Crypto Projects Still Lining Up for Listing in This Bear Market

The convergence of crypto and traditional finance is happening faster than anyone imagined.

Trading platforms are acquiring infrastructure, perpetual contract platforms are launching stock indices, stablecoins are entering payment networks, BlackRock’s BUIDL fund has made on-chain dividends a routine operation, and even Intercontinental Exchange is willing to pay up to 2 billions USD for a prediction market platform. Crypto companies going public is no longer a symbol of “betraying the chain,” but rather a sign that traditional finance is proactively reaching out, aiming to lock the next round of growth into its own system.

For crypto projects sprinting towards an IPO, this is both an opportunity and a thorough check-up. Once they choose to go public, they can no longer just tell stories with token prices—they must face quarterly financial reports, audits, board accountability, and even value investors who ignore narratives and focus solely on cash flow. This group is calmer, more ruthless, and more realistic than on-chain players.

The launch of spot ETFs over the past two years has already given crypto assets their first “legitimacy” within mainstream regulatory frameworks. Now, the wave of IPOs signals something else: crypto projects are starting to be treated as companies, not just speculative assets. This will change the industry’s narrative logic and reshape who qualifies to enter the next core stage.

Next, let’s focus on these crypto projects currently lining up for IPOs.

Grayscale (Asset Management/ETF Business)

Grayscale Investments, founded in 2013, is the world’s largest crypto asset management company, managing about 35 billions USD in assets. The company offers over 40 products covering 45 tokens, including the bitcoin ETF (GBTC), Ethereum, Solana, etc., providing convenient crypto investment channels for institutional and retail investors. The main investor is parent company Digital Currency Group, which holds about 70%.

IPO Progress:

Current status: Officially submitted IPO application;

Latest update: On November 13, 2025, submitted S-1 registration documents to the SEC, planning to list on the New York Stock Exchange under the ticker "GRAY". Lead underwriters include Morgan Stanley, BofA Securities, Jefferies, and Cantor. Financial data shows revenue of 173.3 millions USD for the first nine months of 2025 (down 20% year-on-year), with net profit of 203.3 millions USD;

Expected IPO time: End of 2025 to early 2026;

BitGo (Custody Services)

BitGo, founded in 2013, is a leading institutional digital asset custody service provider. It supports over 1,400 digital assets, serves more than 4,600 institutional clients and 1.1 million users, and manages about 104 billions USD in assets. It offers compliant custody, multi-signature wallets, staking, trade execution, and other services, with client insurance coverage up to 250 millions USD.

Funding History:

In 2021, Galaxy Digital announced a 1.2 billions USD acquisition of BitGo, but ultimately abandoned the deal. After that failed transaction, BitGo raised new funds, most notably a 100 millions USD round in 2023, bringing the company’s valuation to 1.75 billions USD.

IPO Progress:

Current status: IPO application submitted;

Latest update: Secretly submitted S-1 documents on September 22, 2025, with a public amendment on November 13, planning to list on the New York Stock Exchange under the ticker "BTGO". As of June 30, 2025, platform assets reached 90.3 billions USD, with annual revenue growing more than fourfold. Lead underwriters include Goldman Sachs and Morgan Stanley;

Expected IPO time: Q4 2025 to Q1 2026;

Consensys (MetaMask Parent Company)

Consensys is a blockchain software company focused on the Ethereum ecosystem, founded in 2014 by Ethereum co-founder Joseph Lubin. Its core products include 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). It also supports Ethereum asset management firm SharpLink.

Funding History:

Consensys was valued at about 7 billions USD in a 2022 funding round. That year, the company raised 450 millions USD led by ParaFi Capital, and previously received significant funding to support its Web3 infrastructure development plan;

Total funding: about 725 millions USD;

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

IPO Progress:

Current status: Actively preparing, underwriters selected;

Latest update: On October 29, 2025, selected JPMorgan and Goldman Sachs as lead underwriters, marking a substantial step in IPO preparations. With the SEC dropping its lawsuit against MetaMask’s staking feature in February 2025, the regulatory environment has clearly improved. The company has undergone internal restructuring and cost optimization, and on October 28 launched a 30 millions USD MetaMask Rewards incentive program;

Expected IPO time: Earliest in 2026, S-1 documents not yet submitted;

OKX (Centralized Exchange)

OKX, founded in 2013, is the world’s second-largest crypto exchange. It offers spot and derivatives trading, DeFi wallet, NFT marketplace, and other services, supports over 130 networks, holds licenses in the US, UAE, Singapore, and more, and has over 5,000 employees worldwide.

IPO Progress:

Current status: Unknown;

Latest update: In June 2025, the CMO stated that “an IPO will definitely be considered in the future, most likely in the US.” In April 2025, OKX re-entered the US market, reached a 500 millions USD settlement with the Department of Justice, established a San Jose headquarters, and appointed a former Barclays executive as US CEO. The current focus is on US market expansion and compliance;

Expected IPO time: Undetermined;

Kraken (Centralized Exchange)

Kraken, founded in 2011 and headquartered in San Francisco, is a globally renowned compliant crypto exchange. It supports trading of over 400 cryptocurrencies, serves 15 million users, and covers more than 190 countries. In 2025, revenue reached 1.5 billions USD (up 128% year-on-year), with adjusted EBITDA of 424 millions USD.

Funding History:

Total funding: about 622 millions USD;

Latest funding (September 2025): 500 millions USD, post-money valuation of 15 billions USD, led by Tribe Capital;

Major investments: Acquired NinjaTrader (1.5 billions USD) and Small Exchange (100 millions USD) in 2025;

IPO Progress:

Current status: Actively preparing for a 2026 IPO;

Latest update: Plans to list on Nasdaq in Q1 2026, currently working with Goldman Sachs and JPMorgan to raise up to 1 billions USD in debt/equity funding. Q1 2025 revenue was 472 millions USD (up 19% year-on-year), with adjusted EBITDA of 187 millions USD. The co-CEOs emphasized “no rush to go public,” focusing on regulatory clarity;

Expected IPO time: Q1 2026;

FalconX (Prime Brokerage/OTC Platform)

FalconX, founded in 2018, is an institutional digital asset prime broker, providing trading, financing, custody, and liquidity services to financial institutions and hedge funds. It has facilitated over 2 trillions USD in trading volume and serves more than 2,000 clients.

Funding History:

Total funding: about 527 millions USD;

Series D (June 2022): 150 millions USD, post-money valuation of 8 billions USD;

Main investors: Tiger Global, B Capital, Singapore’s GIC, etc.;

IPO Progress:

Current status: Early discussion stage;

Latest update: Acquired 21Shares (a Swiss ETP issuer managing 11 billions USD in assets) in October 2025, and established a strategic partnership with Standard Chartered in May. Reportedly may submit S-1 documents as early as the end of 2025, but no bankers or formal timetable confirmed yet;

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

Animoca Brands (Gaming/Investment Sector)

Animoca Brands, founded in 2014, is a Hong Kong-based Web3 gaming and investment company, developer of blockchain games such as The Sandbox, and has a portfolio of over 600 Web3 projects. Animoca was delisted from the Australian Securities Exchange in 2020 due to involvement with unregulated digital tokens, but has since successfully transformed into a regional industry giant. The company now holds shares in over 620 companies, including NFT marketplace OpenSea, crypto exchange Kraken, and software developer Consensys. Its 2024 annual revenue reached 314 millions USD, with nearly 300 millions USD in cash and stablecoin reserves. It currently has over 700 employees, has raised more than 700 millions USD, and its latest valuation is about 9 billions USD.

IPO Progress:

Current status: Planning a reverse merger to return to public markets;

Latest update: On November 3, 2025, announced the signing of a non-binding reverse merger letter of intent with Nasdaq-listed Currenc Group Inc. (CURR). After the transaction, Animoca shareholders will own about 95% of the merged entity, with a post-transaction valuation of about 2.4 billions USD. The goal is to complete the deal in Q3 2026;

Expected IPO time: Q3 2026 via reverse merger on Nasdaq;

Blockchain.com (Wallet + Brokerage Business)

Blockchain.com, founded in 2011, started as a bitcoin blockchain explorer and has evolved into a global crypto financial services platform. It has created over 90 million wallets, processed over 1 trillions USD in transactions, and offers self-custody wallet, brokerage, and trading platform services in more than 200 countries.

Funding History:

Total funding: about 1.17 billions USD;

Series E (November 2023): 110 millions USD first close, post-money valuation about 7 billions USD;

Main investors: Lightspeed, DST Global, Google Ventures, Coinbase Ventures, etc.;

IPO Progress:

Current status: Preparing for a 2026 US IPO;

Latest update: Aims to list on a US stock exchange in 2026; in October 2025, considered a SPAC merger but shifted to a traditional IPO path. Has appointed co-CEOs and added experienced board members, including former KPMG Global Chairman Timothy P. Flynn. Revenue has grown about 1,500% over the past four years;

Expected IPO time: 2026, specific exchange and timing to be determined;

Bithumb (Korean Crypto Exchange)

Bithumb, founded in 2014, is one of South Korea’s largest crypto exchanges, supporting trading of over 320 digital assets, mainly denominated in Korean won. It operates under the supervision of the Korean Financial Services Commission, offering spot trading, staking, and automated trading services.

Funding History:

Total funding: 200 millions USD;

Series A (April 15, 2019): 200 millions USD, used for platform growth and security enhancement;

IPO Progress:

Current status: Preparing to list on KOSDAQ;

Latest update: In 2023, selected Samsung Securities as underwriter; on July 31, 2025, underwent restructuring, splitting into Bithumb Korea (core trading business) and Bithumb A (investment and other businesses) to increase transparency. Plans to list on the KOSDAQ tech board in Korea;

Expected IPO time: End of 2025 or early 2026, pending regulatory approval;