Crypto Firms Rush to IPOs as Regulatory Environment Warms

Circle's recent debut on the New York Stock Exchange marked a significant milestone for the crypto industry, raising over $1.1 billion and seeing its stock quadruple from the initial $31 IPO price within 24 hours. This success has paved the way for several major crypto firms to consider going public, capitalizing on a more favorable regulatory environment under the Trump administration. The Securities and Exchange Commission has been rolling back enforcement actions, signaling a shift towards greater regulatory cooperation.

This regulatory thaw has encouraged several crypto firms to explore public listings. FalconX, a crypto-focused prime brokerage valued at $8 billion in its last funding round, is considering an NYSE listing as early as this year. The firm is enhancing its public profile and strategic partnerships to meet growing institutional demand for crypto. Gemini, led by the Winklevoss twins, has already filed a confidential S-1 with the U.S. Securities and Exchange Commission, with insiders expecting the listing to occur before the end of the year. Bullish, backed by billionaire Peter Thiel, has also filed for a U.S. IPO with investment bank Jefferies potentially leading the offering. The company previously walked away from a $9 billion SPAC combination with Far Peak in 2021 as crypto markets collapsed.

TRON, founded by Justin Sun, is taking a different route by going public through a reverse merger with Nasdaq-listed SRM Entertainment. This deal, brokered by Dominari Securities, suggests a regulatory thawing in the U.S. markets. Kraken, a major U.S. crypto exchange, is reportedly streamlining operations ahead of a potential IPO in 2026, although the company has stated it is not rushing to go public. Bithumb, South Korea's second-largest crypto exchange, is preparing for an IPO by late 2025, planning to list on South Korea's Kosdaq first, with a possible Nasdaq listing to follow. Thailand's leading crypto exchange, Bitkub, plans to go public on the Thailand Stock Exchange this year to raise capital and boost market presence.

If current momentum holds, 2025 may mark the year crypto finally breaks into Wall Street’s inner circle. Coinbase’s direct listing in April 2021 was the first major test, but the stock has seen sharp swings due to regulatory pressure and market volatility. Circle’s breakout, backed by a friendlier administration and clearer optics, shows how far the scenario has shifted since then. According to the analyst's forecast, the strongest IPO candidates combine explosive growth, real business models, and category-defining positioning. Two of the most successful IPOs this year—CoreWeave and Circle—highlight how public investors are eager for exposure to crypto and AI. More companies are expected to follow in their footsteps, as there is a tremendous amount of growth in these two sectors.