Crypto Companies Revive IPO Route in 2025 as Token Sales Lose Appeal
The cryptocurrency sector pivoted sharply in 2025, with major players abandoning token sales for traditional IPOs. CoreWeave led the charge with a $23 billion debut, later reaching a $42 billion valuation—a testament to mining firms successfully rebranding as AI infrastructure providers. Circle followed as the most notable crypto-native IPO, raising $18 billion initially and surpassing $20 billion by year-end.
This shift reflects collapsing trust in alternative fundraising. The 2018 IPO boom spawned projects with bloated treasuries and empty promises. Subsequent token launches—IDOs, public sales, VC-backed offerings—only exacerbated the problem through insider dumping and illiquidity. IPOs now offer legitimacy and access to deeper equity markets.
The trend shows no signs of slowing. 2026 is already shaping up as another banner year for crypto public offerings, with institutional investors demanding the accountability that only regulated listings provide.
