The crypto projects still in line to be listed during this bear market

The intersection of crypto and traditional finance is faster than anyone imagined.

Acquisitions of infrastructure by exchanges, stock index listings on perpetual contract platforms, stablecoins integrating into payment networks, BlackRock's BUIDL Fund turning on-chain dividends into a daily operation, and even intercontinental exchanges willing to bet up to $2 billion on a prediction market platform. For a crypto company to go public is no longer a symbol of "betraying the chain" but rather a proactive reach from traditional finance wanting to lock in the next round of growth into their system.

For a crypto project sprinting towards an IPO, this is both an opportunity and a thorough check-up. Because once it chooses the path to the public market, it can no longer just tell a story through token prices but must face quarterly financial reports, audits, board accountability, and even face those value investors who don't look at narratives but only at cash flow. These people are colder, more brutal, and more real than players in the blockchain space.

The launch of spot ETFs in the past two years has already given crypto assets their first "legitimacy" within a mainstream regulatory framework. Now, the wave of listings means another thing: crypto projects are starting to be treated as companies, not just speculative assets. This will change the industry's narrative logic and reshape who qualifies for the next stage.

Next, let's focus on these crypto projects in line for an IPO sprint.

Grayscale (Asset Management/ETF Business)

Founded in 2013, Grayscale Investments is the world's largest crypto asset management company, overseeing approximately $35 billion in assets. The company offers more than 40 products covering 45 tokens, including Bitcoin ETF (GBTC), Ethereum, Solana, and more, providing institutional and retail investors a convenient channel for crypto asset investments. The major investor holds about 70% of the shares.

IPO Progress:

Current Status: Officially submitted IPO application;

Latest Update: Submitted the S-1 registration document to the SEC on November 13, 2025, planning to list on the New York Stock Exchange under the ticker "GRAY." The lead underwriters include Morgan Stanley, Bank of America Securities, Jefferies, and Cantor. Financial data shows $173.3 million in revenue in the first 9 months of 2025 (a 20% year-over-year decrease) and a net profit of $203.3 million;

Expected IPO Time: Late 2025 to Early 2026;

BitGo (Custodial Service)

Founded in 2013, BitGo is a leading digital asset institutional custody service provider. Supporting 1400+ digital assets, serving 4600+ institutional clients and 1.1 million users, managing around $104 billion in assets. It provides services such as compliant custody, multi-signature wallets, staking, transaction execution, with customer insurance coverage of up to $250 million.

Funding History:

In 2021, Galaxy Digital announced a $1.2 billion acquisition of BitGo, which was eventually called off. Following the failed transaction, BitGo raised new funds, most notably a $100 million funding round in 2023, valuing the company at $17.5 billion.

IPO Progress:

Current Status: IPO application submitted;

Latest Development: On September 22, 2025, secretly submitted an S-1 filing, publicly amended on November 13, planning to list on the New York Stock Exchange under the ticker symbol "BTGO." As of June 30, 2025, platform assets reached $903 billion, with annual revenue growth of over 4x. Lead underwriters include Goldman Sachs and Morgan Stanley;

Expected IPO Time: Fourth Quarter of 2025 to First Quarter of 2026;

Consensys (Parent Company of Metamask)

Consensys is a blockchain software company focused on the Ethereum ecosystem, established in 2014 by Ethereum co-founder Joseph Lubin. The company owns core products such as MetaMask (a self-custodial wallet with over 30 million monthly active users), Infura (developer API infrastructure), Besu (an enterprise Ethereum client), and Linea (a zkEVM Layer 2 solution), and also supported Ethereum fund management firm SharpLink.

Funding History:

In a funding round in 2022, Consensys was valued at approximately $7 billion. In the same year, the company raised $450 million led by ParaFi Capital, having previously received significant funding to support its Web3 infrastructure development initiatives;

Total Funding Amount: Approximately $7.25 billion;

Key Investors: SoftBank Vision Fund 2, Microsoft, Temasek, JPMorgan Chase, etc.;

IPO Progress:

Current Status: Actively preparing, underwriters selected;

Latest Development: On October 29, 2025, Morgan Stanley and Goldman Sachs were selected as joint bookrunners, marking the IPO's entry into a substantive preparation stage. With the SEC dismissing the lawsuit against MetaMask's staking feature in February 2025, the regulatory environment has significantly improved. The company has undergone internal restructuring and cost optimization, and launched a $30 million MetaMask Rewards incentive plan on October 28;

Expected IPO Date: Earliest in 2026, S-1 filing not yet submitted;

OKX (Centralized Exchange)

Founded in 2013, OKX is the world's second-largest cryptocurrency exchange. It offers services such as spot trading, derivatives, DeFi wallets, an NFT marketplace, supports over 130 networks, and holds licenses in the United States, UAE, Singapore, among other locations, with over 5,000 global employees.

IPO Progress:

Current Status: Unknown;

Latest Development: In June 2025, the CMO stated, "IPO will definitely be considered in the future, most likely in the U.S." In April 2025, re-entered the U.S. market, reached a $500 million settlement agreement with the Department of Justice, established headquarters in San Jose, and appointed a former Barclays executive as the U.S. CEO. Currently focusing on expanding in the U.S. market and regulatory compliance;

Expected IPO Date: To be determined;

Kraken (Centralized Exchange)

Founded in 2011, Kraken is headquartered in San Francisco and is a globally renowned compliant cryptocurrency exchange. It supports trading for over 400 cryptocurrencies, serves 15 million users across 190+ countries. In 2025, it generated $15 billion in revenue (128% YoY growth), with adjusted EBITDA of $4.24 billion.

Funding History:

Total Funding Amount: Approximately $6.22 billion;

Latest Funding (September 2025): $5 billion, Post-money Valuation $150 billion, led by Tribe Capital;

Key Investments: 2025 Acquisition of NinjaTrader ($15 billion) and Small Exchange ($1 billion);

IPO Progress:

Current Status: Actively preparing for a 2026 IPO;

Latest Developments: Planning to list on Nasdaq in the first quarter of 2026, currently working with Goldman Sachs and JPMorgan to raise up to $10 billion in debt/equity funding. Q1 2025 Revenue of $4.72 billion (19% YoY growth), adjusted EBITDA of $1.87 billion. Co-CEOs emphasize "no rush to go public," focusing on regulatory clarity;

Expected IPO Timing: First quarter of 2026;

FalconX (Primary Brokerage/OTC Trading Platform)

FalconX, founded in 2018, is an institutional digital asset primary brokerage, providing trading, financing, custody, and liquidity services to financial institutions, hedge funds, etc. It has facilitated over $2 trillion in trading volume, serving 2,000+ clients.

Funding History:

Total Funding Amount: Approximately $5.27 billion;

Series D Funding (June 2022): $1.5 billion, Post-money Valuation $80 billion;

Main Investors: Tiger Global, B Capital, Singapore's GIC, among others;

IPO Progress:

Current Status: Early-stage discussions;

Latest Developments: Acquired 21Shares in October 2025 (Swiss ETP issuer managing $110 billion AUM), established a strategic partnership with Standard Chartered Bank in May. Reportedly, may file an S-1 as early as late 2025, but bankers and a formal timeline are yet to be confirmed;

Expected IPO Timing: Late 2025 to 2026, discussions ongoing;

Animoca Brands (Gaming/Investment Sector)

Animoca Brands, established in 2014, is a Hong Kong-based Web3 gaming and investment company. They develop blockchain games like The Sandbox and have a portfolio of over 600 Web3 projects. In 2020, Animoca was delisted from the Australian Securities Exchange due to involvement in unregulated digital tokens but successfully pivoted to become a regional industry leader. The company currently holds stakes in over 620 enterprises, including NFT marketplace OpenSea, cryptocurrency exchange Kraken, and software development company Consensys. Their 2024 annual revenue reached $3.14 billion, with a cash and stablecoin reserve of nearly $3 billion. With over 700 employees, Animoca has raised over $7 billion in funding, with a latest valuation of around $90 billion.

IPO Progress:

Current Status: Planning reverse merger to go public;

Latest Development: On November 3, 2025, announced the signing of a non-binding letter of intent for a reverse merger with Nasdaq-listed Currenc Group Inc. (CURR). Following the transaction, Animoca shareholders will own approximately 95% of the merged entity, with a post-investment valuation of around $24 billion. The target is to complete the transaction in Q3 2026;

Expected IPO Timing: Anticipated to go public on Nasdaq through a reverse merger in Q3 2026;

Blockchain.com (Wallet + Brokerage Business)

Founded in 2011, Blockchain.com started as a Bitcoin blockchain explorer and has since evolved into a global cryptocurrency financial services platform. They have created over 90 million wallets, processed over $1 trillion in transactions, and offer self-custody wallets, brokerage, and trading platform services in over 200 countries.

Funding History:

Total Funding Amount: Approximately $11.7 billion;

Series E Funding (November 2023): First round of $1.1 billion closed, with a post-investment valuation of around $70 billion;

Key Investors: Lightspeed, DST Global, Google Ventures, Coinbase Ventures, etc.;

IPO Progress:

Current Status: Preparing for a 2026 U.S. IPO;

Latest Developments: Aiming for a listing on a U.S. securities exchange in 2026, had explored a SPAC merger in October 2025 but shifted to a traditional IPO route. Joint CEOs have been appointed, and experienced board members have been added, including former KPMG Global Chairman Timothy P. Flynn. Revenue has grown approximately 1500% over the past four years;

Expected IPO Timing: 2026, specific exchange and timing TBD;

Bithumb (South Korean Cryptocurrency Exchange)

Founded in 2014, Bithumb is one of South Korea's largest cryptocurrency exchanges, supporting trading for over 320 digital assets, primarily priced in Korean won. Operated under the oversight of the Financial Services Commission of Korea, it provides spot trading, staking, and automated trading services.

Funding History:

Total Funding Amount: $2 billion;

Series A Funding (April 15, 2019): $200 million, used for platform growth and security enhancement;

IPO Progress:

Current Status: Preparation for listing on KOSDAQ;

Latest Developments: In 2023, selected Samsung Securities as underwriter, underwent restructuring on July 31, 2025, splitting into Bithumb Korea (core exchange business) and Bithumb A (investment-related business) to enhance transparency. Planning to list on the South Korean KOSDAQ tech board;

Expected IPO Timing: Late 2025 or early 2026, awaiting regulatory approval;