According to ChainCatcher, market sources indicate that the cryptocurrency industry raised $3.4 billion through IPOs in 2025, and more high-profile listings are expected in 2026. Six noteworthy IPOs include: Kraken – a US crypto exchage valued at $20 billion, planning an IPO in the first half of 2026; Consensys – the developer of the MetaMask wallet, valued at $7 billion, partnering with JPMorgan Chase and Goldman Sachs for its IPO; BitGo – the first major cryptocurrency custody firm to go public, focusing on compliance and security; Animoca Brands – a Web3 gaming giant, expected to go public via a reverse merger, valued at approximately $6 billion; Ledger – a hardware wallet manufacturer that has sold over 6 million devices and positions itself as the "Apple of crypto security"; and Bithumb – a South Korean exchange that has selected Samsung Securities as its underwriter and plans to list in South Korea.
Analysts believe these IPOs reflect the maturation of the crypto industry, particularly in areas such as compliance, infrastructure, and security.
