Author|Lance Datskoluo, DL News
In 2025, the crypto industry makes a strong entrance onto Wall Street. According to DefiLlama data, digital asset companies raised a total of $3.4 billion through initial public offerings (IPOs).
Among them are heavyweight companies such as Circle, the stablecoin issuer; Bullish, the trading platform backed by Peter Thiel; Figure, a blockchain lending institution; and Gemini, a cryptocurrency exchange. Both Circle and Bullish raised over $1 billion in their IPOs.
And the IPO preparation project for 2026 appears to be even larger.
"The emerging crypto IPO preparation projects point to a very specific type of company," said Samantha Lewis, a partner at early-stage venture capital firm Mercury Fund, to DL News.
Who is the primary target? Cryptocurrency companies that place a high emphasis on risk management and compliance.
"The common characteristic of these potential listed companies is their ability to efficiently transmit capital between traditional balance sheets and on-chain markets," she said.
Here are some of the most-watched potential crypto IPOs in 2026.
1. Kraken
The U.S. cryptocurrency exchange Kraken is expected to become the largest IPO in the digital asset sector next year.
The company has filed a confidential S-1 form with the U.S. Securities and Exchange Commission (SEC) in November 2025, aiming to complete its IPO in the first half of 2026.
Kraken doubled its revenue in 2024, reaching $1.5 billion, and achieved a $20 billion valuation in a late-stage financing 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 its derivatives trading business.
With a diversified revenue structure covering staking, NFTs, and more, many analysts view Kraken as the "cleanest" listed cryptocurrency company besides Coinbase.
Co-CEO Arjun Sethi has previously avoided questions about listing plans multiple times and told DL News in September that Kraken is not in a rush to go public.
2. ConsenSys
Crypto infrastructure giant ConsenSys is reportedly working with JPMorgan and Goldman Sachs to prepare for an IPO by mid-2026.
This company operates... MetaMask Working with Infura, transitioning from a "software studio" to a high-margin infrastructure provider.
In 2025, MetaMask will add native Bitcoin support, a strategic move to solidify its position as a multichain wallet.
According to the company's disclosure, it has over 30 million monthly active users and is valued at approximately $7 billion. ConsenSys provides pure-play exposure to a public market company focused on blockchain software.
It is expected that its prospectus will focus on disclosing the revenue from MetaMask Swaps, as well as itsLinea Layer 2 Network Adoption progress on the enterprise side.
3. BitGo
BitGo is expected to become the first major listed cryptocurrency custodian.
This Goldman Sachs-backed company filed an updated S-1A form by the end of 2025 after its IPO plans were delayed due to a U.S. government shutdown. It is now targeting a listing in the first quarter of 2026.
Over the past two years, BitGo's revenue has quadrupled, mainly benefiting from the expansion of institutional-grade custody and compliant staking services.
In the most recent valuation assessment, BitGo was valued at approximately $1.75 billion, making it attractive to investors who want to invest in cryptocurrency infrastructure without direct exposure to trading volatility.
Positioned with a core focus on "strong compliance and robust security," it has become a popular choice for banks and hedge funds seeking exposure to cryptocurrencies while avoiding operational risks.
4. Animoca Brands
Animoca Brands is expected to list on NASDAQ in 2026 through a reverse merger with Currenc Group.
This Hong Kong-based company has built one of the largest Web3 gaming portfolios in the industry, holding equity in dozens of tokenized gaming and metaverse projects.
In 2025, Animoca streamlined its operational structure and shifted the focus of its brand narrative toward the core value proposition of "digital property rights."
This listing is seen as a key test to gauge investors' genuine interest in the metaverse concept and exposure to gaming tokens.
Animoca is projected to have a valuation of $6 billion. Whether it can achieve this target will depend on its ability to monetize equity investments and in-game economies, as well as its management capabilities regarding complex token economic models.
5. Ledger
According to a report by the Financial Times, Ledger is preparing for a significant funding round in 2026, and the company is clearly benefiting as the focus on security narratives intensifies in the digital asset sector.
The French company stated that it has sold over 600,000 hardware wallets globally and has repositioned itself as a full-stack provider through the Ledger Live app.Self-hosted platform.
Its business has expanded to include multiple recurring revenue products, such as mnemonic recovery services, software integration, and institutional-grade device management.
In 2025, Ledger signed multiple B2B partnership agreements and increased its investment in mobile wallet user experience, expanding the traditional advantages of "cold storage" into a broader range of consumer-grade financial technology products.
Against the backdrop of a resurgence in self-custody concepts and declining trust in centralized platforms within the crypto community, Ledger has positioned itself as the "Apple of crypto security."
6. Bithumb
Bithumb plans to list on the Korea Exchange by the end of 2025, marking its return to center stage after years of being overshadowed by Upbit.
This Seoul-based exchange regained 25% market share in 2024 through an aggressive zero-fee strategy and significantly increased marketing investments.
Bithumb has selected Samsung Securities as the underwriter for its IPO.
Once the largest exchange in South Korea, Bithumb was sidelined due to multiple hacking incidents and the rise of Upbit's partnerships with banks. Now, Bithumb is solidifying its domestic recovery through localization strategies, regulatory compliance, and altcoin liquidity.
Although Bithumb currently has no plans for international expansion, analysts believe that its listing will serve as an important indicator of cryptocurrency demand in South Korea—a market dominated by retail investors, where daily trading volumes in cryptocurrencies often exceed those of the stock market.
South Korea, with 18 million cryptocurrency users, may see Bithumb's IPO mark a new phase of institutionalization in Asia's cryptocurrency market, which has the highest proportion of retail investors.