Six Blockbuster Crypto IPOs to Watch in 2026
By Lance Datskoluo, DL News, December 29, 2025
The momentum for cryptocurrency companies entering public markets continues to accelerate, with an impressive $3.4 billion raised through initial public offerings (IPOs) in 2025 alone. This surge has set the stage for an even more robust pipeline of crypto IPOs slated for 2026. According to data from DefiLlama, 2025 was a landmark year as several high-profile crypto firms—including stablecoin issuer Circle, Peter Thiel-backed trading platform Bullish, blockchain lender Figure, and major crypto exchange Gemini—successfully went public. Circle and Bullish each secured over $1 billion through their respective offerings, underscoring strong investor appetite for digital asset companies.
Looking ahead, the 2026 IPO calendar promises to be equally exciting, with new listings focused on firms emphasizing compliance and infrastructure. Samantha Lewis, partner at the early-stage venture fund Mercury Fund, explained to DL News that upcoming crypto IPOs primarily involve companies facilitating the movement of capital between traditional balance sheets and onchain markets.
Here are six major crypto IPOs to watch in 2026:
1. Kraken
U.S.-based crypto exchange Kraken is positioned to headline the crypto IPO sector next year. After confidentially filing an S-1 registration statement with the SEC in November 2025, Kraken targets a public debut in the first half of 2026. The exchange doubled its revenue to $1.5 billion in 2024 and achieved a $20 billion valuation in a recent funding round led by Citadel Securities. Kraken’s growth strategy heavily emphasizes regulatory compliance, as reflected in its MiCA license acquisition in Europe and the launch of derivatives trading.
With diversified revenue streams, including staking and non-fungible tokens (NFTs), Kraken is increasingly viewed as a clean, well-managed alternative to Coinbase. Though co-CEO Arjun Sethi has been cautious about confirming IPO plans, the company’s positioning makes it a prime candidate for public markets.
2. Consensys
Infrastructure behemoth Consensys is reportedly collaborating with JPMorgan and Goldman Sachs on an anticipated mid-2026 IPO. Known for blockchain tools such as MetaMask and Infura, Consensys is transitioning from a software studio to a high-margin infrastructure provider.
In 2025, MetaMask integrated native Bitcoin support, enhancing its multi-chain wallet capabilities. With over 30 million monthly users and a $7 billion valuation, Consensys presents investors with an opportunity for pure-play crypto software exposure.
The IPO filing is expected to highlight revenue generated by MetaMask Swaps and enterprise adoption of Linea, Consensys’s layer-2 scaling network.
3. BitGo
Goldman Sachs-backed BitGo aims to become the first major crypto custodian to go public. The company filed an updated S-1A in late 2025, with plans for a first-quarter 2026 IPO after delays caused by the U.S. government shutdown.
BitGo has seen its revenue quadruple over the past two years, driven by demand for institutional custody and regulated staking services. Valued at approximately $1.75 billion, BitGo offers a compliance-focused, security-first platform that appeals to banks and hedge funds looking for crypto exposure without operational risks.
4. Animoca Brands
Hong Kong-based Animoca Brands is preparing to list on Nasdaq in 2026 through a reverse merger with Currenc Group. The company has amassed one of the largest portfolios in Web3 gaming, with equity stakes in numerous tokenized games and metaverse projects.
Throughout 2025, Animoca refined its operations and shifted messaging toward digital property rights, reinforcing this area as its core value proposition. The IPO will serve as a litmus test for investor interest in metaverse-related businesses and gaming-linked tokens.
Animoca’s proposed $6 billion valuation depends on its ability to monetize equity stakes and in-game economies while managing complex tokenomics.
5. Ledger
French hardware wallet maker Ledger is preparing for a major funding and potential public offering in 2026 amid growing demand for crypto security solutions, the Financial Times reported.
Having sold over 6 million hardware wallets worldwide, Ledger has expanded its offerings through its Ledger Live app, turning into a comprehensive self-custody platform. Its product suite includes subscription services like seed phrase recovery, software integrations, and institutional device management.
In 2025, Ledger secured new B2B partnerships and enhanced its mobile user experience, positioning itself as a fintech brand akin to “the Apple of crypto security.”
6. Bithumb
South Korea’s Bithumb aims for a stock exchange debut by the end of 2025, marking its resurgence after years of trailing rival Upbit.
The Seoul-based exchange reclaimed a 25% market share in 2024 through zero-fee promotions and aggressive marketing. Bithumb has appointed Samsung Securities as lead underwriter for its IPO.
Once the country’s largest exchange, Bithumb was sidelined by security breaches and competition but is now doubling down on localization, licensing, and altcoin liquidity to strengthen domestic growth. Though it has no plans for international expansion, its IPO is viewed as a barometer for South Korea’s crypto demand, driven predominantly by retail traders. With 18 million crypto users nationwide, Bithumb’s listing could usher in deeper institutional involvement in the region’s vibrant market.
The flood of crypto IPOs set for 2026 highlights the sector’s maturation, with a clear emphasis on compliance, institutional infrastructure, and diversified services that appeal to a broader investor base. These developments suggest that digital asset firms are increasingly building sustainable business models capable of thriving in public markets.
Lance Datskoluo is DL News’ Europe-based markets correspondent. For tips or inquiries, email [email protected].