Key Takeaways
- Crypto IPOs are expected to surge with a more crypto-friendly U.S. government.
- Bullish, Kraken, and TRON 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
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
According to sources cited by Decrypt, 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.
In addition, the company is said to be actively considering initiatives to elevate its brand visibility ahead of a potential market debut.
Gemini
Gemini has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) as it prepares for an initial public offering (IPO) on the New York Stock Exchange (NYSE).
The cryptocurrency platform that Tyler and Cameron Winklevoss created hasn’t revealed specific details regarding the offering’s valuation or share pricing.
“The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined,” the exchange said.
The filing represents a major step for digital asset companies attempting to reengage with equity markets following an extended industry downturn.
TRON
TRON will go public in the U.S. through a reverse merger with Nasdaq-listed SRM Entertainment.
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, has filed for a U.S. IPO, according to the Financial Times .
Investment bank Jefferies may lead the offering.
Bullish previously attempted to go public via a SPAC merger in 2021 but scrapped the plan due to market turbulence.
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