The Bear Market has arrived, reviewing 9 cryptocurrency companies waiting to go public.

Author: Rhythm Little Worker

The intersection of cryptocurrency and traditional finance is faster than anyone can imagine.

The trading platform acquires infrastructure, perpetual contract platforms launch stock indices, stablecoins are integrated into payment networks, BlackRock's BUIDL fund turns on-chain dividends into daily operations, and even intercontinental trading platforms are willing to bet as much as $2 billion for a prediction market platform. The listing of crypto companies is no longer a symbol of “betraying the chain,” but an active outreach from traditional finance wanting to lock the next round of growth into its own system.

For cryptocurrency projects that are sprinting towards 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 those value investors who focus solely on cash flow rather than narrative. This group will be more calm, ruthless, and realistic than on-chain players.

The launch of spot ETFs in the past two years has allowed crypto assets to finally gain “legitimacy” within mainstream regulatory frameworks. Now, the emergence of a listing wave signifies another thing: crypto projects are to be treated as enterprises rather than speculative products. This will change the narrative logic of the industry and reshape who is qualified to enter the next core stage.

Next, let's turn our attention to these crypto projects that are lining up to rush for an IPO.

Grayscale (Asset Management / ETF Business)

Grayscale Investments, founded in 2013, is the world's largest cryptocurrency asset management company, managing approximately $35 billion in assets. The company offers over 40 products covering 45 types of tokens, including Bitcoin ETF (GBTC), Ethereum, Solana, and more, providing convenient cryptocurrency investment channels for institutional and retail investors. The main investor is the parent company Digital Currency Group, which holds about 70%.

IPO Progress:

Current status: IPO application has been officially submitted;

Latest update: S-1 registration filed with the SEC on November 13, 2025, planning to list on the New York Stock Exchange with the ticker “GRAY”. The main underwriters include Morgan Stanley, Bank of America Securities, Jefferies, and Cantor. Financial data shows revenue of $173.3 million for the first 9 months of 2025 (a 20% year-on-year decrease) and a net profit of $203.3 million.

Expected IPO time: end of 2025 to early 2026;

BitGo (Custody Service)

BitGo, founded in 2013, is a leading digital asset custodian service provider. It supports over 1,400 digital assets and serves more than 4,600 institutional clients and 1.1 million users, managing approximately $104 billion in assets. It offers services such as compliant custody, multi-signature wallets, staking, and trade execution, with client insurance coverage of up to $250 million.

Financing History:

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

IPO Progress:

Current status: IPO application submitted;

Latest update: The S-1 filing was secretly submitted on September 22, 2025, with public revisions on November 13, planning to go public on the New York Stock Exchange with the stock code “BTGO”. As of June 30, 2025, the platform's assets reached $90.3 billion, with annual revenue growth exceeding 4 times. The main underwriters include Goldman Sachs and Morgan Stanley;

Expected IPO time: Q4 2025 to Q1 2026;

Consensys (the parent company of Metamask)

Consensys is a blockchain software company focused on the Ethereum ecosystem, founded in 2014 by Ethereum co-founder Joseph Lubin. The company has core products such as MetaMask (a self-custody wallet with over 30 million monthly active users), Infura (developer API infrastructure), Besu (enterprise Ethereum client), and Linea (zkEVM Layer 2 solution), and also supports Ethereum asset management company SharpLink.

Financing History:

Consensys was valued at approximately $7 billion in a round of financing in 2022. In the same year, the company raised $450 million, led by ParaFi Capital, and had previously received significant funding to support its Web3 infrastructure development plans.

Total financing amount: approximately $725 million;

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

IPO Progress:

Current status: Actively preparing, underwriters have been selected;

Latest developments: On October 29, 2025, JPMorgan Chase and Goldman Sachs were selected as the lead underwriters, marking the entry of the IPO into a substantive preparation phase. With the SEC withdrawing the lawsuit against the MetaMask staking feature 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 time: Earliest in 2026, S-1 filing has not yet been submitted.

OKX (centralized trading platform)

OKX was established in 2013 and is the world's second-largest cryptocurrency exchange platform. It offers services such as spot trading, derivatives trading, DeFi wallets, and NFT markets, supports over 130 networks, holds licenses in regions such as the United States, the UAE, and Singapore, and has more than 5,000 employees globally.

IPO Progress:

Current status: Unknown;

Latest update: The CMO stated “We will definitely consider an IPO in the future, likely in the United States” in June 2025. Re-entered the US market in April 2025, reached a $500 million settlement with the Department of Justice, established a headquarters in San Jose, and appointed a former Barclays executive as the US CEO. Currently focusing on US market expansion and compliance build-up;

Expected IPO time: Undetermined;

Kraken (Centralized Exchange Platform)

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

Financing History:

Total financing amount: approximately 622 million USD;

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

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

IPO Progress:

Current status: Actively preparing for the IPO in 2026;

Latest update: Planning to go public on Nasdaq in the first quarter of 2026, currently collaborating with Goldman Sachs and JPMorgan to raise up to $1 billion in debt/equity funding. Revenue for the first quarter of 2025 is $472 million (up 19% year-over-year), with adjusted EBITDA of $187 million. The co-CEO emphasized “no rush to go public,” focusing on regulatory clarity;

Expected IPO time: Q1 2026;

FalconX (Prime Broker / Over-the-Counter Trading Platform)

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

Financing History:

Total financing amount: approximately 527 million USD;

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

Major investors: Tiger Global, B Capital, Singapore's Government Investment Corporation GIC, etc.;

IPO Progress:

Current status: Early discussion phase;

Latest developments: Acquired 21Shares (a Swiss ETP issuer managing $11 billion in assets) in October 2025, and established a strategic partnership with Standard Chartered Bank in May. Reports suggest that the S-1 filing may be submitted as early as the end of 2025, but the banker or official timeline has not yet been confirmed.

Expected IPO time: end of 2025 to 2026, still under discussion;

Animoca Brands (Gaming / Investment Field)

Animoca Brands was founded in 2014 and is a Hong Kong-based Web3 gaming and investment company, developing blockchain games such as The Sandbox and holding a portfolio of over 600 Web3 projects. Animoca was delisted from the Australian Securities Exchange in 2020 due to involvement with unregulated digital tokens, and has since successfully transformed into a regional industry giant. The company currently holds stakes in over 620 enterprises, including the NFT marketplace OpenSea, the cryptocurrency exchange Kraken, and the software development company Consensys. Its annual revenue for 2024 reached $314 million, with nearly $300 million in cash and stablecoin reserves. Currently, it has over 700 employees and has raised over $700 million in cumulative financing, with a latest valuation of around $9 billion.

IPO Progress:

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

Latest Update: On November 3, 2025, it was announced that a non-binding reverse merger intention letter was signed with Currenc Group Inc. (CURR), listed on Nasdaq. After the transaction is completed, Animoca shareholders will own approximately 95% of the merged entity, with a post-investment valuation of about $2.4 billion. The target is to complete the transaction by the third quarter of 2026.

Expected IPO time: Q3 2026 to be listed on Nasdaq through a reverse merger;

Blockchain.com (Wallet + Brokerage)

Blockchain.com was established in 2011, initially as a Bitcoin blockchain explorer, and has since evolved into a global cryptocurrency financial services platform. It has created over 90 million wallets, processed over $1 trillion in transactions, and provides self-custody wallets, brokerage, and trading platform services in over 200 countries.

Financing History:

Total financing amount: approximately 1.17 billion US dollars;

E round financing (November 2023): $110 million first round closed, post-investment valuation of approximately $7 billion;

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

IPO Progress:

Current status: Preparing for the 2026 US IPO;

Latest developments: The goal is to go public on U.S. securities exchanges by 2026. In October 2025, a SPAC merger was considered but the company shifted to a traditional IPO path. A co-CEO has 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 time: 2026, specific trading platform and time to be determined;

Bithumb (South Korean cryptocurrency exchange)

Bithumb, established in 2014, is one of the largest cryptocurrency exchanges in South Korea, supporting trading of over 320 digital assets, primarily priced in Korean Won. It operates under the regulation of the Financial Services Commission of South Korea, offering spot trading, staking, and automated trading services.

Financing History:

Total financing amount: 200 million USD;

Series A financing (April 15, 2019): $200 million for platform growth and security enhancement;

IPO Progress:

Current status: Preparing to list on KOSDAQ;

Latest progress: In 2023, Samsung Securities was selected as the underwriter, with restructuring scheduled for July 31, 2025, splitting into Bithumb Korea (core trading business) and Bithumb A (investment and other businesses) to enhance transparency. Plans to be listed on the KOSDAQ technology sector in South Korea;

Expected IPO time: end of 2025 or early 2026, pending regulatory approval.