The wave of encryption IPOs is coming: 9 major companies are queued to go public, with a total valuation of hundreds of billions of dollars.

In November 2025, the integration of Crypto Assets and TradFi entered a new stage, with 9 leading encryption companies, including Grayscale, BitGo, and Consensys, officially entering the IPO queue. This wave of listings not only marks the first time that Crypto Assets have gained mainstream recognition as formal business entities, but it will also have a profound impact on industry narratives, regulatory frameworks, and capital flows.

According to public data, multiple companies are expected to complete their IPOs between the end of 2025 and 2026, with a total valuation exceeding several hundred billion dollars, becoming a key layout for TradFi to secure the next round of growth.

Acceleration of the Crypto Financialization Process: Transformation from Marginal to Mainstream

In the past two years, with the approval of Bitcoin spot ETFs and the massive influx of institutional capital, the Crypto Assets industry has undergone a transformation from “speculative assets” to “compliant businesses.” Since 2025, traditional financial institutions have actively acquired encryption infrastructure, integrated on-chain dividend mechanisms, and even intercontinental exchanges have spent $2 billion to acquire prediction market platforms, further blurring the boundaries between TradFi and the Crypto Assets ecosystem.

Against this backdrop, crypto companies choosing to go public via an IPO is no longer seen as a “betrayal of the blockchain spirit,” but rather a strategic response to the olive branch extended by the traditional financial system. Once successfully listed, these companies will face new challenges such as quarterly financial reports, audit reviews, and board accountability, and their valuation standards will shift from token price narratives to traditional metrics such as cash flow and profitability.

Grayscale: The Listing Journey of the World's Largest Crypto Asset Management Company

As the world's largest Crypto Assets management company founded in 2013, Grayscale currently manages approximately $35 billion in assets, with over 40 products covering 45 types of coins, including Bitcoin ETF (GBTC), Ethereum, and mainstream assets like Solana.

On November 13, 2025, the company officially submitted an S-1 registration statement to the U.S. Securities and Exchange Commission, planning to list on the New York Stock Exchange under the stock code “GRAY.” Its lead underwriter lineup is impressive, including Morgan Stanley, Bank of America Securities, and Jefferies Group. Financial data shows that Grayscale's revenue for the first nine months of 2025 was $173.3 million, a year-on-year decline of 20%, but net profit reached $203.3 million, demonstrating strong profit resilience.

Grayscale IPO key milestones and data

• S-1 Submission Date: November 13, 2025
• Revenue for the first nine months of 2025: 173.3 million USD
• Net Profit for the Period: 203.3 million USD
• Lead Underwriters: Morgan Stanley, Bank of America Securities, Jefferies, Cantor
• Expected listing time: End of 2025 to early 2026
• Parent Company Shareholding Ratio: Digital Currency Group holds approximately 70% of the shares.

BitGo: A Compliance Breakthrough for Institutional Custody Services

BitGo, as a pioneer in the digital asset custody field, has supported over 1,400 digital assets since its establishment in 2013, serving 4,600 institutional clients and 1.1 million users, with assets under management reaching $104 billion. After the $1.2 billion acquisition by Galaxy Digital fell through in 2021, the company completed a $100 million financing round in 2023, increasing its valuation to $1.75 billion.

On September 22, 2025, BitGo secretly submitted its S-1 filing and publicly revised it on November 13, planning to list on the NYSE under the code “BTGO”. As of June 30, 2025, the platform's assets reached $90.3 billion, with annual revenue growth exceeding fourfold, and Goldman Sachs and Morgan Stanley served as joint underwriters.

Consensys: The Capitalization Path of the Ethereum Ecosystem Giant

Founded in 2014 by Ethereum co-founder Joseph Lubin, Consensys has become a benchmark company in the blockchain software field, with core products including the MetaMask self-custodial wallet with over 30 million monthly active users, developer API infrastructure Infura, and the zkEVM Layer 2 solution Linea. The company was valued at $7 billion in its 2022 funding round, with total funding of approximately $725 million, and investors include SoftBank Vision Fund 2, Microsoft, and Temasek.

On October 29, 2025, Consensys selected JPMorgan Chase and Goldman Sachs as the main underwriters and officially initiated the substantive preparation phase for the IPO. With the SEC withdrawing its lawsuit against the MetaMask staking feature in February 2025, the regulatory environment has significantly improved, and the company simultaneously launched a $30 million MetaMask reward program to strengthen the user ecosystem.

The Listing Competition in the Exchange Camp: OKX and Kraken's Compliance Layout

Since its establishment in 2013, OKX has obtained licenses in multiple regions including the United States, the UAE, and Singapore, with over 5,000 employees. In June 2025, its Chief Marketing Officer publicly stated that “an IPO in the United States will definitely be considered in the future”. In April, it also reached a settlement of $500 million with the U.S. Department of Justice and appointed a former Barclays executive as CEO in the United States, highlighting its determination to deepen its presence in the North American market.

On the other hand, the well-established exchange Kraken has steadily expanded since its founding in 2011, with revenue expected to reach $1.5 billion in 2025, a year-on-year increase of 128%. The company completed a $500 million financing in September 2025, with a post-investment valuation of $15 billion, and plans to go public on NASDAQ in the first quarter of 2026. It is currently working with Goldman Sachs and JPMorgan to raise $1 billion in debt/equity funding.

Representatives of Emerging Fields: The Capital Strategies of FalconX and Animoca Brands

Institutional-grade digital asset prime broker FalconX was founded in 2018 and has processed over $2 trillion in trading volume, serving 2,000 clients. In October 2025, the company acquired Swiss ETP issuer 21Shares, which manages $11 billion in assets, and established a strategic partnership with Standard Chartered Bank. Although underwriters have not yet been confirmed, the market speculates that it may submit its S-1 filing by the end of 2025.

At the same time, Web3 gaming and investment giant Animoca Brands chose to go public on NASDAQ through a reverse merger, signing a letter of intent with publicly listed company Currenc Group on November 3, 2025. After the transaction is completed, Animoca shareholders will hold 95% of the merged entity's shares, with a post-investment valuation of approximately $2.4 billion. The company expects to achieve a revenue of $314 million in 2024, with cash and stablecoin reserves nearing $300 million, and holdings covering over 620 enterprises including OpenSea.

The Industry Changes and Investment Logic Behind the IPO Wave

This wave of listings not only provides a compliant exit for crypto projects but will also reshape the competitive landscape of the industry. On one hand, listed companies need to disclose financial details and business risks, enhancing market transparency; on the other hand, the influx of traditional capital may accelerate the standardization of technology and the improvement of regulatory frameworks.

From an investment perspective, the valuation anchor for companies after an IPO will shift from token economics to traditional models such as price-to-earnings ratios and discounted cash flows, which poses a challenge for crypto native investors accustomed to narrative-driven investments. However, in the long run, compliance is expected to attract long-term capital such as pension funds and insurance money, injecting stability into the industry.

How Do Crypto Companies Going Public Affect Ordinary Investors?

For ordinary investors, crypto companies' IPOs provide a new channel for indirect participation in industry growth. Through the stock market, investors can bypass technical barriers such as private key management and on-chain transactions, allocating crypto assets in the form of traditional securities. However, it is important to note that the stock prices of listed companies are influenced by macroeconomic factors, policy changes, and market sentiment, which may lead to a divergence from token prices. Additionally, institutional investors focus more on corporate cash flow and dividend policies rather than token burning or community governance, requiring investors to adjust their analytical framework from “coin speculation mindset” to “value investment mindset.”

FAQ

1. Why are Crypto Assets companies choosing to focus on IPOs at this time?

TradFi is rapidly embracing the encryption ecosystem, with regulatory frameworks gradually becoming clearer. Coupled with successful cases of spot ETFs, this encourages companies to obtain compliant capital and brand premiums through listings.

2. What is the difference between Crypto Assets Enterprise IPO and token issuance?

IPOs are subject to securities laws, requiring the disclosure of financial data and supervision by shareholders, while token issuances typically rely on smart contracts and community governance, with relatively loose regulatory requirements.

3. How will Grayscale's listing affect the price of GBTC?

In the short term, prices may be boosted by brand strengthening and capital inflows, but in the long term, the GBTC premium or discount still depends on the spot demand for Bitcoin and the fund's subscription and redemption mechanism.

4. How can ordinary investors participate in these IPOs?

You can subscribe for new shares through the underwriter channel using a securities account, or purchase stocks directly in the market after listing, but be aware of the lock-up period and volatility risks.

5. What is the role of Asian crypto exchanges in the IPO wave?

Asian exchanges are advancing local listings, but progress may be slower than that of US companies due to differences in regional regulatory policies.