Crypto Firms Eyeing IPO In 2026

Key Takeaways

• Circle and Bullish set the stage in 2025, proving crypto firms could meet public-market standards and still deliver strong investor returns.
• Fourteen crypto companies across exchanges, custody, analytics and infrastructure are now preparing or considering US listings in 2026.
• Grayscale leads the pack with an active S-1 filed in November 2025, targeting NYSE under GRAY, while Kraken has paused amid weaker market conditions.
• BitGo completed the only crypto-native IPO of 2026 so far, gaining over 20% on debut before falling roughly 44% below its listing price by May.
• Bitcoin price swings, valuation discipline and regulatory timing are the three variables now determining which firms actually make it to the exchange.

Circle raised over a billion dollars on its first day. Bullish, backed by Peter Thiel, more than doubled its share price within weeks of listing. Those two debuts in 2025 did more to reopen the crypto IPO window than any regulatory change — they showed institutional investors that digital-asset companies could meet public-market standards and still deliver returns.

The pipeline that followed is the largest the industry has produced. Exchanges, custody providers, asset managers and blockchain infrastructure firms are all preparing or considering filings. Some have submitted S-1 documents. Others have engaged underwriters. A few have already listed, with mixed results that reflect how selective public markets have become.

14 Crypto Firms Eyeing IPO In 2026

Crypto firms that survived the volatility of past years now see going public as a way to validate their operations and attract long-term capital. We tracked filings, analyst estimates and company statements to keep this list current as the 2026 window develops. The table below covers the leading candidates alongside their sectors, target exchanges, analyst-estimated valuations and filing status as of May 2026.

*Valuation estimates are subject to change. 

Below are firms preparing or rumored to file for IPOs in 2026, according to industry reports and company statements.

1. Upbit

South Korea’s largest crypto exchange, Upbit dominates domestic digital asset trading and processed hundreds of billions of dollars in transactions through 2025. The platform is operated by Dunamu, which completed a landmark all-stock merger with Naver Financial in November 2025, consolidating the business under one of South Korea’s most recognized internet conglomerates ahead of a potential Nasdaq listing.

The timeline has extended due to antitrust and regulatory reviews. Shareholder votes are scheduled for August 18, 2026, with the transaction projected to close by September 30, 2026. A post-merger IPO committee will finalize the listing roadmap. If a US debut follows, Upbit would become the first major Asian crypto exchange to reach Nasdaq.

2. Grayscale

Grayscale is the world’s largest crypto asset manager, best known for its suite of Bitcoin and Ethereum investment products that allow institutional and retail investors to gain exposure to digital assets through traditional brokerage accounts. It publicly filed its S-1 with the SEC in November 2025, targeting a NYSE listing under the ticker GRAY. The offering is structured as an Up-C transaction, with proceeds used to purchase units from pre-IPO holders. Parent company DCG will retain the majority of voting power via Class B shares, a governance structure that public investors will scrutinize closely.

Grayscale converted its flagship Bitcoin trust into a spot ETF in early 2024, strengthening its institutional profile ahead of the listing. The firm now competes with BlackRock and Fidelity in the crypto ETF market, and its IPO filing will need to demonstrate it can maintain fee revenue as lower-cost alternatives take share.

3. Kraken

Founded in 2011, Kraken is one of the oldest and most recognized crypto exchanges in the US. The platform serves retail and institutional traders across spot markets, derivatives, staking and payments, and built a compliance-first reputation that includes early adoption of proof-of-reserves auditing. It confidentially filed its S-1 with the SEC in November 2025, initially targeting a debut in the first quarter of 2026.

The timeline has since shifted. Kraken paused preparations in March 2026 as crypto markets weakened, and Bloomberg reported in May 2026 that the listing may slip to 2027. Co-CEO Arjun Sethi said at Consensus Miami on May 5 that the exchange is “about 80% ready” to go public. The filing remains active, and Kraken has signaled it will move when market conditions support it.

4. Chainalysis

Chainalysis provides blockchain analytics tools used by law enforcement agencies, financial institutions and regulators to trace digital asset flows and investigate illicit activity. Its contracts with government bodies in the US and abroad give it a recurring revenue profile that sets it apart from exchange-dependent business models. The firm has been named as a potential IPO candidate by The Information, though no formal filing has been confirmed as of May 2026.

A public debut would mark a milestone for the compliance segment of the crypto industry, demonstrating that analytics-driven firms can build sustainable businesses independent of token price cycles.

5. FalconX

FalconX operates as an institutional prime brokerage for digital assets, providing trading, financing, custody and liquidity services to hedge funds and financial institutions. In October 2025 the firm acquired 21Shares, a Swiss crypto ETP issuer, expanding its institutional product range. FalconX has reportedly held preliminary discussions about a public listing, with reports pointing to the New York Stock Exchange as a potential venue, but no underwriting bank has been confirmed and no formal timetable is in place as of May 2026.

6. Fireblocks

Fireblocks provides infrastructure for moving, storing and issuing digital assets at institutional scale. Its client base includes major banks and asset managers, and the firm has positioned itself as a security-first custody provider for organizations entering the digital asset space. Fireblocks has been cited as a potential IPO candidate by The Information, though no filing or formal timeline has been confirmed as of May 2026.

7. Consensys

Consensys is the Ethereum infrastructure firm behind MetaMask, Infura and the Linea layer 2 network. With tens of millions of monthly active MetaMask users and enterprise infrastructure serving most Ethereum developers, the company occupies a central position in the blockchain software stack. It had been targeting a confidential S-1 filing around February 2026 with JPMorgan and Goldman Sachs as lead underwriters, but delayed those plans as crypto markets weakened. CoinDesk reported in May 2026 that the listing has been pushed to autumn 2026 at the earliest.

8. Gemini

Founded by Cameron and Tyler Winklevoss, Gemini operates as a regulated crypto exchange and custody platform serving retail and institutional clients. It offers trading, custody and a dollar-backed stablecoin product. Gemini filed its S-1 with the SEC in August 2025 and listed on Nasdaq under the ticker GEMI in September 2025, making it one of the first major exchanges to complete a public debut in the current cycle. Its stock has traded well below the IPO price since listing, reflecting the broader market conditions that have pressured crypto equities through late 2025 and into 2026.

9. Ledger

Ledger manufactures hardware wallets used by millions of people to store private keys and secure personal crypto holdings offline. Demand for its devices grew through 2025 as exchange hacks drove interest in self-custody solutions. CEO Pascal Gauthier had previously indicated a US IPO was a short-to-medium-term goal. As of May 2026, however, Ledger has shelved near-term listing plans and is reportedly exploring private fundraising alternatives while waiting for market conditions to improve.

10. tZero

tZero Group is a New York-based blockchain infrastructure company specializing in tokenized securities and real-world assets, offering a regulated platform that connects traditional finance with blockchain-based settlement systems. Backed by the Intercontinental Exchange, the firm is preparing for a US public listing. CEO Alan Konevsky confirmed in an interview with Bloomberg that the company is in discussions with banks to select an underwriter, and a funding round may precede the IPO. No filing date has been set as of May 2026.

11. Anchorage Digital

Anchorage Digital holds the distinction of being the first crypto firm to receive a federal bank charter in the US, positioning it within the regulated financial system. The company provides custody and infrastructure solutions that meet US banking standards, with institutional clients that include funds and financial intermediaries. Anchorage has been named as an IPO candidate by multiple venture investors and was highlighted by Bitwise as a potential listing candidate, though no formal filing has been confirmed as of May 2026.

12. OKX

OKX is one of the largest crypto exchanges globally by trading volume, with a strong presence in Asia and a growing footprint in the US and Europe. The company re-entered the American market in April 2025 following a settlement with the Department of Justice, established a US headquarters in San Jose and appointed a former Barclays executive as US CEO. The firm’s chief marketing officer confirmed in June 2025 that a US IPO would “definitely be considered in the future,” but no S-1 has been submitted as of May 2026.

13. Bithumb

Bithumb is one of South Korea’s largest crypto exchanges and was once the dominant platform in the market before Upbit overtook it. The firm completed a restructuring on July 31, 2025 that split its operations into two separate entities – Bithumb Korea, which handles core trading, and Bithumb A, which manages investment and other business lines. The reorganization creates clearer financial disclosures ahead of a public listing. Samsung Securities is engaged as underwriter, and Bithumb is targeting the KOSDAQ technology board, with a Nasdaq dual-listing also under consideration.

14. BitGo

BitGo is a long-established name in institutional digital-asset custody, serving exchanges, funds and banks that require secure safekeeping of cryptocurrencies. It completed the first crypto-native IPO of 2026, listing on the NYSE in January under the ticker BTGO. It priced above its marketed range and gained more than 20% on its first trading day. The stock has since fallen sharply, trading roughly 44% below its debut price as of May 2026.

What Do Crypto Firms Need To Go Public?

An Initial Public Offering, or IPO, is a company’s first sale of shares to the public. For crypto firms, it means inviting outside investors to participate in their growth story while meeting the same standards of transparency as any listed corporation. Before approval, regulators review detailed documentation of the company’s finances, risk management and governance.

In the US, the SEC assesses filings, while other regions rely on their national financial authorities, such as the UK’s Financial Conduct Authority or South Korea’s Financial Services Commission. Exchanges like Nasdaq or the New York Stock Exchange conduct their own due diligence to verify compliance.

To qualify for listing, crypto firms must present:

• Audited financial statements showing consistent revenue and accurate asset valuation.
• Robust internal controls protecting against data breaches or operational risk.
• Clear corporate structure separating regulated and unregulated operations.
• Transparent risk disclosures covering token exposure, cybersecurity measures and liquidity management.
• Governance frameworks that meet corporate standards and prevent conflicts of interest.

A successful IPO depends not only on the company’s fundamentals but also on investor confidence in its long-term compliance and growth potential.

Previous Crypto IPOs

Several major crypto firms have already gone public, creating a reference point for the next wave of listings.

• Coinbase (2021): The first major crypto exchange to list on Nasdaq, reaching a valuation of over $85 billion at its debut. It remains a benchmark for investor sentiment in digital assets.
• Riot Platforms (2020): Focused on Bitcoin mining, the firm’s stock performance closely tracks Bitcoin’s price cycle.
• Marathon Digital (2020): Another miner that expanded after its IPO, later diversifying into data center operations.
• Bitdeer (2023): Singapore-based mining firm listed on Nasdaq, highlighting the sector’s international reach.
• Core Scientific (2021): After listing through a SPAC merger, it faced operational challenges but reemerged after restructuring in 2024.
• Circle (2025): Issuer of the USDC stablecoin, Circle’s IPO restored market confidence and inspired several follow-up listings.
• Bullish (2025): Backed by Peter Thiel, Bullish debuted strongly, achieving a multibillion-dollar valuation and validating market appetite for regulated digital-asset platforms.
• BitGo (2026): The institutional custody firm completed the first crypto-native IPO of 2026, listing on the NYSE in January under the ticker BTGO. It priced above the marketed range and gained more than 20% on its first trading day, though the stock has since traded roughly 44% below its debut price.

These listings demonstrate both the opportunity and the accountability involved in bringing crypto companies to public markets. Each debut has refined how investors assess risk, transparency and long-term sustainability.

Risks That Could Delay or Derail a Crypto IPO

Going public requires more than a clean S-1. The 2025 listing wave showed how fast the gap between IPO price and market reality can open. By early 2026, Gemini had fallen well below its listing price, Bullish had dropped more than 50% and BitGo lost nearly half its debut value within months. Each of those firms met the regulatory requirements. Market timing was the variable that hurt them.

Three factors now determine whether a firm reaches the exchange on its intended schedule.

Bitcoin Price Correlation

Most crypto companies earn fees tied to trading volume, which tracks token prices. When Bitcoin pulled back sharply from record highs in late 2025, revenue projections for exchange-dependent businesses weakened with it. Public-market investors, unlike venture capital, price that revenue volatility into the multiple from day one.

Valuation Discipline

Morningstar analyst Michael Miller has noted that public investors favor companies with stable recurring revenue over those tied directly to crypto price cycles. The firms best positioned to list are custody providers, analytics businesses and infrastructure companies whose income does not swing with Bitcoin’s price.

Regulatory Timing

A rule change, enforcement action or delayed SEC review can push a window by months. Kraken paused its plans in March 2026, Consensys pushed its target to autumn at the earliest and Ledger shelved its listing entirely. The window remains open, but it is narrower than it appeared at the start of the year.

Frequently Asked Questions

Which crypto company is furthest along in the IPO process?

Grayscale is the most advanced, having publicly filed its S-1 with the SEC in November 2025 and applied to list on the NYSE under the ticker GRAY. Kraken has also filed confidentially but paused preparations in early 2026 pending better market conditions.

Has any crypto company successfully gone public in 2026?

BitGo completed the only crypto-native IPO of 2026 so far, listing on the NYSE in January under the ticker BTGO. It priced above its marketed range but has since traded significantly below its debut price.

Why are so many crypto IPOs being delayed in 2026?

Falling token prices, weaker trading volumes and post-listing losses from 2025 debuts have cooled investor appetite. Kraken, Consensys and Ledger have all paused or pushed back their timelines as firms wait for more stable market conditions before filing.

You May Also Like

• 7 Biggest Crypto IPOs 2025
• Circle IPO: What it Means, Why it Matters
• The Man Who’s Everywhere: 8 Peter Thiel Companies

Crypto firms are stepping into a more transparent era. The next wave of IPOs signals that the industry’s growth depends on governance and trust as much as innovation. Firms that commit to public accountability stand to gain access to deeper capital pools and broader investor bases.

If 2025 reopened the crypto IPO window successfully, 2026 may define a new phase where digital-asset companies stand shoulder to shoulder with traditional financial institutions. From exchanges to infrastructure providers, each upcoming debut shows that crypto’s future lies not only in technology but also in the systems that keep it open, verifiable and built for participation.