3 Crypto IPOs to Watch After Circle and Bullish's Big Debuts

Three crypto IPOs to watch after Circle and Bullish's big debuts: Grayscale, Gemini, and FTX. Grayscale manages over $33 billion in assets and plans to take itself to Wall Street, while Gemini, founded by the Winklevoss twins, has built a billion-dollar business in the crypto industry. FTX, a cryptocurrency derivatives exchange, has raised $900 million in funding and is reportedly planning an IPO.

After the successful IPOs of Circle and Bullish, the crypto market is abuzz with anticipation for the upcoming listings of Grayscale, Gemini, and FTX. These companies represent significant milestones in the integration of digital assets into traditional financial markets.

Grayscale, a leading crypto asset manager overseeing over $33 billion across more than 35 products, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) [1]. The company's filing, submitted via a draft Form S-1, keeps critical details such as share count and pricing undisclosed for now. This move comes amid Bitcoin's rally above six-figure levels and a pro-crypto regulatory climate under the current U.S. administration. Grayscale's IPO follows in the footsteps of crypto firms like Circle, Gemini, and Kraken also eyeing public listings.

Gemini, co-founded by the Winklevoss twins, has filed for a Nasdaq IPO under the ticker GEMI. The exchange reported $67.9 million in revenue and $282.5 million in net loss for the first half of 2025, driven by declining trading fees and crypto staking losses. Despite these challenges, Gemini's IPO aligns with a broader industry trend toward traditional markets, following high-profile listings like Circle and Bullish in 2025. Goldman Sachs and Citigroup are handling the IPO, which will be used primarily to repay third-party debt and strengthen financial stability [2].

FTX, a cryptocurrency derivatives exchange, has raised $900 million in funding and is reportedly planning an IPO. FTX's collapse in 2022 marked a significant setback for the industry, but the exchange's comeback reflects growing confidence among digital asset firms to attract mainstream investors. FTX's IPO, if successful, could further solidify the sector's integration into traditional financial markets.

These upcoming IPOs signal a turning point for the crypto industry, reflecting growing confidence among digital asset firms to attract mainstream investors and bringing increased transparency, regulatory scrutiny, and capital that could help solidify crypto's place in traditional financial markets. As the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional markets.

References:
[1] Grayscale Files for IPO (https://economictimes.indiatimes.com/news/international/us/coindesk-bullish-ipo-stablecoin-circle-successes-pave-way-for-crypto-firms-like-gemini-grayscale-to-go-public/articleshow/123284823.cms?from=mdr)
[2] Gemini Files for IPO (https://www.ainvest.com/news/gemini-files-nasdaq-ipo-crypto-firms-enter-traditional-markets-2508/)