Crypto Firms Head for Wall Street: Animoca, TRON, Gemini Prepare 2025 IPOs

Crypto firms are heading back to public markets after years of turbulence. Several blockchain companies — including some of the sector’s biggest names — are preparing stock listings as U.S. regulators introduce clearer rules for digital assets and investor confidence begins to return.

Major firms such as Animoca Brands, Gemini, Consensys, and TRON are moving ahead with public listings, while others like Ripple and Tether continue to operate privately.

Animoca Brands Plans Nasdaq Listing

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 hold about 95% of the new entity, which would trade on Nasdaq.

The merged company will focus on digital asset investment, gaming, and blockchain software. Animoca’s move reflects a broader trend of Web3 firms seeking deeper access to U.S. capital markets, which offer higher liquidity and investor protection than Asian exchanges.

Consensys Prepares IPO With Major Banks

Consensys, the company behind the MetaMask wallet and Ethereum’s core infrastructure tools, is reportedly working with JPMorgan and Goldman Sachs to lead its planned IPO.

The firm has raised over $725 million from investors including SoftBank, BlackRock, and Mastercard. Its 2022 valuation stood at $7 billion, while private market estimates in mid-2025 put it closer to $10 billion.

Consensys’s listing would mark one of the first major public offerings by a blockchain infrastructure provider, expanding the scope of crypto IPOs beyond exchanges and trading platforms.

Gemini Files for Nasdaq Debut

The Gemini exchange, founded by Cameron and Tyler Winklevoss, has filed registration documents with the U.S. SECto list on Nasdaq under the ticker GEMI.

The exchange plans to raise up to $400 million to fund compliance initiatives and product expansion. 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, recording a $282.5 million loss in H1 2025. The listing will test investor appetite for crypto exchanges seeking public funding during a period of renewed regulatory oversight.

Figure Technology Completes Nasdaq Listing

Figure Technology Solutions, a blockchain-based lending firm, went public on September 11, 2025, trading under the ticker FIGR on Nasdaq.

The company reported $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 lending.

Cagney retains majority voting control following the listing, ensuring continuity in governance as the company transitions to public markets.

OKX Considers U.S. IPO After Regulatory Settlement

Global crypto exchange OKX is exploring a U.S. public offering after resolving a $505 million settlement with the Department of Justice over compliance violations.

The firm re-entered the U.S. market in April 2025, opening a new headquarters in San Jose, California, and appointing Roshan Robert, a Wall Street veteran, as its U.S. CEO.

A U.S. listing would provide OKX with access to institutional investors and help it compete more directly with American-listed rivals such as Coinbase.

FalconX Weighs NYSE Listing

Institutional brokerage FalconX is in early discussions to launch an IPO on the New York Stock Exchange. The firm was last valued at $8 billion during a 2022 funding round that raised $150 million.

The company provides trading, liquidity, and credit services to institutional clients. A listing would allow FalconX to raise additional capital for acquisitions and expand its product offerings to meet growing institutional demand for digital-asset exposure.

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 granted TRON $210 million in tokens and allowed it to hold TRX as a treasury reserve asset — a first for a U.S.-listed firm. The stock declined about 5% on its first day of trading.

Founder Justin Sun remains involved through offshore entities. The listing follows the resolution of a prior SEC lawsuit that was settled earlier in 2025.

Bullish Exchange Completes Public Listing

Bullish, the digital-asset exchange backed by Peter Thiel, became publicly listed in August 2025 after previously canceling a SPAC deal in 2021.

Led by former NYSE president Tom Farley, Bullish positions itself as a regulated, institutional-grade exchange. The company had previously raised about $10 billion in funding and operates under the 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-anticipated IPO earlier this year. Shares, listed under CRCL, opened at $69, more than double their IPO price of $31, and closed the day up 168%.

The offering valued Circle at $6.8 billion before trading. CEO Jeremy Allaire said the listing supports the company’s goal of building “fully regulated and transparent stablecoin infrastructure.”

The successful debut could encourage other payment-based crypto 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 downturn and now holds about 25% of South Korea’s trading volume. Bithumb is reorganizing into two entities — Bithumb Korea and Bithumb A — to streamline governance before the listing.

Samsung Securities will act as the underwriter. The company is also exploring a secondary U.S. listing to attract global investors.

Blockchain.com Strengthens Executive Team

Blockchain.com has appointed Justin Evans, formerly of Goldman Sachs, as Chief Financial Officer and Mike Wilcoxas Chief Operating Officer.

The company has not yet filed for an IPO but stated 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 U.S. listing.

Bitkub Plans Thai Stock Exchange Listing

Thailand’s largest cryptocurrency exchange, Bitkub, intends to go public on the Stock Exchange of Thailand in 2025.

The exchange controls about 77% of the local crypto market, processing roughly $30 million in daily volume. CEO Jirayut Srupsrisopa said the company plans to double its workforce to 4,000 employees before the listing.

Bitkub aims to strengthen its domestic presence as competition from international exchanges such as Binance and Upbitincreases across Southeast Asia.

Kraken Cuts Costs While Preparing for IPO

Kraken, one of the oldest U.S. 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, trimming expenses, and expanding into derivatives and stock trading through acquisitions such as NinjaTrader.

The exchange is expected to file for a U.S. listing once market conditions stabilize and its earnings reach sustainable levels.

Ripple Confirms It Has No IPO Plans

Ripple Labs, valued at about $40 billion after a recent $500 million fundraising round, has confirmed that it does not plan to go public in the near term.

President Monica Long said Ripple has sufficient 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 U.S. SEC.

Ripple remains one of the most capitalized private blockchain companies globally, focusing on international payments and partnerships with financial institutions.

Crypto Firms Turn to Public Markets for Credibility and Growth

After years of relying on private funding and venture capital, major crypto companies are taking their next step — going public. The move marks a clear shift in how digital-asset businesses raise money and build trust, especially as investors demand greater transparency after a decade of volatility.

Listing on major exchanges offers more than just capital. It gives crypto firms a way to prove 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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