A new wave of crypto company IPOs is reshaping the digital asset investment landscape in 2025, driven by regulatory clarity and a surging market. Several major firms are progressing toward public listings, with some already completed and others—such as Kraken—still speculative but highly anticipated. Based on all available sources and market sentiment, the current IPO landscape is summarized below.
Confirmed and Recent Crypto IPOs
Several major crypto companies have successfully completed IPOs in 2025:
- Bullish: Backed by Peter Thiel, this cryptocurrency exchange made a dramatic market debuton the NYSE in August 2025, soaring 218% on its first day of trading. The company’s IPO valued it at $5.4 billion, with the stock hitting a market cap of $13 billion during initial trading. Bullish plans to convert a portion of its IPO proceeds to stablecoins.
- Circle: The USDC stablecoin issuer entered public markets in June 2025, aiming for validation from traditional finance and increased DeFi adoption. Circle’s listing seeks to anchor its $31.8B stablecoin firmly within the regulated financial ecosystem.
- Gemini: The exchange founded by the Winklevoss twins is in the process of going public on Nasdaq under the ticker GEMI. The public listing intends to offer 16.66 million shares at an anticipated market cap of about $2.1 billion, seeking to cement Gemini’s status as a compliant crypto trading and custody solution.
- Bitkub: Thailand’s top crypto exchange Bitkub is finalizing an IPO targeting a $165 million raise, part of the broader push in Southeast Asia driven by rapid regional adoption and evolving regulatory oversight.
- Telegram/TON: There are ongoing initiatives to bring Telegram’s TON blockchain ecosystem to the public, tapping its 900M user base for integrated dApp and payment services, targeting a possible $30–50 billion valuation.
High-Profile Rumored and Upcoming IPOs
Kraken
- Kraken remains one of the most widely rumored IPO candidates, repeatedly hinting at a public listing since Coinbase went public in 2021.
- In 2024/25, Kraken considered raising $100M in a pre-IPO round, aiming for a public debut at a $15B valuation in late 2025 or Q1 2026.
- Regulatory headwinds—particularly ongoing legal challenges from the SEC—continue to pose a risk to the timeline. Kraken‘s co-CEOs have publicly stated that market conditions, regulatory clarity, and business performance will dictate the final IPO decision.
- No public listing has been confirmed as of September 2025, and Polymarket odds currently list the IPO by end-2025 as unconfirmed but closely watched by investors.
Other Candidates
- eToro and Galaxy Digital have also been linked to imminent or ongoing IPO activity, leveraging increased investor appetite for regulated, diversified financial platforms.
- Ripple has been listed among possible IPO aspirants, but recent sources provide no concrete confirmation of timing.
Analyst Opinion and Final Assessment
The crypto IPO surge is being fueled by renewed institutional interest, mainstreaming of financial infrastructure, and regulatory support in the U.S. and Asia. These IPOs are seen as a litmus test for crypto’s absorption into traditional capital markets.
- Bullish and Circle’s successful debuts have demonstrated robust investor demand, but early post-IPO volatility remains high. Analyst sentiment on Bullish, for example, has cooled since the first-day price rally, underlining risk awareness.
- Kraken’s prospective IPO would instantly become a major event, attracting global attention. However, it will depend closely on macro environment, regulatory clearance, and internal capital-raising success. Investors remain split: those bullish see Kraken as a Coinbase-scale opportunity, while skeptics point to its regulatory baggage and slower pre-IPO fundraising.
- Broadly, expect further listings and growing differentiation between compliant, regulated firms and those struggling to achieve mainstream acceptance.
Final View: The current slate of crypto IPOs marks a genuine turning point for sector legitimacy and transparency. While appetite is strong, each listing’s long-term value will reflect regulatory positioning, risk management, and adaptability to institutional standards. Investors are advised to prioritize firms with proven compliance, diversified revenue, and clarity on legal exposure, particularly as IPO-driven volatility remains likely through 2025-2026.
