Cryptocurrency companies have come full circle in 2025, seeking funding through formal initial public offerings. Public access is expected to continue in 2026.
Cryptocurrency companies are no longer raising funds through token sales. Instead, a new trend emerged in 2025, with major companies completing initial public offerings. Some companies have previously launched tokens even though their assets did not reach sufficient exposure.
One of the reasons for the move to IPO is the loss of confidence in financing. 2018's biggest IPO season produced big-money projects that were never delivered.
Subsequent public sales, IDOs, and other price increases also failed to create value. New tokens faced a decline in reliability and liquidity. Tokens raised by VC-backed projects also fell victim to insider sales, inflating token float through unlocks.
IPOs, on the other hand, further increased the project's legitimacy and at the same time exposed it to greater stock market liquidity.
What were the largest IPOs of 2025?
The 2025 IPO series reflects recent trends in the crypto market. CoreWeave was the largest IPO During the year, it reached a valuation of $23 billion, and after a few months of trading, it reached a valuation of $42 billion. The sale reflected the mining company's ability to transition to AI infrastructure.
The most notable crypto-native company to IPO was Circle, which raised over $18 billion and was valued at over $20 billion by the end of 2025.
Figure Technology was the third largest and most successful IPO, raising $5.3 billion and currently valued at $9.7 billion. Circle and Figure both capitalized on the trend of combining blockchain solutions with traditional finance.
Cryptocurrency platforms eToro and Gemini were two major IPOs that sold below their offering prices. These exchanges reflect a slowdown in retail trading and a shift to other sources of profit, such as decentralized activities and fee-generating services.
Centralized exchanges will continue IPO trend in 2026
Cryptocurrency companies have not abandoned the IPO path. Expectations are high for good performance overall IPO year 2026 will also set the pace for crypto companies.
One of the company categories will be virtual currency exchanges. The next wave of IPO candidates will come from exchanges that have adapted to new regulations and become powerful trading hubs.
Centralized exchange considers IPO in 2026
As cryptocurrencies mature, the next wave of #IPO candidates (#CEX) is moving from hype to infrastructure. With abundant liquidity and regulatory infrastructure, #CEX is poised for listing in 2026. pic.twitter.com/wSHFoLgWbd
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) December 23, 2025
Cryptocurrency exchanges are also expanding on Europe's resurgent IPO market, which is operating with cautious optimism. Exchanges and crypto companies are seen as a source of rapid profits in a more legitimate way compared to token trading.
However, an IPO is not an automatic solution for all platforms. After months of speculation, Ripple announced There were no plans for an IPO in the near future.
The IPO is seen as a sign of the maturity of the cryptocurrency industry. The sector has also learned some hard lessons in launching tokens instead of stocks, as multiple projects have been embroiled in high costs and years of litigation.
