5 blockchain stock exchange to watch in 2025

The growing adoption of cryptography and favorable regulatory perspectives have VCs on the search for liquidity events.

The new figures for Defillama Show Crypto Startups raised more than $ 4.90 billion in the first quarter of this year, compared to $ 3.62 billion in the fourth quarter of 2024.

While the funding of venture capital is still well below its 2021-22 peak, the recent increase follows a 2024 banner for Crypto VC companies. In the past few weeks, a number of blockchain and Stablecoin ‘blockchain payment startups have fired big financing.

Now that the SEC should clarify the rules governing digital assets, venture capital funds are looking for liquidity events through the cryptography ecosystem.

This year, they could have at least five IPOs on the stock market to choose.

Businesses in the spotlight include animoca, Telegram, Ionic Digital, Kraken and Circle brands. One is in motion while the rest could all potentially become public in the coming months.

VC financing in cryptographic space in April 2025 | Source: Defillama

If they occur, this will mark a decisive reversal of Pall Cast financing by the former president of the SEC, Gary Gensler, a crypto-firm crypto-skeptic which sparked a strip of implementing measures during his mandate against heavy goods vehicles like Binance and Coinbase.

While Bitcoin is preparing for its next increase and its yields of feeling of risk, VCS – under assembly pressure to start returning capital to limited partners – can see their chance. These five companies have a good chance to succeed:

1. Circle

On April 1, the Circle of the Stablecoin transmitter supported by Coinbase ended years of speculation and announced that it had submitted a first public offer to the SEC. The prospectus comes after two years of speculation on the IPO and laid the basics of the long -awaited entry of the company on public procurement.

Apparently targeting an evaluation of $ 5 billion, the company behind the USDC Stablecoin has appointed Jpmorgan Chase and Citigroup as main subscribers. Circle will be listed on the New York Stock Exchange and the Commerce under the CRCL symbol.

Since its early beginnings, Circle has marketed its stablecoin USDC as regulated and transparent digital currency in order to obtain a market share of the USDT of Rival Tether. In July 2024, he became the first Stablecoin issuer to comply with the EU markets’ payment rules in crypto-sets (Mica).

2. Kraken

In June 2024, it was reported that Crypto Exchange Kraken sought to lift more than $ 100 million in pre-time funding, although it was involved in a legal spit with regulators concerning accusations that the company “illegally” facilitated the negotiation of cryptographic assets and customer funds.

At the end of January 2025, the legal battle between Kraken and the Sec was still in progress. In a major setback for the EXCHANGE Crypto, on January 24, 2025, a Federal California judge rejected Kraken’s defense that cryptographic transactions carried out on his platform did not fall under the regulatory competence of the SEC.

An investor note from Bitwise notes that Kraken has envisaged an IPO “for at least 2021.

“Market conditions have delayed the company’s plans, but they could be back on the table in 2025.”

3. Telegram

Social media and the Telegram instant messaging platform attracted to crypto users by integrating blockchain services and cryptographic wallets.

The Telegram association with the cryptographic industry dates back to 2019 when the company launched a public blockchain named Telegram Open Network (tone). The work on the ton of blockchain, however, ceased after the SEC continued the company to issue cryptographic tokens to investors.

Ton is currently under open-source development by its community, but Telegram has not abandoned the network. In February 2024, the founder Pavel Durov announced that the company “would use exclusively” our income sharing program “.

Durov said to Financial time This telegram explored an IPO in the future “as a means of democratizing access to the value of the telegram”.

4. Animoca brands

Animoca Brands is a web3 investment company based in Hong Kong and a game developer who aims to make public in 2025. Media reports said that the company had envisaged “friendly” markets such as Hong Kong and the Middle East to launch a potential IPO.

Animoca Brands was listed on the Australian Securities Exchange (ASX) from 2015 to 2020. It was forced to radiate in March 2020 after failing to comply with the registration rules, such as maintaining continuous disclosure.

According to a quarterly report, the company’s business model includes digital asset consulting services, web3 applications and platforms and investment management. Animoca also builds Web3 and Blockchain Applications for institutions such as Neom and works on staboins and decentralized physical infrastructure networks.

5. ion digital

Ionic Digital is an operating company of Bitcoin formed in January 2024 from the reorganization of the cryptographic lender in bankruptcy Celsius Network.

The newly formed company has acquired assets of extraction of Celsius Bitcoin, and its actions were issued to the creditors of Celsius within the framework of the bankruptcy plan. The plan has also forced Ionic Digital to become a listed company to offer shareholders liquidity options. The company plans to register on the Nasdaq stock market.

In a letter to shareholders on January 14, 2025, the acting CEO of Ionic Digital, Anthony McKiernan, reiterated the company’s plan to stick publicly and said that its financial audit should be completed in the second quarter of 2025.

Analysts of Crypto Asset Manager Say 2025 Say 2025 presents themselves to “the year of the IPO”, motivated by the demand of investors, the increase in retail and institutional adoption, as well as favorable regulatory perspectives.

The activity of mergers and cryptographic acquisitions is also increasing. According to an architect party report, cryptographic companies have signed more than 60 mergers and acquisitions valued at more than $ 2.2 billion in the first quarter of 2025, a record level.

Among them, the recent acquisition of $ 1.5 billion Kraken from the trading platform DEFI Futures Ninjatrader – the “largest crypto agreement to date”, noted the architect’s report. Ripple announced last week that he had acquired Hidden Road, a prime brokerage house, for 1.25 billion.

Several other crypto companies, such as the figure of the financial service company fueled by blockchain, the Institutional Cryptographic Cryptographic Platform and the Chain Analysis Data Analysis Society, were also largely designed to become public in 2025.