Author: Vismaya
Source: decrypt
Translated by: Blockchain Plain Language
Stablecoin issuer Circle's debut on the New York Stock Exchange exceeded expectations, with its stock price quadrupling from the IPO price of $31 within 24 hours, raising over $1.1 billion and becoming the largest crypto IPO in recent times.
Now, from major brokerage firms to trading platforms, many key cryptocurrency companies are racing to go public - as political and economic environments begin to favor them.
The Trump administration pushed to create a more favorable environment for the industry, and the SEC continues to withdraw major enforcement cases from the Biden era.
This also marks the most important advancement of cryptocurrencies into mainstream financial fields since the Bitcoin ETF was approved in January last year, with pension funds and asset management companies seeking exposure, and companies looking for capital to expand and meet changing investor demands.
Here are several companies preparing to go public:
OK
OK is the latest cryptocurrency trading platform to express IPO ambitions. Its Chief Marketing Officer Haider Rafique told The Information that the company would "absolutely consider an IPO in the future," with the United States potentially being the listing location.
These remarks came after launching US operations in April and reaching a $500 million settlement with the Department of Justice, which accused it of serving US customers without a money transmission license.
OK has since positioned itself as a compliant and security-focused platform, led by new US CEO Roshan Robert in its San Jose expansion.
The IPO would mark a significant milestone in deepening its US market presence and restoring credibility after regulatory setbacks. No timeline or filing has been announced yet.
FalconX
According to sources interviewed by Decrypt this month, FalconX, valued at $8 billion in its latest funding round in 2022, is considering listing on the New York Stock Exchange as early as this year.
This crypto-focused primary brokerage has had initial discussions with bankers and advisors about the IPO process but has not yet determined underwriting banks.
A knowledgeable source told Decrypt: "When launching an IPO, you need to have a story. You're selling yourself to the investing public."
The company is exploring ways to enhance its public image in preparation for a potential public debut, while accelerating strategic partnerships and acquisitions to meet growing institutional demand for cryptocurrencies.
Bull
Cryptocurrency trading platform Bull, backed by billionaire Peter Thiel, has submitted US IPO files, with investment bank Jefferies likely to lead the issuance.
The company previously abandoned a $9 billion SPAC merger with Far Peak in 2021 due to the crypto market crash.
Led by former NYSE President Tom Farley, Bull provides blockchain-based trading with institutional-grade infrastructure.
Founded in 2021 as a subsidiary of Block.one, it raised $10 billion in digital assets and cash from heavyweight investors like Peter Thiel, Louis Bacon, and Richard Li.
TRON
Justin Sun's TRON took a different path - achieving public listing through a reverse merger with Nasdaq-listed SRM Entertainment.
The transaction was facilitated by Dominari Securities, which has associations with Eric and Donald Trump Jr.
Although Eric Trump subsequently clarified he was not "publicly involved" in this listing, TRON's turn towards the US market indicates that the regulatory environment is thawing.
The transaction occurred after TRON transitioned from foundation control to a British Virgin Islands company TRON Tech Ltd controlled by Sun, aimed at addressing regulatory pressures, including a 2023 SEC lawsuit that has since been resolved.
Kraken
The parent company of major US cryptocurrency exchange Kraken, Payward Inc., is reportedly streamlining operations for a potential 2026 IPO, although the company subsequently stated it is not in a hurry to go public.
Co-CEO Arjun Sethi told Axios in March: "We believe if going public could serve customers, establish trust as a currency, we would consider doing so. So we'll always be prepared, but might not do so on a specific date."
A Kraken spokesperson told Decrypt: "We will pursue public markets when it makes sense for our customers, partners, and shareholders."
Bithumb
According to local media, South Korea's second-largest cryptocurrency exchange Bithumb is preparing for an IPO in the second half of 2025.
After suffering a $30 million hack in 2018 and declining for years, the platform has rebounded, capturing 25% of the local market share, up from single digits in 2023.
Bithumb plans to restructure into two entities by July 31, 2025: Bithumb Korea (trading platform division) and Bithumb A (managing other business projects).
The platform will first list on Korea's Kosdaq, potentially followed by a Nasdaq listing to attract global investors. Samsung Securities is reportedly set to underwrite the issuance.
Bitkub
Thailand's leading cryptocurrency exchange Bitkub plans to list on the Thai Stock Exchange this year to raise funds and enhance market influence.
CEO Jirayut Srupsrisopa confirmed last year that the company has hired financial advisors to prepare for the IPO, according to Bloomberg.
Summary
If the current momentum continues, 2025 might mark the year cryptocurrencies finally permanently enter Wall Street's inner circle.
Coinbase's direct listing in April 2021 was the first major test. COIN opened at $381, briefly touching a $100 billion valuation, closing at $328.28 on the first day.
Subsequently, the stock experienced dramatic fluctuations, dropping to $33 during the 2022 crypto winter, then rebounding to over $330 by mid-2025, according to Google Finance data.
However, the stock price has slightly retreated under regulatory pressure and market volatility. Circle's breakthrough, supported by a more friendly government and clearer prospects, shows how much the situation has changed since then.
CoinFund co-founder and Chief Investment Officer Alex Felix told Decrypt: "In today's market, the strongest IPO candidates combine explosive growth, a real business model, and category-defining positioning."
He added: "The two most successful IPOs this year - CoreWeave and Circle - highlight the public investors' demand for exposure to cryptocurrencies and artificial intelligence. We expect more companies to follow, as these two fields have enormous growth potential."
Article link: https://www.hellobtc.com/kp/du/06/5910.html
Source: https://decrypt.co/326369/which-crypto-ipos-could-be-next-following-circle
