Crypto companies raised about $3.4 billion through initial public offerings this year. This sets the stage for a potentially busier listing calendar in 2026. Data cited by DL News shows that digital asset firms returned to public markets this year after a long slowdown. It was caused by regulatory pressure and weak investor sentiment. The renewed activity reflects a shift in what public investors want. Instead of high-risk trading platforms, markets are now favoring firms focused on compliance, custody and core infrastructure. As a result, the 2026 pipeline looks more selective but also more mature.
2025 IPOs Mark a Cautious Return to Public Markets
Several crypto firms successfully listed in 2025. It is helping reopen the IPO window. Stablecoin issuer Circle and trading platform Bullish. Both raised more than $1 billion each. Other notable listings included Gemini and blockchain lender Figure. These offerings showed that public investors are willing to back crypto businesses again. But only with stronger disclosures and clearer revenue models.
据 DL News 报道，2025 年加密公司通过 IPO 共募资约 34 亿美元，市场预计 2026 年将迎来更密集的上市潮，重点集中在合规与基础设施型企业。值得关注的有，Kraken 目标估值约 200 亿美元，Consensys 最新估值约 70 亿美元，BitGo 估值约 17.5 亿美元，Animoca Brands 预计估值约 60…
— 吴说区块链 (@wublockchain12) December 29, 2025
Analysts say this environment favors companies that bridge traditional finance and on chain markets. Still, overall volumes remain far below the peak years of the last cycle. That makes 2026 a key test for whether crypto IPOs can fully regain market trust.
Major Crypto Firms Prepare for 2026 Listings
Several high-profile companies are now lining up for potential IPOs next year. In particular, Kraken is seen as the most advanced candidate. This is because the U.S.-based exchange filed confidential paperwork in late 2025. It is reportedly targeting a valuation near $20 billion. Infrastructure firm Consensys, which operates MetaMask and Infura. It is also preparing for a mid-2026 listing. The company was last valued at around $7 billion. It has shifted focus toward enterprise and wallet-based revenue. Consequently, custody provider BitGo may become the first major crypto custodian to go public. Strategic investors currently value BitGo at $1.75 billion, which attracts those seeking regulated exposure without trading risk.
Asia and Hardware Firms Add Global Flavor
Outside the U.S., Animoca Brands is expected to pursue a Nasdaq listing in 2026. It is potentially at a $6 billion valuation. The Hong Kong based firm has reshaped its strategy around digital property rights and gaming infrastructure. Meanwhile, hardware wallet maker Ledger is preparing a major funding round ahead of a possible listing. Demand for self custody tools has grown. As users remain cautious about centralized platforms.
In Asia, Bithumb plans to list in South Korea. Analysts view the move as a signal of renewed confidence in retail-driven crypto markets across the region. In turn, these plans suggest 2026 could mark a more disciplined phase for crypto IPOs focused less on hype. Additionally, more on infrastructure, compliance and long-term viability.
