Cryptocurrency companies have raised about $3.4 billion through initial public offerings this year. This prepares us for a potentially busy 2026 listing calendar. Digital asset companies returned to public markets this year after a long slump, according to data cited by DL News. Regulatory pressure and weak investor sentiment were to blame. This new activity reflects the changing expectations of retail investors. The market now favors companies that focus on compliance, custody, and core infrastructure instead of risky trading platforms. As a result, the 2026 pipeline looks both more selective and more mature.
2025 IPO marks cautious return to public markets
Several crypto companies successfully went public in 2025. This is contributing to the reopening of the IPO window. stablecoin issuer Circle and trading platform Bullish. Both raised more than $1 billion each. Other notable listings include Gemini and blockchain finance company Figure. These proposals showed that retail investors are once again willing to support crypto businesses. However, it requires stronger disclosure and a clearer revenue model.
According to DL News, virtual currency companies plan to raise a total of approximately USD 3.4 billion through IPOs in 2025, and the market is expected to see a more concentrated wave of listings in 2026, centered on compliance and infrastructure companies. It is worth noting that Kraken's target valuation is expected to be approximately USD 20 billion, ConsenSys' latest valuation is approximately USD 7 billion, BitGo's valuation is expected to be approximately USD 1.75 billion, and the Animoca brand's valuation is expected to be approximately USD 6 billion.
— Wu Shuo Blockchain (@wublockchain12) December 29, 2025
Analysts say this environment favors companies that bridge traditional finance and chain markets. Still, overall trading volume remains well below the peak year of the previous cycle. Therefore, 2026 will be a key test of whether crypto IPOs can fully restore market confidence.
Major virtual currency company prepares for listing in 2026
Several well-known companies are currently gearing up for possible IPOs next year. In particular, Kraken is seen as the most likely candidate. This is because the US-based exchange filed confidential documents at the end of 2025. The company is reportedly targeting a valuation of nearly $20 billion. Consensys, the infrastructure company behind MetaMask and Infura; Preparations are also underway for listing in mid-2026. The company's final valuation was approximately $7 billion. We have shifted our focus to enterprise and wallet-based revenue. As a result, custody provider BitGo could become the first major cryptocurrency custodian to go public. Strategic investors currently value BitGo at $1.75 billion, attracting investors seeking regulated exposure without trading risk.
Asia and hardware companies add global flair
Outside the US, Animoca Brands is expected to seek a Nasdaq listing in 2026, potentially at a valuation of $6 billion. The Hong Kong-based company has restructured its strategy around digital property rights and gaming infrastructure. Meanwhile, hardware wallet maker Ledger is preparing a major funding round ahead of a possible listing. Self-management tools are in high demand. Users remain wary of centralized platforms.
In Asia, Bithumb plans to list in South Korea. Analysts see the move as a sign of renewed confidence in the retail-driven cryptocurrency market across the region. In turn, these plans suggest that 2026 could be a more disciplined phase for crypto IPOs with more focus than hype. Additionally, we'll dive into infrastructure, compliance, and long-term viability.
