Waves of Crypto IPOs in 2025

The Hype, Who’s Next, and the Future Outlook

The Launchy Team
September 23, 2025

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Crypto IPOs are back in the spotlight after Circle’s blockbuster debut reignited investor interest and reopened public markets to digital asset companies. Many crypto companies have already listed, and many investors believe this marks the beginning of a multi-year cycle for crypto offerings.

Venture capitalists say anywhere from three to fifteen more companies could go public in this quarter, not counting the growing number of treasury firms.

The push is not just about timing. Stablecoins now rival Visa in settlement volumes, dozens of crypto businesses generate more than $100M in annual recurring revenue, and the policy climate in Washington is, for now, relatively supportive.

For VCs, IPOs are finally being taken seriously as an equity exit alongside token launches. Tokens still dominate because they are more liquid and flexible, especially for early-stage projects. Even so, the renewed appetite in public markets has shifted the balance and forced investors to factor IPOs into their outcome models for top equity stories.

This report looks at the wave of crypto IPOs in 2025, the companies leading the way, the fundamentals behind their readiness, and what this could mean for the future of crypto capital markets.

Key Takeaways

2025 has reopened the IPO market for crypto, led by Circle’s blockbuster debut and followed by listings from Gemini, Bullish, Figure, and eToro.
Exchanges dominate the wave, with both established names and newer platforms lining up, but asset managers, custodians, miners, and prime brokers are also preparing filings.
Favorable conditions align, including steadier interest rates, a Bitcoin bull cycle, and a more cooperative SEC under the Trump administration.
Risks remain high, from overextended valuations and cyclical revenues to regulatory uncertainty and post-IPO insider selloffs.
The next phase could broaden further, with big names like Consensys, Ledger, and Ripple potential candidates, and with tokenized IPO experiments looming on the horizon.

From Bitcoin Cycle to ETFs: Why the Timing Favors IPOs

The wave of crypto IPOs in 2025 is no accident. Market conditions, the Bitcoin cycle, and regulation have all lined up to create one of the most favorable environments the industry has seen.

After years of inflation and aggressive rate hikes, interest rates have steadied. Equity markets are stronger, volatility has eased, and investors are again searching for growth stories. For crypto firms with recurring revenues and audited financials, the door to public markets is open.

The timing also reflects the Bitcoin cycle. The 2024 halving sparked a powerful rally that pushed Bitcoin from around $30,000 in early 2023 to more than $115,000 by September 2025. This surge has lifted sentiment across the industry and strengthened company balance sheets.

Historically, bull phases like these have coincided with waves of corporate expansion and capital raising. The current cycle is no different, giving exchanges, custodians, and infrastructure providers both the liquidity and visibility needed to pursue IPOs.

Regulation has shifted too. The SEC’s approval of crypto ETF listing standards and its more cooperative approach mark a clear departure from years of lawsuits and delays. Combined with the success of ETFs and the rise of tokenization, which has made digital assets more familiar to traditional investors, equity markets are now far more comfortable with crypto-linked businesses.

All of this makes 2025 stand out. Stable rates, a strong Bitcoin cycle, supportive regulators, and investors who are finally ready for digital assets have created the conditions for a wave of crypto IPOs. The fundamentals are in place, and the market is prepared.

Who’s Listed So Far

The crypto IPO wave that kicked off in 2025 has already brought several major names to public markets. From exchanges and stablecoin issuers to trading platforms and blockchain lenders, each listing has tested how investors view the sector.

Some stocks jumped sharply on day one, while others slipped below their offering price within days. The following profiles cover the most notable debuts so far: Gemini, Bullish, Figure, Circle, and eToro, along with how they have traded since going public.

Gemini ($GEMI) — Nasdaq

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, went public on September 12, 2025, under the ticker $GEMI on the Nasdaq.

The company raised $425M by selling 15.18M Class A shares at $28 each, above the expected $24–$26 range.
Nasdaq itself also bought $50M worth of shares in a private placement.
The stock initially surged, trading above $40 per share on its first day and briefly valuing Gemini at $4.75B.

However, within days the excitement faded. By September 17, GEMI dropped 12.8% to close at $24.53, below its IPO price. The decline continued over the week, with shares sliding more than 34% from the post-IPO high to around $23.94.

The selloff came amid broader weakness in crypto-linked stocks like Coinbase and Circle, even as the Federal Reserve cut rates by 25 basis points.

Despite the rocky start, Gemini’s IPO marked it as the third US-listed crypto exchange after Coinbase and Bullish, joining a wave of 2025 crypto listings that also includes Circle and Figure. The Winklevoss twins retained 94.5% of voting power post-IPO, signaling tight founder control.

Bullish ($BLSH) — NYSE

Crypto exchange Bullish went public on the New York Stock Exchange (NYSE) on August 13, 2025, under the ticker $BLSH.

The company priced its shares at $37 and raised about $1.15B in proceeds.
The proceeds, uniquely chosen by Bullish, were received in stablecoins such as USDC on Solana, PayPal’s PYUSD, Ripple’s RLUSD, and World Liberty Financial’s USD1.
Most of these assets are custodied by Coinbase.

Bullish’s debut was one of the hottest in the 2025 IPO wave. Shares surged as high as $118, more than tripling the offering price, before settling around $84 on day one. At peak, the company’s valuation hit $12.2B.

Since then, the stock has cooled. By mid-September, BLSH was trading in the mid-$50s, down over 50% from its IPO peak and about 22% below its debut levels.

Despite the pullback, Bullish delivered a strong first earnings report as a public company. In Q2 2025, it posted $108.3M in net income, reversing a $116.4M loss from the same quarter a year earlier. Trading volumes rose to $179.6B, up from $133B year-on-year.

The company also expanded its regulatory footprint, securing a New York BitLicense and MiCA authorization in Europe.

Figure ($FIGR) — Nasdaq

Figure Technology Solutions, a blockchain-based lending firm founded by SoFi co-founder Mike Cagney, priced its IPO at $25 per share on September 11, 2025, raising about $787.5M and valuing the company at $5.3B.

The offering included 23.5M new shares from Figure and nearly 8M shares sold by existing stockholders.
On debut, shares opened at $36, briefly pushing the company’s valuation to $7.6B. By mid-day, shares traded around $31.88, still well above the IPO price.
Over the past month, Figure’s stock has climbed nearly 25%, closing at $44.96 as of September 19.

The IPO was underwritten by Goldman Sachs, Jefferies, and BofA as lead bookrunners, with support from several others including KBW, Mizuho, and Piper Sandler.

Circle ($CRCL) — NYSE

Circle Internet Group, the issuer of stablecoin USDC, went public on June 5, 2025, under the ticker $CRCL. Shares were priced at $31 and raised about $1.1B through the sale of 34M shares.

The debut was explosive, Circle’s stock surged 235% on day one, closing at $82, and climbed to $107.70 by June 6, valuing the company at $21.6B.
At one point during trading, shares spiked above $90, triggering a halt on the NYSE due to volatility.
Circle’s reliance on revenue from its $60B USDC supply gave it a more stable business model than many peers, though some analysts questioned whether the valuation was justified given its fundamentals.

Since the IPO, Circle’s stock has cooled from its early highs but remains well above its offering price. As of mid-September 2025, shares trade around $144.14, up more than 100% from the IPO, showing that investors still view it as one of the strongest crypto-native equity plays.

Circle’s IPO set a new precedent for crypto firms, helping open the door for listings from peers like Gemini, Bullish, and Figure.

eToro ($ETOR) — Nasdaq

eToro, the multi-asset trading platform offering both stocks and crypto, debuted on the Nasdaq on May 14, 2025, under the ticker ETOR. The company priced its IPO at $52 per share after upsizing the offering, selling 11.9M Class A shares (split between new issuance and existing stockholders).

On its first trading day, shares surged 29%, closing at $67. The debut signaled strong investor appetite for platforms that bridge traditional and digital assets.
By mid-September, ETOR has dropped to about $44.15, down more than 34% from its IPO day close, reflecting broader volatility across crypto-linked equities.
The IPO was underwritten by Goldman Sachs, Jefferies, UBS, and Citigroup as lead managers, with support from Deutsche Bank Securities, Cantor, and BofA Securities.

The Winners and Losers

Among the standout IPOs of 2025, Circle is the clear winner. Its debut not only delivered the biggest first-day pop, with shares surging 235% and sustaining gains above 100% months later, but also set a new benchmark for how traditional investors value crypto infrastructure.

Bullish also made headlines with one of the strongest opening rallies, tripling its offer price on day one, though its stock has since cooled.

Figure belongs in the resilience category, with steady gains that have pushed its valuation higher despite a more modest reception at launch.

On the losing side, Gemini quickly entered the hall of shame. Its shares fell below the IPO price within days and remain down more than a third from their highs, raising doubts about investor confidence in exchange-focused business models.

eToro has also struggled post-listing, unable to maintain its initial momentum and sliding more than 30% from its first-day close.

Taken together, these cases highlight the split between companies rewarded for strong fundamentals and those punished for weaker narratives or mistimed offerings.

The Next Wave: Upcoming and Potential IPOs

The crypto IPO pipeline is heating up, with at least nine firms lining up to tap public markets in 2024 and 2025. Exchanges lead the way, with Uphold, OKX, Kraken, Bithumb, and Blockchain.com all preparing offerings. Grayscale has filed confidentially as an asset manager, while custodian BitGo, miner Genesis Digital Assets, and prime brokerage FalconX are also exploring listings.

BitGo

On July 21, 2025, crypto custodian BitGo Holdings confidentially filed a draft S-1 with the SEC for a planned US IPO of its Class A shares. The deal size and timing remain undisclosed and will depend on regulatory review and market conditions.

This marks BitGo’s return to IPO ambitions after a failed $1.2B acquisition deal with Galaxy Digital in 2022, which ended in litigation and kept the firm private while rivals like Coinbase went public.

Grayscale

On July 14, 2025, Grayscale Investments confidentially filed a draft registration statement with the SEC for a potential US IPO.

The number of shares and target valuation were not disclosed, and the timing remains uncertain.
By filing confidentially, Grayscale can keep financial details private until it decides to move forward, typically releasing a prospectus 15 days before a roadshow.
The move comes after a transformative 18 months for the Digital Currency Group subsidiary.

Uphold

On June 9, 2025, Uphold CEO Simon McLoughlin said the company’s board has appointed FT Partners to explore strategic options, including a possible US IPO or a sale to a payments firm. While McLoughlin declined to give valuation targets, a person familiar with the matter said Uphold is seeking a valuation above $1.5B.

Uphold has been leaning heavily into XRP-focused products to build its US consumer base.
In May, the company announced yield opportunities for XRP via Flare Network and launched a debit card offering XRP rewards.
Its Vault self-custody wallet launched in late 2023 also supports XRP.

OKX

On June 22, 2025, The Information reported that global crypto exchange OKX is considering a US IPO.

The move follows its April relaunch in the country after settling a $500M case with the Department of Justice.
As part of its US expansion, OKX established headquarters in San Jose, California, and hired Roshan Robert, a former Morgan Stanley and Barclays executive, as US CEO.
Robert has pitched OKX’s long-term vision as building a “super app” for crypto and finance in the US.

Kraken

On July 30, 2025, reports from The Information revealed that Kraken is planning to raise $500M in a funding round at a $15B valuation, setting the stage for an IPO expected in early 2026.

In March 2025, the SEC dismissed its long-running lawsuit against Kraken over its staking service, removing a major overhang on the company.
Kraken currently handles about $1.25B in daily trading volume.
Kraken’s push shows that many of the “OG” crypto firms funded between 2016 and 2018 are now seeking exits and growth capital through Wall Street.

Genesis Digital Assets

On July 3, 2024, Bloomberg reported that Genesis Digital Assets (GDA), a major bitcoin mining firm, is exploring a potential US IPO. The company is working with advisers on the plan and is expected to launch a pre-IPO funding round in the near term.

The move comes as bitcoin miners expand capacity and seek new revenue sources following the April 2024 Bitcoin halving, which cut mining rewards by 50%.
GDA currently operates over 20 mining facilities across 4 continents, including sites in Texas, North Carolina, and South Carolina, with a total power capacity above 500 MW.
GDA is also notable for its past funding ties. In 2022, the now-defunct Alameda Research invested about $1.15B, valuing the firm at $5.5B at the time.

FalconX

On June 19, 2025, Decrypt reported that FalconX, a crypto prime brokerage, is in early talks about a potential US IPO. Three sources said the firm has spoken with bankers and consultants to explore the process, though it has not yet hired an investment bank.

FalconX could file as soon as this year, aiming to raise capital to support acquisitions and meet rising institutional demand for crypto services.
FalconX was last valued at $8B during a $150M funding round in 2022.
Since then, the company has expanded its scope across three verticals: markets trading, custody and staking, and direct market access for institutions.
In early 2025, FalconX acquired Arbelos Markets to push deeper into derivatives, followed by a partnership with Standard Chartered for banking and FX integration, and a May deal with Cantor Fitzgerald to secure a Bitcoin-backed credit facility.

Bithumb

On April 22, 2025, filings in South Korea’s corporate registry revealed that Bithumb is restructuring its business as it prepares for an IPO.

The Seoul-based exchange will split into two entities:

Bithumb Korea, which will focus on the core exchange operations and seek a public listing, and Bithumb A, which will oversee venture investments, asset management, and new business initiatives.
The reorganization takes effect on July 31, 2025.

Bithumb plans to list first on South Korea’s Kosdaq, with a potential Nasdaq listing as a secondary option later on.

Financially, the firm reported an operating profit of 130.8B won ($95M) in 2024, reversing a 149B won loss from 2023.

Blockchain.com

On February 15, 2025, Blockchain.com signaled progress toward a potential IPO by appointing two senior executives: Justin Evans as Chief Financial Officer and Mike Wilcox as Chief Operating Officer.

Evans noted that Blockchain.com is “taking the steps necessary to be a public company, if and when the public markets are available.”
Blockchain.com’s valuation has fluctuated sharply in recent years: $5.2B in 2021, rising to $14B in 2022, before falling to $7B in its most recent funding round.

Risks and Red Flags

Even as crypto firms race to public markets, investors face a slate of risks that could weigh on performance after the initial buzz. High valuations remain a key concern, with several companies pricing at multiples that far outpace their underlying revenues. That disconnect may leave stocks vulnerable once the excitement of the debut fades.

The sector’s reliance on cyclical crypto trading volumes also adds volatility. Revenue streams tied to exchange fees, custody, or prime brokerage often rise and fall with market sentiment, making earnings less predictable than in traditional industries.

Legal and regulatory overhangs remain another major risk. While the current US administration has signaled a friendlier stance, past enforcement battles show how quickly sentiment can shift. Several firms in the IPO pipeline still carry unresolved legal baggage that could resurface once they are public.

Liquidity traps and insider unlocks pose their own challenges. With founders and early backers often holding concentrated stakes, post-IPO selling pressure can distort price discovery and shake retail confidence. For many of these companies, going public is only the start of the real test: proving that their business models can sustain growth under the scrutiny of public markets.

Lessons from Past IPO Waves

There are echoes of past cycles. In 1999, the dot-com boom drove a rush of tech listings, while the 2020–2021 SPAC wave showed how fast capital markets can overheat. The difference today is that many crypto firms look more like SaaS or fintech businesses, with real revenues and established user bases. They have a stronger case to make to public investors than most dot-com or SPAC-era names.

Future Outlook

The IPO window that reopened in 2025 may just be the start of a longer run. Exchanges still dominate the pipeline, but other players from custody firms like BitGo to prime brokers like FalconX are signaling intent to follow. In 2026, attention may turn to giants such as Consensys, Ledger, or even Ripple if it clears its regulatory hurdles. Some analysts also see room for hybrid offerings, where equity shares are paired with token incentives, though US regulators are unlikely to allow it in the near term.

Whether this turns into a short-lived bubble or a permanent bridge between Wall Street and crypto will depend on how these newly listed firms perform under quarterly earnings pressure. If they prove they can deliver sustainable revenues rather than just riding trading cycles, IPOs could become as normal a path as token launches. If not, the wave could crash as quickly as it rose, leaving only a few winners to define the sector.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.