FalconX Eyes 2025 IPO Amid Crypto Industry Boom

FalconX, a prominent cryptocurrency prime brokerage firm, is in the early stages of discussing an initial public offering (IPO) that could potentially be filed as soon as this year. This move is part of the firm's strategy to meet the growing institutional demand for digital assets. FalconX has engaged in informal discussions with bankers and consultants to explore the IPO process, aiming to leverage public markets to support its pursuit of strategic partnerships and acquisitions. The firm has not yet hired an investment bank, which is the first official step toward a public listing.

FalconX's last valuation was $8 billion, achieved in a $150 million funding round in 2022. The firm has been actively raising its public profile, which could help in securing fresh capital for its expanding operations. FalconX's discussions come at a time when the cryptocurrency industry is experiencing an IPO boom, with several digital asset companies going public in 2025. Notable among these is stablecoin issuer Circle, whose $1.1 billion public listing has fueled industry experts’ expectations that more digital assets companies will soon follow suit.

FalconX was founded in 2018 as a crypto-focused prime brokerage, providing clients with direct access to markets for trading on exchanges. Over the years, it has evolved into a full-fledged trading firm and digital assets services provider. The firm operates in three verticals: a markets business, a custody and staking business, and a prime brokerage direct-market-access business. It functions similarly to a principal trading business or a dealer, committing capital for its clients.

In recent years, FalconX has intensified its dealmaking efforts to support its expanding mandate across its business verticals. These deals position the firm to serve a broader range of clients during a period of surging investor interest in cryptocurrencies. In early 2025, FalconX acquired crypto derivatives-focused trading firm Arbelos Markets, marking its entry into the highly profitable global derivatives market. Additionally, the firm formed a strategic partnership with international banking group Standard Chartered to integrate its banking infrastructure and foreign exchange capabilities. In late May, FalconX announced a deal with Cantor Fitzgerald to access a significant credit facility collateralized by Bitcoin, a move aimed at serving more traditional institutional investors.

FalconX's co-head of markets, Joshua Lim, highlighted the firm's strategy of strategically partnering or acquiring companies that can fill gaps in its service offerings. This approach allows FalconX to provide a more comprehensive suite of services to its clients, enhancing its competitive position in the market.