Deng Tong, Jinse Finance
Circle was listed on the New York Stock Exchange on June 5th. With the stock code CRCL, its share price surged over 160% on the first day, reaching a market value of $21.5 billion. This demonstrates the market's strong confidence in Circle, especially its USDC stablecoin's market position. Subsequently, Circle's stock price continued to rise, currently exceeding $240.
Circle's listing and the positive stock performance afterward undoubtedly boosted confidence in the crypto market and triggered an IPO wave in the crypto field.
Industry observers noted that the success of such a large-scale IPO like Circle might stimulate other companies to quickly follow the stablecoin path. Carlos Guzman from GSR stated: "Now that Circle has revealed Wall Street's interest, I suspect we will see several crypto companies accelerating their IPO plans." Jason Yanowitz, co-host of Empire and co-founder of Blockworks, mentioned that he had spoken with several crypto companies that are advancing their IPO schedules due to the presence of stablecoin issuers.
This article will review which crypto companies are actively preparing for IPO and analyze why crypto companies are clustering to go public.
I. Which Crypto Companies Are Preparing for IPO?
1. FalconX
FalconX is a digital asset trading platform co-founded by Prabhakar Reddy and Raghu Yarlagadda in 2018, headquartered in the United States, primarily serving institutional clients. The platform provides real-time crypto price information, on-chain analysis tools, and compliant trading filtering services, continuously expanding its business through strategic acquisitions. As of 2024, FalconX is ranked 83rd on the Hurun Global Unicorn List with a valuation of 57 billion yuan. The forex trading counter and bankruptcy prevention settlement solution "Prime Connect" launched in 2024 marks its innovative breakthrough in risk management and cross-asset services.
In its last funding round in 2022, FalconX was valued at $8 billion, and the company is considering listing on the New York Stock Exchange as early as this year. This large crypto brokerage has had initial discussions with bankers and advisors about the IPO process but has not yet determined the underwriting bank.
2. Gemini
Gemini was founded in 2015 by billionaire brothers Cameron and Tyler Winklevoss, who are known for their early involvement with Facebook. According to crypto data provider Kaiko, it is one of the largest trading volumes exchanges in the United States.
On June 6, 2025, Gemini announced its plan to go public. Although the S-1 filing has not been made public, Gemini stated that its IPO is expected to proceed after completing the SEC review process. The number of Class A shares and price range have not yet been determined.
3. Bullish
Bullish exchange officially launched in July 2021, created by blockchain software company Block.one, with substantial initial funding, including $100 million cash from Block.one, 164,000 bitcoins, and 20 million EOS, with external investors adding $300 million. Its predecessor was closely related to the EOS project. After EOS's popularity waned, Block.one transformed to create the compliance-focused Bullish exchange. In 2021, Bullish reached a merger agreement with the public company Far Peak to list indirectly, but the agreement was terminated in 2022. However, in early 2025, Bullish obtained a Class 1 and Class 7 license from the Hong Kong Securities and Futures Commission, as well as a permit from the German Federal Financial Supervisory Authority for crypto asset trading and custody.
On June 11, 2025, the Financial Times reported that the crypto trading platform Bullish has secretly submitted an IPO application to the SEC. The confidential filing allows the company to advance its listing plans before publicly disclosing its financial status.
4. BitGo
BitGo has been the first digital asset company focused on serving institutional clients since 2013. BitGo provides custody, liquidity, and security solutions for institutional investors. Active in centralized and decentralized finance, it offers market-leading trading, lending, and borrowing services through its primary brokerage services and serves as the custodian of the global leading Bitcoin stablecoin WBTC.
Crypto custody giant BitGo plans to go public in the second half of 2025 with a valuation of $1.75 billion. The company provides custody, lending, and trading services to over 1,500 global institutions, handling approximately 8% of global Bitcoin transactions by value. BitGo's listing plans are supported by institutions like Goldman Sachs and DRW Holdings, with its compliance path (holding custody licenses in multiple countries) and business stability (20% growth in asset custody in 2023) being key competitive advantages.
5. Kraken
Kraken was founded in 2011. In September 2020, Wyoming granted Kraken permission to create a crypto bank in the state, making it the first crypto exchange to create a bank in the United States.
Payward Inc., the parent company of the large US crypto exchange Kraken, is streamlining operations in preparation for a potential 2026 IPO. Kraken's co-CEO Arjun Sethi noted: "I think our idea is that if going public is beneficial to serving customers and building customer trust in cryptocurrencies, we would consider it. So we'll always be prepared, but the listing date may not be certain."
6. Bithumb
Bithumb was established in 2013 and is a major crypto exchange in South Korea, once the largest trading platform. Operated by BTC Korea.com Co. Ltd., headquartered in South Korea, Bithumb is known for its user-friendly interface and high liquidity, offering trading services for multiple cryptocurrencies. After suffering a $30 million hack in 2018, the exchange's market share rebounded from single digits in 2023 to 25%.
South Korea's second-largest crypto exchange, Bithumb, is preparing for an IPO before the end of 2025. Bithumb plans to restructure into two entities on July 31, 2025: Bithumb Korea (exchange division) and Bithumb A (managing other businesses). The exchange will first list on the Korean KOSDAQ and potentially later on NASDAQ to attract global investors. Samsung Securities is reportedly underwriting this issuance.
7. Bitkub
Bitkub was founded in February 2018, a crypto exchange headquartered in Thailand, operated by Bitkub Online Co., Ltd., under the Bitkub Capital Group Holdings. BitDegree describes its mission as introducing blockchain and crypto services to Thai users. Bitkub is one of the first exchanges in Thailand to obtain a digital asset license and claims to be the largest crypto exchange in Thailand.
According to Bloomberg, Bitkub CEO Jirayut Srupsrisopa confirmed last year that the company has hired financial advisors to prepare for an IPO. Bitkub plans to list on the Thai Stock Exchange this year to raise funds and enhance market influence.
8. Figure
In January 2018, Figure Technologies, Inc. was established in San Francisco, USA, a fintech company using blockchain technology to provide lending, equity management, banking, and payment services, with the mission of "transforming financial services through blockchain, bringing speed, efficiency, and savings to consumers and institutions". The company quickly gained capital market favor, becoming a unicorn valued over $1 billion in just over a year.
Figure submitted an S-1 filing to the SEC in March 2024 but has not yet determined the IPO date. Figure has made some progress since submitting the S-1 listing file. For example, in September 2024, Figure hired Ronald Chillemi as Chief Legal Officer and Company Secretary. In December 2024, Figure announced hiring CFO Macrina Kgil, mentioning her extensive IPO experience.
II. Why Are Crypto Companies Starting to Cluster for IPOs?
1. Favorable Regulatory Environment
Since Trump took office as the US President, the US government's attitude towards the crypto industry has become more positive. Events such as the GENIUS Bill passing the Senate, Trump calling for BTC reserves, the SEC shifting from "enforcement as regulation" to "rules-guided" regulation, and the New Hampshire governor passing House Bill 302 - allowing the state treasury to invest in cryptocurrencies with a market value over $50 billion - have all paved the way for crypto companies to go public.
For details, please check 'GENIUS Bill Passed by US Senate: What Impact Does It Have on the Crypto Industry'
'What Are the Highlights of New Hampshire's Bitcoin Reserve Bill? Will Other States Follow?'
2. Institutional Entry, Traditional Investors Focusing on Cryptocurrency
The crypto market is becoming increasingly mature, with traditional investors entering the market. BlackRock's Bitcoin ETF (IBIT) is expected to manage over $71 billion by 2025, with a single-day net inflow of up to $337 million, and has tokenized US Treasury money market funds through the Securitize platform for qualified investors. Circle's IPO is jointly underwritten by JPMorgan Chase, Citigroup, and Goldman Sachs, with institutions like ARK Invest subscribing; Goldman Sachs and Citigroup led Bullish's IPO. Traditional institutions are accelerating their entry through compliant channels like ETFs, enhancing the liquidity and acceptance of crypto assets. Traditional investors' attitude towards cryptocurrencies has shifted from wait-and-see to deep participation. In this environment, crypto companies are naturally aligning with traditional enterprise development models, seeking greater development space through IPOs.
For details, please check 'Which Giants Are Hoarding BTC at New Highs? How Do Institutions View the Current Crypto Market?'
3. ICO Nearly Extinct, Spurring New Financing Channels
ICO refers to crypto projects raising funds by issuing tokens, which peaked around 2017 and also gave rise to many market irregularities. On one hand, many crypto projects were overhyped without actual application; on the other hand, regulatory policies were lacking, causing investors significant losses. Statistics show that over 80% of ICO projects in 2018 were scams, with a survival rate of only 10%.
In September 2017, China banned ICOs and halted token issuance activities and platforms. Subsequently, ICO regulations were strengthened globally, effectively ending the ICO wave. Following this, the crypto industry developed two main financing methods: Initial Exchange Offering (IEO) and Initial Decentralized Exchange Offering (IDO). Additionally, supplementary financing methods like staking and Non-Fungible Tokens emerged.
By the end of 2020, the IPO wave in the crypto industry began, reaching its peak in 2021. Coinbase was the first crypto exchange to submit a listing application to the SEC, considered a landmark event in the crypto industry's listing trend. Since then, crypto companies have opened up new financing channels.
4. BTC Price Repeatedly Hitting New Highs, Market Confidence Increases
BTC price broke $110,000 again on June 10th. Some analysts believe that as the US government is about to raise the debt ceiling by $4 trillion, Bitcoin's price could rise to $150,000. ARK Invest CEO Cathie Wood stated that BTC price will grow 15 times in the next five years.
According to Bitwise data, institutional buyers dominated Bitcoin demand in the first half of 2025, acquiring an additional 417,000 BTC.
In the current environment of increasing market confidence, IPOs can provide crypto enterprises with financial support, offering better development opportunities. Moreover, IPOs require strict financial audits and information disclosure, proving the company's compliance and operational stability to the market, thereby enhancing public trust in crypto companies.
For details, please check 'What Happened: BTC Breaks $110,000 Again, ETH Surges to $2,700'
