Crypto companies made a decisive return to public markets in 2025, raising $3.4 billion through initial public offerings, according to DefiLlama.
Consequently, that resurgence is now laying the groundwork for an even more active year ahead, with several high-profile digital asset firms preparing to go public in 2026.
Compliance and Infrastructure Shape the Next IPO Cycle
Unlike earlier crypto market booms, the upcoming wave of IPO candidates reflects a markedly more conservative posture. Specifically, rather than emphasizing speculative trading exposure, many firms are positioning themselves around regulated infrastructure, custody, and risk management.
In a media statement, Samantha Lewis, a partner at early-stage venture firm Mercury Fund, said the emerging pipeline highlights businesses built with compliance as a core design principle. Many of these companies, she added, serve as connective tissue between traditional financial balance sheets and on-chain markets.
Overall, the focus on institutional readiness is a common thread across the most closely watched listings.
Kraken Emerges as a Flagship Candidate
Kraken is widely expected to lead the next cohort of crypto IPOs. The US-based exchange confidentially submitted an S-1 registration with the US Securities and Exchange Commission (SEC) in November 2025. It is now aiming for a public debut in the first half of 2026.
The company generated $1.5 billion in revenue in 2024, up from $750 million in 2023. Additionally, a late-stage funding round led by Citadel Securities has valued Kraken at $20 billion. The firm’s expansion into derivatives trading, coupled with the acquisition of a MiCA licence in Europe, underpins this valuation.
Despite those preparations, co-CEO Arjun Sethi said in September that the company was not rushing its IPO timeline.
Consensys Positions Itself as a Software Pure Play
Attention then turns to Consensys, one of the most prominent infrastructure providers in the crypto ecosystem. The company is reportedly working with JPMorgan and Goldman Sachs on a mid-2026 listing.
Consensys operates MetaMask and Infura, products that collectively serve millions of users across multiple blockchain networks. In 2025, MetaMask added native Bitcoin support, reinforcing its multi-chain strategy.
With more than 30 million monthly users and a reported $7 billion valuation, the company’s IPO filing is expected to emphasize revenue from MetaMask Swaps and growing enterprise demand for its Linea network.
BitGo Advances Toward a Custody-Focused IPO
Another key trend in the upcoming IPO cycle is custody providers. BitGo is moving toward becoming the first large-scale crypto custodian to list publicly.
Backed by Goldman Sachs, the firm filed an updated S-1A in late 2025 and is now targeting a Q1 2026 listing after delays linked to a US government shutdown.
BitGo’s revenue has quadrupled over the past two years, driven by institutional custody mandates and regulated staking services.
Valued at $1.75 billion, the company positions itself as a security-first solution for banks, hedge funds, and asset managers.
Animoca Brands Tests Appetite for Web3 Gaming
Notably, not all potential listings are focused solely on financial infrastructure. Animoca Brands offers exposure to gaming, digital ownership, and Web3 intellectual property.
The Hong Kong-based company plans to list on Nasdaq in 2026 via a reverse merger with Currenc Group. It holds equity stakes in dozens of gaming and metaverse projects and spent 2025 streamlining operations and refining its narrative around digital property rights.
Consequently, its expected $6 billion valuation hinges on monetising in-game economies and its broader investment portfolio. Market observers see the listing as a barometer of investor appetite for gaming-linked crypto assets.
Ledger Builds Momentum Outside Public Listings
Other firms are choosing to remain private while strengthening their market position. French crypto security company Ledger is preparing for a major funding round in 2026, according to the Financial Times.
So far, Ledger has sold more than 6 million hardware wallets globally and has expanded into recurring revenue through its Ledger Live platform.
In 2025, it secured new B2B partnerships and improved its mobile user experience, positioning itself as a full-stack self-custody provider amid growing distrust of centralised platforms.
Bithumb Signals Renewed Strength in Korea
In Asia, Bithumb is preparing a return to public markets. The South Korean exchange plans to list locally by the end of 2025 and has appointed Samsung Securities as its underwriter.
After regaining roughly 25% market share in 2024 through aggressive fee cuts and marketing, Bithumb has re-established itself following years in Upbit’s shadow. The exchange is now focused on licensing and altcoin liquidity, with analysts viewing its IPO as a proxy for retail crypto demand in South Korea.
The country has an estimated 18 million crypto users, with daily crypto trading volumes frequently exceeding those of equities.
Taken together, these planned listings point to a maturing crypto industry. Infrastructure, custody, and compliance now dominate investor narratives, replacing the speculative excesses of earlier cycles.
As 2026 approaches, public markets appear set to play a central role in defining crypto’s next phase of growth and legitimacy.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
