Top crypto firms filing for IPOs following Circle

Circle's $1.1 billion IPO has shattered the crypto industry's glass ceiling, proving that digital asset companies can command serious Wall Street attention. The stablecoin issuer's shares surged nearly 290% on debut, triggering a rush of IPO preparations as exchanges and institutional platforms race to capitalize on newfound investor appetite.

This article examines how IPOs work, looks at the surge in crypto IPO activity and spotlights the top firms preparing for public listings — including OKX, Gemini and FalconX — while exploring what this trend means for the future of the cryptocurrency industry.

Key Takeaways:

• An IPO (initial public offering) is a process in which a private company offers its shares to the public for the first time, allowing it to raise capital from investors and begin trading on a stock exchange.

• Several prominent cryptocurrency companies are actively preparing for public listings, including OKX, Gemini and FalconX.

What is an IPO?

An IPO (initial public offering) is a process in which a private company offers its shares to the public for the first time, allowing it to raise capital from investors and begin trading on a stock exchange.

IPOs provide companies with access to substantial funding for expansion while offering strategic benefits, such as enhanced credibility and the ability to use stock for acquisitions. For early investors and founders, IPOs represent an opportunity to monetize their investments and realize returns on their stakes 

How does an IPO work?

The IPO process starts when a company selects investment banks to serve as underwriters and guide the public offering. These underwriters conduct thorough due diligence, evaluate the company's financials and help determine the optimal share price and offering size.

Next, the company files a registration statement with relevant regulators (such as the SEC in the US), providing detailed financial data, specifics regarding business operations and risk factors. This document undergoes regulatory review before approval. Once cleared, the company launches a roadshow to pitch institutional investors and gauge market demand.

On the IPO date, shares begin trading on the chosen stock exchange at market-determined prices. Underwriters often provide price support during early trading in order to maintain stability. Most IPOs include lockup periods lasting 90 to 180 days, which prevent company insiders from selling their shares immediately after the IPO.

Why are more crypto firms filing for IPOs?

Circle's spectacular market debut proved that there's strong investor demand for crypto stocks, with the company raising $1.1 billion and seeing shares quadruple on the first day. This success has inspired other crypto firms to follow suit, creating momentum in the sector.

The regulatory environment in the US has become increasingly favorable, with the SEC adopting a friendlier stance toward crypto under the current administration. Approval of Bitcoin ETFs in January 2024 and the dismissal of numerous enforcement cases have reduced uncertainty, giving companies confidence to pursue public listings.

Meanwhile, crypto companies have matured significantly as businesses, developing professional compliance teams, transparent financial records and robust risk management practices similar to those of traditional financial institutions. This evolution has made them more attractive to institutional investors seeking stable growth opportunities.

The trend has been further accelerated by major financial players, including BlackRock, Visa and Fidelity, who have backed crypto companies and launched digital asset services. Their involvement legitimizes the sector and opens doors to broader institutional participation, thereby increasing the likelihood of IPO success.

Top crypto firms filing for IPOs

Several prominent cryptocurrency companies are actively preparing for public listings, capitalizing on the favorable market conditions created by Circle's successful IPO.

OKX

OKX is actively considering a US IPO following its recent American market expansion. The Seychelles-based exchange established a regional headquarters in San Jose, California, in April 2025, and appointed Roshan Robert as CEO of its US division. Chief Marketing Officer Haider Rafique confirmed that OKX would "absolutely consider an IPO in the future" with the US as the preferred venue.

The IPO consideration represents a significant shift for OKX, which has previously faced regulatory challenges in the United States. As an example, the exchange settled $500 million in penalties with the Department of Justice for operating without proper money transmission licensing. Since then, OKX has repositioned itself as a compliance-focused platform, demonstrating newfound confidence in its US operations.

News of the potential IPO sparked immediate market interest, with OKX's native token, OKB, jumping 9.8% before settling back. An IPO would mark a crucial milestone in OKX's strategy to establish credibility and capture a larger share of the lucrative American crypto market.

TRON

Led by Justin Sun, TRON is going public through a reverse merger with Nasdaq-listed SRM Entertainment, which will rebrand as Tron Inc.SRM plans to acquire and stake TRX tokens as part of a treasury strategy, with plans to distribute dividends to shareholders following the model popularized by MicroStrategy (now rebranded as Strategy). SRM's stock surged over 530% following the merger announcement.

Arranged by Trump-linked Dominari Securities, the merger follows the SEC's pause of its fraud investigation into Sun. The public listing provides investors with exposure to TRON's position as the world's largest stablecoin network, hosting over 50% of USDT transactions and processing a daily average of $20 billion in USDT across global payment flows, according to DefiLlama.

Bullish

Bullish, the Peter Thiel–backed crypto exchange that owns CoinDesk, has filed confidential paperwork with the SEC for an IPO, with the merger/acquisition adviser company Jefferies serving as lead underwriter. The exchange is led by CEO Tom Farley, former president of the NYSE Group, and represents another major crypto firm seeking to capitalize on improved market conditions.

Bullish previously attempted to go public via SPAC in 2021, but the deal collapsed amid market turbulence and rising interest rates. The exchange's second attempt at going public reflects the broader shift in crypto market sentiment, with companies now benefiting from improved regulatory clarity and renewed institutional interest in digital asset platforms.

Kraken

Kraken is considering an IPO by Q1 2026, citing the Trump administration's more favorable regulatory environment as a key factor in making a public listing viable. The SEC's decision to drop its lawsuit against Kraken has removed a major obstacle, allowing the exchange to consider listing on public markets after years of regulatory pressure.

Kraken’s exchange had intended to go public by 2022, but delayed its plans due to challenging market conditions. However, co-CEO Arjun Sethi emphasized that the company remains selective about timing, stating, "We'll pursue public markets as it makes sense for our clients, our partners and shareholders." Last valued at $4 billion in 2019, Kraken's measured approach contrasts with the current rush of crypto companies seeking public listings.

Bithumb

South Korea's second-largest crypto exchange, Bithumb, is preparing for an IPO by late 2025 after a strong comeback from earlier setbacks. The exchange has rebounded to claim 25% of the local market, up from single digits in 2023.

Bithumb plans to list on South Korea's KOSDAQ, and follow up with a Nasdaq listing to attract global investors, with Samsung Securities serving as underwriter. The company will restructure into two entities in July 2025 in order to prepare for its initial public offering.

ProCap

Anthony Pompliano's ProCap BTC is going public through a $750 million SPAC merger with Columbus Circle Capital Corp. I, creating ProCap Financial with plans to hold $1 billion in Bitcoin on its balance sheet. The company purchased 3,724 bitcoins immediately after announcing the merger, demonstrating its commitment to aggressive Bitcoin accumulation.

This transaction will position ProCap BTC among the top eight public companies by Bitcoin holdings, with shares expected to trade under the ticker CCCM following year-end closing and pending regulatory approval. The deal represents another example of crypto entrepreneurs using SPAC structures to create publicly traded Bitcoin treasury companies.

Twenty One Capital

Partnering in a $3.6 billion deal backed by Tether, SoftBank and Bitfinex, Twenty One Capital will launch with over 42,000 Bitcoin, making it the world's third-largest Bitcoin treasury. The merger is being facilitated through Cantor's SPAC, with Brandon Lutnick (son of US Commerce Secretary Howard Lutnick) involved through the Cantor connection.

Twenty One Capital has raised a total of $685 million, including a recent $100 million boost from existing investors. The company will trade on Nasdaq under the symbol "XXI" and aims to replicate Strategy's success as a Bitcoin acquisition company, positioning itself as a major player in the corporate Bitcoin treasury space.

Bitkub

Bitkub, Thailand's dominant cryptocurrency exchange with a 77% market share, is preparing for an IPO on The Stock Exchange of Thailand (SET) in 2025. CEO Jirayut Srupsrisopa confirmed that the company is hiring financial advisers to facilitate the public listing, which aims to raise capital and enhance market credibility.

Despite cutting 6% of its staff in 2022–2023, Bitkub plans to double its workforce from 2,000 to 4,000 employees by 2025. The exchange faces mounting pressure from Binance's Thai subsidiary, launched in 2024, and traditional banks entering the crypto space, including Kasikorn Bank’s acquisition of majority control in rival exchange Satang.

Gemini

Gemini moved swiftly to capitalize on Circle's IPO success, with the Winklevoss twins' exchange filing confidentially with the SEC less than 24 hours after Circle's NYSE debut. The company submitted a draft S-1 registration statement for its proposed IPO, but hasn’t disclosed share count or pricing details.

Founded by billionaire twins Cameron and Tyler Winklevoss, Gemini has established itself as a compliance-focused exchange with institutional-grade security. The brothers gained prominence through early Bitcoin investments, and via their high-profile legal dispute with Facebook's Mark Zuckerberg.

Industry insiders anticipate that Gemini will go public before the end of 2025, as the company seeks to capitalize on favorable market conditions. The exchange's strong regulatory track record and the Winklevoss twins' industry reputation position it well for a successful public debut.

FalconX

FalconX, valued at $8 billion during its last funding round, is considering going public on the NYSE as early as this year. The crypto prime brokerage has held preliminary discussions with bankers and consultants regarding the IPO process, although it hasn't yet formally hired an underwriter. 

FalconX has been aggressively expanding through acquisitions, including the derivatives trader Arbelos Markets, as well as partnerships with traditional finance firms such as Standard Chartered. Its recent Bitcoin-backed credit facility with Cantor Fitzgerald signals FalconX's strategy to bridge the gap between crypto and conventional institutional finance.

The future of crypto: Will more firms file for IPOs?

Crypto’s IPO momentum shows strong signs of continuing, with industry experts predicting 2025 as a breakthrough year for digital asset companies entering public markets. Kraken is reportedly targeting an IPO for Q1 2026, while asset manager Bitwise has identified at least five "crypto unicorns" expected to go public in 2025: Circle (already completed), Kraken, Figure, Anchorage Digital and Chainalysis.

Additional major players are positioning for public listings, including BitGo (which is considering a late 2025 IPO with a $1.75 billion valuation), Consensys (valued at $7 billion) and Ledger (valued at $1.4 billion). The pipeline extends internationally, with South Korea's Bithumb planning a late 2025 listing and Thailand's Bitkub targeting a listing on The Thailand Stock Exchange.

Coinbase's entry into the S&P 500 in May 2025 and (Micro)Strategy's joining of the Nasdaq-100 demonstrate that major equity indices now reflect exposure to the crypto industry. Institutional investors increasingly view crypto companies as legitimate businesses, rather than speculative investments, thanks to improved regulatory clarity and sophisticated business models.

However, long-term success will depend upon the sustained performance of current public crypto companies. While Circle's shares surged nearly 290% after its IPO, not every listing will deliver explosive returns. Companies with diversified revenue streams, strong compliance records and clear paths to profitability will likely fare best with public market investors.

The bottom line

Circle's $1.1 billion IPO has triggered a rush among crypto companies, with Gemini, OKX, FalconX and others now racing to go public. This marks the official entrance of crypto into Wall Street after years of regulatory uncertainty, transforming it from a speculative sector into a legitimate business category.

The timing couldn't be better, with regulatory clarity improving and institutional investors hungry for crypto exposure. However, maintaining this momentum will require these companies to demonstrate that they can deliver consistent returns and sustainable growth — thus proving crypto belongs in public markets for the long haul.

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