2025 is predicted to be the year of the IPO wave in the cryptocurrency industry, as many prominent names are preparing to publicly list on major exchanges like Nasdaq and NYSE. This is driven by Donald Trump's victory in the US presidential election, along with a commitment to 'ease' regulations on the cryptocurrency industry.
Below are 10 prominent names predicted to go public soon — according to data from PitchBook and various internal sources.
1. Circle – The 'heart' of USDC
Circle, the company behind the stablecoin $USDC (current market capitalization of approximately $60 billion), has officially filed for an IPO and is expected to list by the end of April 2025.
Coinbase currently holds a 3.5% stake in Circle, equivalent to $51.1 million – and will be a major beneficiary if Circle's IPO succeeds.
According to predictions from the Polymarket exchange, the likelihood of Circle's IPO has risen to 80%.
2. eToro – The trading giant from Israel
The trading platform #eToro has filed for an IPO since February 2025, expected to list around April–June this year.
In 2024, $12 billion out of eToro's total revenue of $12.6 billion will come from crypto trading.
3. Dapper Labs – The 'creator' of NBA Top Shot
PitchBook rates Dapper Labs with a 96% likelihood of #IPO in the near future – the highest rate on this list.
Dapper Labs is the pioneering company in the NFT space with NBA Top Shot and Flow Blockchain.
4. Consensys – The team behind the MetaMask wallet
With a 95% likelihood of IPO, Consensys is one of the most promising candidates.
Joe Lubin – founder of Consensys and co-founder of Ethereum – hinted at taking the company public but also opened the door to other directions such as tokenization or externalizing some projects.
5. Ledger – The giant hardware wallet
Ledger, the leading crypto hardware wallet manufacturer, is valued at $1.4 billion after a Series C funding round in 2023.
IPO likelihood: 89%, according to PitchBook.
The kidnapping incident of co-founder David Balland in January was shocking but did not slow down the company's IPO move.
6. Ripple – The giant cross-border payment
Brad Garlinghouse, CEO of Ripple, stated that an IPO 'is entirely possible' but not an immediate priority.
However, PitchBook still rates Ripple with an 85% likelihood of going public, especially as XRP – the token linked to Ripple – has increased by 249.3% in the past year.
7. Ava Labs – Founder of Avalanche
Ava Labs, the team behind the Avalanche blockchain and AVAX token, is also rated with an 85% likelihood of IPO.
Recently, the company partnered with Fireblocks and Japan's largest bank SMBC to launch a new stablecoin – a sign that the company is rapidly expanding.
8. World Network – The team behind Worldcoin
World Network has an 84% likelihood of IPO, aiming to create a 'global financial identity network.'
Worldcoin users receive tokens after scanning their retinas – a controversial idea that has attracted the attention of many global regulators.
Despite the controversy, being backed by OpenAI and Sam Altman has made the project formidable.
9. Chainalysis – The 'watchful eye' of blockchain analysis
Chainalysis – the blockchain analysis platform – is valued at an 82% likelihood of IPO.
The company has appointed a new CEO and added an independent board member, seen as a sign of 'preparing to go public' by financial observers.
In Bitwise's list of IPO predictions for 2025, Chainalysis is also mentioned.
10. Kraken – The veteran exchange
Having considered an IPO since 2021, Kraken is currently rated by Polymarket with only a 28% likelihood of IPO in 2025 due to ongoing legal hurdles.
However, Kraken's leadership stated that the company is 'always ready' for an IPO if it serves the best interests of users and shareholders.
Also includes: Revolut
This digital bank is in the process of global expansion and is expected to IPO in 2025, although the company has not officially confirmed this.
Revolut offers crypto trading services and aims to become a comprehensive 'financial super app.'
Summary:
The simultaneous IPO preparations of many large crypto companies not only reflect the industry's maturity but also represent a strategic move amid the Trump administration's more 'open' stance toward digital assets.
This could be a 'golden opportunity' for Web3 companies to raise large-scale funding, expand market share, and increase influence in the traditional financial ecosystem. But will they capitalize on this wave, or will they stop like many promising names before?
📌 Risk warning: This article is not investment advice. The cryptocurrency market and potential IPOs carry many risks. Readers should research thoroughly before making financial decisions.