Nine Major Crypto Companies Line Up for IPOs as Sector Matures

Despite the ongoing market downturn, a wave of prominent cryptocurrency firms is actively preparing for public listings, signaling a deeper integration between digital assets and traditional finance. These moves reflect a shift: crypto projects are increasingly viewed as legitimate businesses subject to standard financial scrutiny rather than purely speculative ventures.

The Nine Companies and Their Reported IPO Status

1. The world’s largest crypto asset manager has formally filed its S-1 and plans to list on the NYSE under the ticker “GRAY” by late 2025 or early 2026.
2. A leading institutional custody provider has confidentially submitted its filing and is targeting a NYSE debut as “BTGO” in Q4 2025 or Q1 2026.
3. The parent company of the most popular self-custody wallet is working with JPMorgan and Goldman Sachs on a planned 2026 listing.
4. The second-largest global crypto trading platform has publicly expressed interest in a future U.S. IPO while focusing on compliance and market expansion.
5. A long-established, regulation-focused trading platform is actively preparing for a Nasdaq listing, potentially in Q1 2026.
6. A prime brokerage serving institutions is in early discussions and may file an S-1 before the end of 2025.
7. A major Web3 gaming and investment group intends to return to public markets via a reverse merger with a Nasdaq-listed entity, targeting Q3 2026.
8. A global crypto financial services provider is preparing for a U.S. IPO in 2026 after previously exploring a SPAC route.
9. One of South Korea’s largest trading platforms is gearing up for a KOSDAQ listing by late 2025 or early 2026.

What This Trend Means

The convergence of crypto and traditional finance is accelerating. Spot ETFs provided the first regulatory stamp of approval for digital assets themselves; this new wave of IPOs represents the next phase — crypto-native companies being evaluated as conventional businesses with revenue, governance, and accountability requirements.

Going public forces a transition from token-driven narratives to quarterly earnings, audits, and cash-flow scrutiny. For the industry, it marks maturation; for investors, it introduces a more disciplined valuation framework.

In summary, even amid a challenging market, at least nine significant crypto firms are advancing IPO plans across major exchanges worldwide, underscoring the sector’s ongoing institutionalization and long-term confidence in its fundamental growth story.