Crypto companies revive the IPO route in 2025
Crypto companies went full circle in 2025, seeking financing through official initial public offerings. The public launches are expected to continue in 2026.
Crypto companies are no longer raising funds through token sales. Instead, in 2025, a new trend emerged, where major entities completed initial public offerings. Some of the companies even had previous token launches, though the assets did not achieve sufficient exposure.
One of the reasons for the shift to IPO is the loss of trust in fundraising. The biggest 2018 IPO season created projects with significant treasuries, which never delivered a product.
Afterward, public sales, IDO, and other raises also failed to create value. New tokens faced decreased trust and liquidity. The tokens raised by VC-backed projects also suffered from insider selling, inflating the token float through unlocks.
An IPO, on the other hand, granted more legitimacy to the project while exposing the company to the much larger stock market liquidity.
Which were the biggest IPOs in 2025?
The 2025 IPO series reflected the recent trends in the crypto market. CoreWeave was the biggest IPO for the year, reaching a $23B valuation, and a $42B valuation after months of trading. The sale reflected the ability of mining companies to shift to AI infrastructure.
The most notable crypto native company to perform an IPO was Circle, raising over $18B at the IPO, and valued over $20B toward the end of 2025.
Figure Technology was the third-largest and most successful IPO, raising $5.3B, with a current valuation of $9.7B. Both Circle and Figure tapped into the trend of joining blockchain solutions with traditional finance.
Crypto platforms eToro and Gemini were the two major IPO to sink below their offer price. The exchanges reflected the slowdown of retail trading and the shift to other sources of gains, including decentralized activity and fee-generating services.
Centralized exchanges to continue IPO trend in 2026
Crypto companies have not abandoned the path to IPO. Overall, the expectations for a strong IPO year in 2026 are setting the pace for crypto companies as well.
One of the company categories will be crypto exchanges. The next wave of IPO candidates comes from exchanges that have adapted to new regulations, turning into strong trading hubs.
Crypto exchanges are also extending the reviving European IPO market, which is operating with cautious optimism. The exchanges and crypto companies are seen as a source of rapid gains, in a more legitimate manner compared to token trading.
However, an IPO is not an automatic solution for all platforms. After months of speculation, Ripple announced it had no plans for an IPO in the near future.
IPOs are seen as a sign of a maturing crypto industry. The sector also learned some harsh lessons in launching a token instead of a stock, as multiple projects were caught in expensive, years-long lawsuits.
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