Crypto IPO Watch: OKX, TRON, Gemini Among Firms Planning To Go Public

Which big crypto name is going to list in 2025? | Credit: Spencer Platt/Getty Images

Key Takeaways

Crypto IPOs are expected to surge with a more crypto-friendly U.S. government. Bullish, Kraken, andTRON are only some names aiming to go public this year after Circle debuted on the NYSE. Conversely, big players like Ripple and Tether haven’t been discussing launching an IPO soon.

Fueled by growing institutional interest and a friendlier regulatory climate, a wave of crypto firms is preparing to launch Initial Public Offerings (IPOs), aiming to bridge the gap between digital assets and traditional finance.

From established exchanges in Asia to fintech innovators in the U.S., the crypto sector is gearing up for one of its most significant moments yet.

At the same time, some notable players remain cautious about going public.

Crypto IPOs on the Rise

Consensys

The parent company behind MetaMask, Consensys, is reportedly the latest to join the crypto IPO frenzy this year, owing to the United States’ improved and favorable regulatory conditions.

According to reports, Consensys is preparing to go public and has enlisted top banks, including JPMorgan and Goldman Sachs, to lead its initial public offering (IPO).

The company has raised over $725 million across six funding rounds from high-profile investors like SoftBank, BlackRock, Temasek, Mastercard, Coinbase, and HSBC.

Its last significant raise was a $450 million Series D in March 2022 at a $7 billion post-money valuation.

As of mid-2025, secondary market estimates place it at $10–$10.05 billion, up from $7 billion in 2022, reflecting the recovery of the cryptocurrency market and increased product adoption.

Gemini

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed its IPO registration with the U.S. SEC, confirming plans to list on Nasdaq under the ticker “GEMI.”

While share numbers and pricing remain undisclosed, the offering could raise to $400 million, funding platform expansion and compliance investment.

The filing shows Gemini had 523,000 monthly active users by mid-2025, processed $24.8 billion in trading volume in the first half of the year, and held $18.2 billion in assets.

Despite growth, the company remains unprofitable, reporting a $282.5 million net loss in H1 2025, following a $158.5 million loss in 2024, when revenue increased 45% to $142.2 million.

Gemini also disclosed a $75 million credit deal with Ripple, underscoring ties within the crypto sector. Founded in 2014, the exchange has emphasized compliance and security as it competes with Coinbase and decentralized finance platforms.

Figure Technology Solutions

Figure Technology Solutions Inc., a blockchain-based credit company, has filed for an initial public offering on Nasdaq.

Story Continues

The firm completed its Initial Public Offering (IPO) on September 11, 2025, and now trades on the Nasdaq Global Select Market under the ticker FIGR.

The New York-based firm reported net income of $29.1 million on $190.6 million revenue in the first half of 2025, compared with a $15.6 million loss on $156 million revenue a year earlier.

Co-founded in 2018 by SoFi veteran Mike Cagney, Figure develops blockchain technology for lending and has funded more than $16 billion in loans.

The company, valued at $3.2 billion in a 2021 funding round, also uses AI from OpenAI and Google to help evaluate applications.

Apollo Global Management, 10T Holdings and Ribbit Capital are among its backers. Goldman Sachs, Jefferies and Bank of America are leading the IPO. Cagney is expected to retain majority voting control after the listing.

OKX

Global crypto exchange OKX is reportedly exploring a U.S. IPO, just months after reentering the market following a $505 million settlement with the Department of Justice (DOJ) over anti-money laundering violations.

OKX, which operates across Asia, the Middle East, and Europe, reentered the U.S. in April, establishing a new headquarters in San Jose, California, and appointing Wall Street veteran Roshan Robert as U.S. CEO.

The move comes amid a broader trend of crypto firms going public in the U.S., driven by improving regulatory clarity and pro-crypto sentiment in Washington.

Sources say OKX may pursue a “split listing,” though plans are still evolving.

A U.S. IPO would grant the company greater access to institutional capital and a stronger position in the maturing American crypto market.

FalconX

FalconX, a leading crypto-focused brokerage for institutional clients, is considering launching an IPO on the New York Stock Exchange.

A formal filing could come later this year.

Insiders say the company has engaged in preliminary conversations with advisors and industry experts to gauge its roadmap to becoming publicly traded.

However, it has yet to secure an underwriting bank, a key milestone in the IPO process.

Going public would provide FalconX with fresh capital to fuel its growth strategy, which includes exploring acquisition opportunities and forging new alliances, especially as mainstream interest in digital assets continues to build momentum.

The brokerage was valued at $8 billion during its last fundraising effort in 2022, when it raised $150 million.

Additionally, the company is reportedly actively considering initiatives to enhance its brand visibility ahead of a potential market debut.

TRON

TRON went public in the U.S. in July on Nasdaq and began trading by the end of July following a $100 million reverse merger with SRM Entertainment (SRM).

This marked the blockchain company’s public debut under the ticker ‘TRON.’

TRON’s stock slid nearly 5% on Nasdaq on the first trading day.

The deal was arranged by Dominari Securities, a firm tied to Donald Trump Jr. and Eric Trump, who is also expected to take a role at the new company, Tron Inc.

Under the merger, Tron will receive $210 million in tokens, possibly from Sun-linked entities, and may use TRX as a treasury reserve asset—a first for a public company.

The deal underscores growing ties between Sun and the Trump family; Dominari’s offices are in Trump Tower, and Sun is a major backer of the Trumps’ crypto ventures.

Initially launched by the TRON Foundation, which ran the 2017 TRX ICO, blockchain control has gradually shifted to TRON Tech Ltd, a British Virgin Islands firm believed to be owned by Justin Sun.

This transition followed regulatory pressure, including a 2023 SEC lawsuit against the foundation and Sun.

The case was resolved mainly earlier this year as U.S. crypto enforcement cooled.

This week, Eric Trump, son of U.S. President Donald Trump, clarified that he has no public involvement in Tron’s IPO.

Eric Trump said he is a big fan of Tron and Justin Sun but is not involved in the listing process.

Bullish

Bullish, the crypto exchange backed by billionaire Peter Thiel, went public in the second week of August.

Bullish previously attempted to go public via a SPAC merger in 2021 but scrapped the plan due to market turbulence.

With markets stabilizing and regulatory winds shifting, the exchange is trying again.

Led by former NYSE president Tom Farley, Bullish offers blockchain-based trading with deep liquidity and institutional-grade infrastructure.

The company was founded in 2021 as a subsidiary of Block.one and raised $10 billion in digital assets and cash from heavyweight investors, including Thiel, Louis Bacon, and Richard Li.

Alan Howard was an early backer but has since exited.

Block.one itself famously raised $4 billion in a 2018 ICO and later settled with the SEC for $24 million over unregistered securities violations.

Circle

Circle, the issuer of USDC, has finally become a public company after completing its IPO process.

CRCL stock surged by 168% on its first trading day, opening at $69 after pricing its IPO at $31, well above expectations.

Shares peaked at $103.75 with 46 million traded. The IPO valued the stablecoin firm at $6.8 billion pre-trading.

This marks Circle’s second attempt to go public after a failed SPAC deal in 2022. It joins crypto-native firms like Coinbase and Riot Platforms on U.S. public markets.

CEO Jeremy Allaire highlighted the company’s regulatory stance, stating that Circle is “one of the most licensed, regulated, transparent companies” in the crypto space.

The IPO valuation aligns with recent rumored buyout offers from Coinbase and Ripple, which Circle rejected.

It also reflects a drop from Circle’s earlier $9 billion SPAC valuation in 2022.

Bithumb

South Korea’s second-largest crypto exchange, Bithumb, is staging a strong comeback as it prepares for an IPO by late 2025.

After years of decline following a $30 million hack in 2018, Bithumb has rebounded to claim 25% of the local market, up from single digits in 2023.

The exchange plans to list on South Korea’s Kosdaq and possibly follow up with a listing on NASDAQ to attract global investors. Samsung Securities will underwrite the offering.

To prepare, Bithumb will restructure into two entities on July 31, 2025: Bithumb Korea (the exchange arm) and Bithumb A (which will manage other business ventures). This move aims to streamline operations ahead of the IPO.

Blockchain.com

Crypto platform Blockchain.com is ramping up preparations for a potential public listing by strengthening its executive team.

The company has hired Justin Evans, a former Goldman Sachs executive, as Chief Financial Officer, and Mike Wilcox, a veteran of Velocity Global and Point72, as Chief Operating Officer.

While the company hasn’t formally announced IPO plans, Evans noted they are positioning themselves to go public “when market conditions permit.”

Bitkub

Thailand’s leading crypto exchange, Bitkub, plans to go public on the Thailand Stock Exchange in 2025 to raise capital and boost its market presence.

CEO Jirayut Srupsrisopa said the company hires financial advisers to prepare for the IPO.

Despite a 6% staff reduction in 2022–2023, Bitkub aims to double its workforce to 4,000 by 2025, signaling aggressive growth.

Holding 77% of Thailand’s crypto market and $30 million in daily trading volume, Bitkub faces rising competition from Binance, Upbit, Bitazza, and bank-backed platforms.

In July 2023, Bitkub sold a 9.2% stake in Bitkub Online to Asphere Innovations for $16.5 million.

Kraken

Crypto exchange Kraken has laid off hundreds of employees as it streamlines operations ahead of a potential U.S. IPO.

About 15% of staff were cut in October 2024 after Arjun Sethi became co-CEO alongside David Ripley, and additional layoffs have continued.

The company aims to improve its EBITDA by aggressively trimming costs across departments, making the organization leaner and more efficient.

Kraken also expands revenue through acquisitions, such as the derivatives platform NinjaTrader, and recently added stock trading.

A Kraken spokesperson said the firm constantly evaluates its workforce to align with strategic priorities, consolidating roles where needed while hiring in key areas—all part of preparing for the upcoming IPO.

Ripple

In a CNBC interview, Ripple President Monica Long confirmed that an IPO is not currently on the company’s agenda, emphasizing Ripple’s strong financial position with tens of billions of dollars in cash reserves.

She explained that companies usually go public to raise capital or enhance brand visibility—both of which Ripple “does not need“ at this time.

Ripple CEO Brad Garlinghouse has stated that the company isn’t seeking external funding and has “no plans for a near-term IPO.”

Although rumors of a Ripple IPO have circulated for years, Garlinghouse said in 2022 that they might reconsider an IPO once their legal dispute with the U.S. SEC was over.

However, after the settlement in 2025, he reaffirmed that going public is not a priority.

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