LARGE CRYPTO PROJECTS THAT ARE CURRENTLY AND SOON TO IPO
After the successful #IPO of Circle and Coinbase,.. Major crypto projects and companies are competing to choose the IPO direction on the stock exchange. Perhaps projects are no longer "keen" on issuing tokens, but IPOs have significantly larger liquidity?
1. Bullish - a crypto exchange backed by Peter Thiel and Blockone, successfully IPO'd in the US in August 2025.
- Bullish is the first company in the US to accept the entire IPO amount of ~ $1.15 billion entirely in stablecoins.
2. Figure Technologies - a major RWA platform for lending and tokenizing assets on the Provenance blockchain.
- 2024 revenue is expected to soar, reaching over $1.2 billion, and has officially filed for an IPO in the US. This could be the most notable Fintech-Blockchain deal by the end of the year.
3. Gemini - the exchange of the Winklevoss brothers, is preparing an IPO plan, despite facing legal difficulties beforehand.
- If successful, this will be a move to directly compete with Coinbase in the public market.
4. BitGo - a well-known crypto custody and infrastructure company, providing services to hundreds of large institutions.
- BitGo is valued at $1.75 billion after a funding round in 2023 and is planning an IPO, targeting the increased custody demand as crypto ETFs explode.
5. Grayscale - the world's leading crypto fund issuer (GBTC, ETHE).
- After the success with the Bitcoin ETF in the US, Grayscale is considering an IPO to reposition from a trust issuer to a listed financial company.
6. krakenfx - one of the oldest top 3 exchanges in the US. The market cap is projected to reach $20-30 billion if listed. Likely to IPO in 2026.
=> The IPO trend of major crypto players indicates that this market is "mainstreaming", wanting to stand alongside traditional financial institutions.
