Author| Lance Datskoluo,DL News
In 2025, the crypto industry made a strong debut on Wall Street. According to DefiLlama data, digital asset companies raised a total of $3.4 billion through initial public offerings (IPOs).
The heavyweight companies included stablecoin issuer Circle, the Peter Thiel-backed trading platform Bullish, blockchain lending institution Figure, and crypto exchange Gemini. Both Circle and Bullish raised over $1 billion in their IPOs.
And the IPO pipeline for 2026 looks set to be even larger.
"The crypto IPO pipeline that is forming points to a very specific type of company," Samantha Lewis, a partner at early-stage venture capital firm Mercury Fund, told DL News.
Who is the main target? Crypto companies that place a high priority on risk management and compliance.
"The common characteristic of these potential listed companies is the infrastructure that can efficiently transmit capital between traditional balance sheets and on-chain markets," she said.
Here are some of the most watched potential crypto IPOs for 2026.
1. Kraken
US crypto exchange Kraken is expected to be the largest IPO in the digital asset space next year.
The company confidentially filed an S-1 with the US Securities and Exchange Commission (SEC) in November 2025, aiming to complete its listing in the first half of 2026.
Kraken doubled its revenue in 2024 to $1.5 billion and was valued at $20 billion in a late-stage funding round led by Citadel Securities.
Kraken's core strategy of "compliance first" has driven its global expansion, including obtaining a MiCA license in Europe and launching a derivatives trading business.
With a diversified revenue structure covering staking, NFTs, and more, many analysts see Kraken as the "cleanest" listed crypto play besides Coinbase.
Co-CEO Arjun Sethi has repeatedly dodged questions about listing plans and told DL News in September that Kraken is in no rush to go public.
2. Consensys
Crypto infrastructure giant Consensys is reportedly working with JPMorgan and Goldman Sachs to prepare for an IPO in mid-2026.
This company operates MetaMask and Infura, and is transforming from a "software studio" into a high-margin infrastructure provider.
In 2025, MetaMask added native Bitcoin support, a strategic move to consolidate its position as a multi-chain wallet.
According to company disclosures, it has over 30 million monthly active users and a valuation of approximately $7 billion, Consensys offers exposure to a pure-play crypto software company for the public markets.
Its prospectus is expected to highlight revenue from MetaMask Swaps and the adoption progress of its Layer 2 network Linea on the enterprise side.
3. BitGo
BitGo is expected to be the first major crypto custodian to go public.
The Goldman Sachs-backed company filed an amended S-1A document in late 2025, after its listing plans were delayed by the US government shutdown, and is now aiming to list in the first quarter of 2026.
BitGo's revenue has quadrupled over the past two years, largely due to the expansion of its institutional-grade custody business and compliant staking services.
In its most recent valuation assessment, BitGo was valued at approximately $1.75 billion, attractive to investors looking for exposure to crypto infrastructure that is not directly exposed to trading volatility.
Its core positioning of "heavy compliance, strong security" makes it a popular choice for banks and hedge funds seeking crypto exposure while avoiding operational risk.
4. Animoca Brands
Animoca Brands is expected to list on Nasdaq in 2026 through a reverse merger with Currenc Group.
The Hong Kong-based company has built one of the industry's largest portfolios of Web3 game investments, holding equity in dozens of tokenized games and metaverse projects.
In 2025, Animoca streamlined its operating structure and refocused its brand narrative on the core value proposition of "digital property rights."
This listing is seen as a key test of investor appetite for the metaverse concept and exposure to gaming tokens.
Animoca is targeting a $6 billion valuation. Whether it can achieve this will depend on its ability to monetize its equity investments and in-game economic systems, as well as its management of complex token economic models.
5. Ledger
According to the Financial Times, Ledger is preparing for a significant funding round in 2026, benefiting明显 from increased focus on the security narrative in the digital asset space.
The French company says it has sold over 6 million hardware wallets globally and has repositioned itself as a full-stack self-custody platform through its Ledger Live app.
Its business has expanded into several recurring revenue products, including seed phrase recovery services, software integrations, and institutional-grade device management.
In 2025, Ledger signed several B2B partnership agreements and increased investment in mobile wallet user experience, expanding the traditional advantages of "cold storage" into a broader consumer fintech product.
Against the backdrop of a resurgence in self-custody理念 and declining trust in centralized platforms, Ledger positions itself as the "Apple of crypto security."
6. Bithumb
Bithumb plans to list on the Korea Exchange in late 2025, marking its return to center stage after years of being overshadowed by Upbit.
The Seoul-based exchange regained 25% market share in 2024 through an aggressive zero-fee strategy and significantly increased marketing investment.
Bithumb has selected Samsung Securities as the underwriter for its IPO.
This company, once South Korea's largest exchange, was once marginalized by multiple hacks and the rise of Upbit's banking partnerships. Today, Bithumb is consolidating its domestic recovery momentum through localization strategies, license compliance, and altcoin liquidity.
Although Bithumb has no international expansion plans, analysts believe the listing will be an important proxy for Korean crypto demand — in this retail-dominated market, daily cryptocurrency trading volume often exceeds that of the stock market.
With 18 million crypto users, South Korea's Bithumb IPO could mark the entry of Asia's highest retail-proportion crypto market into a new phase of institutionalization.
