Cryptocurrency companies are returning to public markets after years of turmoil. Several blockchain companies, including some of the biggest names in the sector, are preparing to go public as US regulators introduce clearer rules for digital assets and investor confidence begins to return.
Large companies like Animoca Brands, Gemini, Consensys, and TRON are moving forward with their public listings, while others like Ripple and Tether continue to operate privately.
Animoca Brands plans to list on Nasdaq
Hong Kong-based Animoca Brands is preparing to go public in the United States through a reverse merger. Under the current proposal, Animoca shareholders would own about 95% of the new entity, which would be listed on Nasdaq.
The merged company will focus on investing in digital assets, gaming and blockchain software. Animoca’s move reflects a broader trend of Web3 companies seeking deeper access to U.S. capital markets, which offer greater liquidity and investor protection than Asian exchanges.
Consensys prepares IPO with the main banks
Consensys, the company behind the MetaMask wallet and Ethereum core infrastructure tools, is working with JPMorgan and Goldman Sachs to lead its planned IPO.
The company has raised more than $725 million from investors including SoftBank, BlackRock and Mastercard. Its valuation in 2022 stood at $7 billion, while private market estimates in mid-2025 put it closer to $10 billion.
Consensys’ listing would mark one of the first major public offerings of a blockchain infrastructure provider, expanding the reach of cryptocurrency IPOs beyond exchanges and trading platforms.
Gemini Files to Debut on Nasdaq
Gemini exchange, founded by Cameron and Tyler Winklevoss, has filed registration documents with the US SEC to list on Nasdaq under the symbol GEMI.
The exchange plans to raise up to $400 million to fund product expansion and compliance initiatives. Gemini reported 523,000 monthly active users, $24.8 billion in trading volume, and $18.2 billion in assets during the first half of 2025.
Despite its growth, Gemini remains unprofitable and posted a loss of $282.5 million in the first half of 2025. The listing will test investors’ appetite for cryptocurrency exchanges seeking public funding during a period of renewed regulatory oversight.
Figure Technology completes its Nasdaq listing
Figure Technology Solutions, a blockchain-based lending company, went public on September 11, 2025 and trades under the symbol FIGR on Nasdaq.
The company posted $29.1 million in net income on $190.6 million in revenue in the first half of 2025, marking its first profitable year. Founded in 2018 by Mike Cagney, a former SoFi executive, Figure uses blockchain systems to originate and service loans and has funded more than $16 billion in consumer loans.
Cagney retains majority voting control post-listing, ensuring continuity of governance as the company transitions to the public markets.
OKX considers going public in the US after regulatory agreement
Global cryptocurrency exchange OKX is exploring a U.S. public offering after settling a $505 million settlement with the Justice Department over compliance violations.
The company re-entered the US market in April 2025, opening a new headquarters in San Jose, California, and naming Roshan Robert, a Wall Street veteran, as its US CEO.
A US listing would provide OKX with access to institutional investors and help it compete more directly with US-listed rivals such as Coinbase.
FalconX weighs listing on the New York Stock Exchange
Institutional brokerage FalconX is in early talks to launch an initial public offering (IPO) on the New York Stock Exchange. The company was last valued at $8 billion during a 2022 funding round that raised $150 million.
The company offers commercial, liquidity and credit services to institutional clients. A listing would allow FalconX to raise additional capital for acquisitions and expand its product offering to meet growing institutional demand for exposure to digital assets.
TRON Lists on Nasdaq After Reverse Merger
TRON became a public company in July 2025 through a $100 million reverse merger with SRM Entertainment. The newly formed entity trades under the symbol TRON on Nasdaq.
The deal gave TRON $210 million in tokens and allowed it to hold TRX as a treasury reserve asset, a first for a US-listed company. The stock fell about 5% on its first day of trading.
Founder Justin Sun remains involved through offshore entities. The listing follows the resolution of a previous SEC lawsuit that was resolved in early 2025.
Bullish Exchange completes its public listing
Bullish, the Peter Thiel-backed digital asset exchange, went public in August 2025 after previously canceling a SPAC deal in 2021.
Led by former NYSE Chairman Tom Farley, Bullish positions itself as an institutional-grade regulated exchange. The company had previously raised around $10 billion in funding and operates under parent company Block.one, which raised $4 billion during its 2018 ICO.
Circle begins trading after IPO
Stablecoin issuer Circle, known for the USDC token, completed its long-awaited initial public offering earlier this year. The shares, listed on CRCL, opened at $69, more than double its IPO price of $31, and closed the day up 168%.
The offer valued Circle at $6.8 billion before it was negotiated. CEO Jeremy Allaire said the listing supports the company’s goal of building a “fully regulated and transparent stablecoin infrastructure.”
The successful debut could encourage other payments-based cryptocurrency companies to follow suit.
Bithumb targets Kosdaq listing
South Korea’s Bithumb, the country’s second-largest cryptocurrency exchange, plans to list on the Kosdaq by the end of 2025.
The company has regained market share after a prolonged crisis and now holds about 25% of South Korea’s trade volume. Bithumb is reorganizing into two entities, Bithumb Korea and Bithumb A, to simplify governance ahead of listing.
Samsung Securities will act as underwriter. The company is also exploring a secondary listing in the United States to attract global investors.
Blockchain.com strengthens the executive team
Blockchain.com has named Justin Evans, formerly of Goldman Sachs, as chief financial officer and Mike Wilcoxas as chief operating officer.
The company has not yet filed for an initial public offering (IPO), but stated that it is positioning itself for a public listing when market conditions become favorable. The hires indicate a gradual move toward compliance and audit readiness, key prerequisites for a US listing.
Bitkub plans to list on the Thai stock exchange
Thailand’s largest cryptocurrency exchange, Bitkub, intends to list on the Thai Stock Exchange in 2025.
The exchange controls around 77% of the local crypto market, processing approximately $30 million in daily volume. Chief Executive Jirayut Srupsrisopa said the company plans to double its workforce to 4,000 employees before going public.
Bitkub aims to strengthen its domestic presence as competition from international exchanges such as Binance and Upbit increases across Southeast Asia.
Kraken cuts costs as it prepares for IPO
Kraken, one of the oldest US crypto exchanges, has reduced its workforce by about 15% as part of a restructuring aimed at improving profitability ahead of a potential IPO.
Co-CEOs Arjun Sethi and David Ripley have focused on consolidating operations, cutting expenses and expanding into derivatives and equity trading through acquisitions such as NinjaTrader.
The exchange is expected to file for a US listing once market conditions stabilize and its earnings reach sustainable levels.
Ripple confirms it has no IPO plans
Ripple Labs, valued at around $40 billion after a recent $500 million fundraising round, has confirmed that it has no plans to go public any time soon.
President Monica Long said Ripple has enough reserves and brand strength to operate privately. CEO Brad Garlinghouse reiterated that while a listing remains possible in the future, it is “not a priority” following the company’s recent legal settlement with the US SEC.
Ripple remains one of the most capitalized private blockchain companies globally, focusing on international payments and partnerships with financial institutions.
Crypto Companies Turn to Public Markets for Credibility and Growth
After years of relying on private funding and venture capital, major crypto companies are taking the next step: going public. The move marks a clear shift in the way digital asset companies raise money and build trust, especially as investors demand greater transparency after a decade of volatility.
Listing on major stock exchanges offers more than just capital. It gives crypto companies a way to demonstrate stability, strengthen governance, and reach mainstream investors who have long stayed on the sidelines. The shift suggests that, for the first time, sustainable growth and compliance are becoming as critical to the sector as rapid innovation once was.
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