US Crypto Giants Charge Toward Multi-Billion Dollar IPOs in Historic Market Push

Wall Street meets blockchain as America's crypto heavyweights line up for public market debuts.

The Valuation Game

Multiple US-based cryptocurrency firms are positioning for initial public offerings that could redefine market expectations—targeting valuations that scream mainstream adoption while quietly whispering 'regulatory gamble' to seasoned investors.

Timing the Ticker

These aren't basement mining operations anymore. We're talking established players with revenue streams that would make traditional finance brokers blush—if they understood the technology behind them.

Because nothing says 'financial revolution' like begging for SEC approval and dancing to Wall Street's tune—but hey, those billion-dollar valuations sure beat arguing on Telegram about tokenomics.

US regulatory momentum

The IPO filings validate predictions from Bitwise Chief Investment Officer Matthew Hougan, who forecasted a “stampede of crypto unicorn IPOs in 2025” in December 2024.

Hougan cited improving crypto prices, institutional adoption, mainstream blockchain technology acceptance, and favorable political conditions as catalysts for public listings.

Stablecoin issuer Circle completed its public debut through a SPAC transaction earlier this year, while crypto exchange Bullish also went public. The IPOs established successful precedents for crypto companies accessing public markets.

Both companies have traded above their initial valuations, demonstrating sustained investor interest in crypto businesses.

Renewed regulatory clarity, strong inflows into crypto-focused exchange-traded funds (ETFs), and corporate investments have accelerated institutional adoption of digital assets, creating favorable conditions for public offerings.

IPO pipeline expands

Additional crypto companies remain positioned for potential 2025 listings.

Kraken, one of the largest US-based cryptocurrency exchanges, has explored IPO plans since 2021 but now faces rumored timing for a 2026 debut.

Compliance firm Chainalysis and digital asset infrastructure provider Anchorage represent other candidates identified by Hougan in his predictions.

Figure’s blockchain-focused financial services align with Wall Street’s growing interest in tokenization, while Gemini’s regulated exchange status appeals to institutions seeking compliant crypto trading venues.

Both companies have established operational track records spanning multiple market cycles.

The combined funding targeted by Figure and Gemini WOULD represent the largest crypto IPO fundraising wave since the sector’s 2021 peak, cementing 2025 as a pivotal year for cryptocurrency companies accessing traditional capital markets.