Crypto Companies Revive the IPO Route in 2025: The Bull Market’s Public Debut

The traditional IPO pipeline, long viewed with skepticism by crypto's decentralized ethos, is roaring back to life. Forget the quiet exits and regulatory sidesteps—2025 is shaping up as the year blockchain builders go public, and they're bringing Wall Street along for the ride.

From Private Pools to Public Markets

It's a strategic pivot that cuts through the noise. After years of thriving on venture capital and token sales, a wave of mature crypto infrastructure firms is bypassing the usual playbook. They're not just seeking capital; they're chasing legitimacy, liquidity, and a seat at the grown-ups' table of global finance. The message is clear: we're here to build, not just speculate.

The New Gatekeepers

Gone are the days of begging for a nod from skeptical legacy exchanges. The landscape has shifted. Regulators, once a formidable blockade, are now drafting rulebooks—albeit slowly. Institutional investors, their appetites whetted by spot ETFs and clearer frameworks, are no longer just dipping a toe. They're ready to dive into equity stakes in the companies powering the digital asset engine. It's a validation that feels earned, not given.

A Calculated Bet on Stability

This isn't a retreat; it's an expansion of the arsenal. An IPO offers a war chest insulated from crypto's infamous volatility—a stable currency for hiring top talent, funding aggressive R&D, and securing global licenses. It provides a traditional metric for value that even your most skeptical uncle at Thanksgiving can understand. For executives, it’s the ultimate bridge between the disruptive world of Satoshi and the established corridors of power.

The revival signals a sector coming of age. But watch closely—the real test won't be the opening bell's ring, but whether these companies can satisfy two masters: the moon-shot expectations of the crypto community and the quarterly earnings demands of public shareholders. After all, nothing sobers up a bull market like a spreadsheet.

Which were the biggest IPOs in 2025? 

The 2025 IPO series reflected the recent trends in the crypto market. CoreWeave was the biggest IPO for the year, reaching a $23B valuation, and a $42B valuation after months of trading. The sale reflected the ability of mining companies to shift to AI infrastructure. 

The most notable crypto native company to perform an IPO was Circle, raising over $18B at the IPO, and valued over $20B toward the end of 2025. 

Figure Technology was the third-largest and most successful IPO, raising $5.3B, with a current valuation of $9.7B. Both Circle and Figure tapped into the trend of joining blockchain solutions with traditional finance. 

Crypto platforms eToro and Gemini were the two major IPO to sink below their offer price. The exchanges reflected the slowdown of retail trading and the shift to other sources of gains, including decentralized activity and fee-generating services. 

Centralized exchanges to continue IPO trend in 2026

Crypto companies have not abandoned the path to IPO. Overall, the expectations for a strong IPO year in 2026 are setting the pace for crypto companies as well. 

One of the company categories will be crypto exchanges. The next wave of IPO candidates comes from exchanges that have adapted to new regulations, turning into strong trading hubs. 

Centralized Exchanges exploring IPO in 2026

As crypto matures, the next wave of #IPO candidates (#CEX) is shifting from HYPE to infrastructure. #CEXs with deep liquidity and regulatory footing are positioning themselves for 2026 listings. pic.twitter.com/wSHFoLgWbd

— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) December 23, 2025

Crypto exchanges are also extending the reviving European IPO market, which is operating with cautious optimism. The exchanges and crypto companies are seen as a source of rapid gains, in a more legitimate manner compared to token trading. 

However, an IPO is not an automatic solution for all platforms. After months of speculation, Ripple announced it had no plans for an IPO in the near future. 

IPOs are seen as a sign of a maturing crypto industry. The sector also learned some harsh lessons in launching a token instead of a stock, as multiple projects were caught in expensive, years-long lawsuits.

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