recently dropping, or pausing, investigations into their activities – including around concerns over market manipulation and the sale of unregistered securities. This has helped to free them to explore tapping the public for capital. 

Several other crypto-based businesses have given clear indications they are preparing for an IPO either later this year or in 2026, encouraged by Circle’s success and the White House’ unequivocal support, as well as the improving conditions. 

Next candidates

Others have not explicitly talked about their plans but are showing signs of preparing for a listing, including expanding their leadership teams and adjusting bonus structures.

10 potential IPO candidates are:

• BitGo, a prominent US-based cryptocurrency custodian, has announced its intention to become a publicly traded company in Feb
• Chainalysis, the blockchain intelligence and analytics firm, is a key compliance partner to governments and businesses. Leadership changes and new board members hint at IPO readiness
• ConsenSys, developer of MetaMask and other Ethereum developer tools, has a $7 billion valuation and Joe Lubin, the CEO, has dropped several hints about an IPO. It could become the first pure-play blockchain infrastructure listing
• Dapper Labs has a strong valuation, excellent partnerships, and an established position in the blockchain and NFT space. It is has not confirmed plans for an IPO but is widely considered a strong candidate
• Fireblocks is an institutional custody provider, currently valued at $8 billion. While in no rush to go public, it has been hiring new C-suite leaders
• Ledger, the hardware wallet maker, has $500+ million in funding and was valued at $1.4 billion after its $385 million funding round in 2023. It has strong global brand recognition and could appeal to security-conscious investors.
• Kraken has been expanding globally and acquiring traditional trading platforms, including NinjaTrader. Co-CEO Arjun Sethi has made it clear the company is waiting for regulatory clarity before going ahead with an IPO
• Revolut, while not crypto-native, is seen as a possible candidate for IPO. One indicator is that it has started paying bonuses in cash not equity. With its massive user base and crypto integration, it would highlight the fintech-crypto convergence
• Ripple CEO Brad Garlinghouse said, as recently as March, that an IPO is “certainly something that’s possible,” adding it is not a current priority. The company facilitates cross-border payments through its cryptocurrency XRP
• World Network, Sam Altman’s blockchain project and the developer behind Worldcoin, recently raised $135 million in a private token sale of its WLD token. It also hosts USDC, the stablecoin issued by Circle, and could join Circle as a listed company

Tariff jitters

It has not all been plain sailing. While there was strong IPO activity in the first three months of 2025, it tailed off for part of the second quarter in the light of uncertainty, in particular around the actions of the Trump administration. Chaotic communications around tariffs and the prospect of increased prices for goods, for example, made investors nervous of new commitments.

As PwC, an audit and consulting firm, wrote in a report in April: 

“Various factors such as persistent inflation concerns… and shifting government policies have created an environment of heightened uncertainty. This has led many companies in the IPO pipeline to consider waiting for more stable market conditions.”

Trusted asset class

Further crypto IPOs in the second half of 2025 and into 2026 will certainly help cement the sector’s arrival as an asset class that can be trusted.

Circle has set the pace and CEO Jeremy Allaire used X to explain why: “This transition into a public company is an inflection point for us as we move from the early adopter phase of this technology to widespread mainstream acceptance.”