- Crypto companies raised $3.4 billion in IPOs in 2025.
- Even more high-profile deals are expected in 2026.
Crypto broke out on Wall Street this year as digital asset companies raised $3.4 billion in initial public offerings, according to data from DefiLlama.
The big hitters included stablecoin issuer Circle, Peter Thiel-backed trading platform Bullish, blockchain lender Figure and crypto exchange Gemini. Circle and Bullish both pulled in more than $1 billion in their offerings.
And the IPO pipeline for 2026 looks even bigger.
“The emerging cryptocurrency IPO pipeline points to a specific category of companies,” said Samantha Lewis, partner at Mercury Fund startups. DL News.
The main targets? Crypto companies serious about risk and compliance.
“The common thread for potential listings is the infrastructure that moves capital between traditional balance sheets and on-chain markets,” she said.
Here are some of the most anticipated IPOs to watch out for in 2026.
1. Kraken
US crypto exchange Kraken is set to become the first IPO in the digital assets sector next year.
After confidentially filing an S-1 with the SEC in November 2025, the company is targeting a public IPO in the first half of 2026.
Kraken doubled its revenue to $1.5 billion in 2024 and secured a $20 billion valuation in a late round led by Citadel Securities.
Its compliance-focused strategy has been key to its expansion, including obtaining a MiCA license in Europe and launching derivatives trading.
With diversified revenue streams spanning staking and NFTs, Kraken is considered by many analysts to be the cleanest publicly traded alternative to Coinbase.
Co-CEO Arjun Sethi has publicly dodged questions about Kraken’s plans to go public, saying DL News in September, the crypto exchange was in no hurry.
2. Consensys
Crypto infrastructure giant Consensys is reportedly working with JPMorgan and Goldman Sachs on an IPO in mid-2026.
The company, which operates MetaMask and Infura, is transforming from a software studio to a high-margin infrastructure provider.
In 2025, MetaMask added native support for Bitcoin in a strategic play to solidify its position as a multi-chain wallet.
With more than 30 million monthly users, according to the company, and a valuation of $7 billion, Consensys provides the public markets with pure exposure to crypto software.
The filing is expected to highlight MetaMask Swaps’ revenue and the company’s appeal through Linea, its Layer 2 network.
3. BitGo
BitGo is set to become the first major cryptocurrency custodian to be publicly listed.
The Goldman Sachs-backed company filed an updated S-1A in late 2025, targeting a listing in the first quarter of 2026 after delays caused by the U.S. government shutdown.
BitGo’s revenue has quadrupled over the past two years, thanks to institutional custody and regulated staking.
Valued at $1.75 billion at the latest valuation, the company appeals to investors looking for infrastructure stocks sheltered from trading volatility.
Its positioning as a compliance and security-first provider has made it a favorite among banks and hedge funds seeking crypto exposure without operational risk.
4. Animoca Brands
Animoca Brands is expected to list on Nasdaq in 2026 via a reverse merger with Currenc Group.
Headquartered in Hong Kong, the company has built one of the largest Web3 game portfolios in the industry, with stakes in dozens of tokenized games and metaverse projects.
In 2025, Animoca streamlined its operations and focused its messaging around digital property rights as its core value proposition.
The listing is seen as a test of investor sentiment towards metaverse games and exposure to gaming-related tokens.
Animoca’s expected valuation of $6 billion depends on its ability to monetize equity stakes and in-game economies, while navigating complex tokenomics.
5. Ledger
Ledger is gearing up for a major funding round in 2026 as the crypto security narrative gains traction in the digital asset space, the FT reported.
The French company says it has sold more than 6 million hardware wallets worldwide and has repositioned itself as a comprehensive self-custody platform through its Ledger Live app.
The business includes recurring revenue products such as seed phrase recovery, software integrations, and institutional-grade device management.
In 2025, Ledger signed new business-to-business deals and doubled the wallet user experience for mobile users, transforming its cold storage reputation into a broader consumer fintech offering.
With momentum behind self-custody and distrust of centralized platforms in the crypto community, Ledger presents itself as the Apple of crypto security.
6. Bithumb
Bithumb aims to list on the South Korean stock exchange by the end of 2025, marking its return to the spotlight after years in Upbit’s shadow.
The Seoul-based exchange has regained a 25% market share in 2024 thanks to aggressive no-fee campaigns and a dramatic increase in marketing spending.
Bithumb has chosen Samsung Securities as underwriter for its IPO.
Once South Korea’s largest exchange, Bithumb has been sidelined by hacks and the rise of Upbit’s banking partnerships. It now relies on the location, licensing and liquidity of altcoins to maintain its resurgence domestically.
Although it has no plans to expand internationally, analysts see the listing as an indicator of Korean demand for crypto, where retail trading dominates and daily volumes often exceed those of stocks.
With 18 million crypto users in the country, Bithumb’s IPO could mark the next phase of institutionalization of Asia’s most prominent crypto market.
Lance Datskoluo is DL News’ European markets correspondent. Do you have any advice? Email tolance@dlnews.com.
