Introduction: Why Crypto IPOs Matter
Crypto IPOs (initial public offerings) are gaining investor visibility, regulatory credibility, and new capital for growth. Unlike ICOs or token launches, IPOs involve selling equity on public stock exchanges, giving retail and institutional investors exposure to the companies behind some of crypto’s most significant infrastructure.
Following Coinbase’s landmark IPO in 2021, interest in public offerings has only grown. In 2025, listings from firms like Figure Technologies and Gemini are gaining traction, signaling that crypto finance is no longer niche, it’s moving into the mainstream.
Biggest Crypto IPOs So Far
Several major crypto-native firms have already gone public, setting the stage for others to follow:
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Coinbase (COIN): The first major U.S. crypto exchange IPO (2021), valued at nearly $86 billion on debut.
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Circle: Stablecoin issuer behind USDC, pursued IPO plans to strengthen market trust.
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Bullish: Institutional trading platform that joined the public market in 2024.
These early movers created a template for companies like Figure and Gemini in 2025.
2025 Crypto IPO Updates
Following the success of early listings like Circle and Bullish, Figure Technologies and Gemini are moving toward public offerings. Investor interest is strong, driven by regulatory clarity and renewed market confidence. Other key firms, including Kraken, Grayscale, and BitGo, are also preparing IPOs, suggesting a continued appetite for public crypto investments. The trend reflects both a maturing sector and the willingness of investors to back crypto-native companies in traditional markets. These IPOs could set the tone for the next wave of public offerings in the industry.
Investor Demand Pushes Figure IPO Higher, Valuation Hits $4.66B
Stablecoin issuer Figure Technologies has increased its IPO size and raised the price range as retail investors aggressively bid up crypto-related stocks.
- New Pricing Details: The company is now marketing shares at $20 to $22 each, up from $18 to $20. The number of shares rises to 31.5 million from 26 million.
- Valuation Impact: At the top of the range, the IPO could generate roughly $693 million, valuing Figure at $4.66 billion — up from a $4.1 billion valuation at former prices.
- Trading and Market Context: The company will begin trading on Nasdaq on Thursday under the ticker symbol FIGR. Observers link heightened interest to the Trump administration’s pro-crypto stance and recent successes of Bullish and Circle.
Gemini Secures Nasdaq as Strategic Investor Ahead of IPO
With Nasdaq stepping in as a strategic investor, Gemini not only gains financial support but also industry validation. The exchange plans to raise up to $317 million, with Nasdaq buying as much as $50 million in a private placement. Beyond capital, the collaboration integrates services: Gemini’s custody and staking tools will become accessible to Nasdaq clients, while institutional users tap into the Calypso platform for trading collateral.
Trading under GEMI this 12 September 2025, Gemini joins Bullish and Coinbase as the third publicly traded crypto exchange in the U.S. For the Winklevoss twins, the listing represents an opportunity to expand offerings, reinforce regulatory compliance, and enhance trust—a critical combination as crypto exchanges step into the public spotlight.
Upcoming Crypto IPOs to Watch
Several high-profile firms are preparing for public offerings:
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Kraken: A leading U.S. exchange rumored to be preparing IPO paperwork.
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Grayscale: Asset manager behind GBTC, eyeing a public equity listing.
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BitGo: Custody and infrastructure provider expected to pursue IPO once regulatory clarity firms up.
Conclusion
The surge of crypto IPOs, led by Figure and Gemini, signals a turning point. Investor demand, strategic backing, and regulatory support are converging, enabling exchanges and stablecoin issuers to expand services, reinforce compliance, and solidify credibility.
FAQs
Is there any IPO in crypto?
Yes. Several crypto companies have gone public through IPOs (initial public offerings), allowing investors to buy equity in the business rather than tokens. Coinbase was the first major U.S. crypto exchange to list in 2021, followed by Bullish, Circle, and in 2025, firms like Figure Technologies and Gemini are pursuing IPOs.
What are IPOs in crypto?
An IPO in crypto refers to a blockchain or crypto company listing its shares on a traditional stock exchange (such as Nasdaq or NYSE). Unlike ICOs (initial coin offerings), where tokens are sold directly to the public, crypto IPOs give investors ownership in the company itself, with the same rights and risks as any publicly listed stock.
What is the crypto IPOs list
The list of major crypto IPOs so far includes:
Coinbase (2021) – U.S. exchange, nearly $86B debut valuation.
Bullish (2024) – institutional trading platform.
Circle (2024) – issuer of USDC stablecoin.
Figure Technologies (2025) – stablecoin and lending platform.
Gemini (2025) – crypto exchange led by the Winklevoss twins.
Upcoming IPOs include Kraken, Grayscale, and BitGo, which are expected to file once regulatory clarity improves.
How to buy new crypto before listing?
Buying crypto before a public listing usually refers to token launches, not equity IPOs. For tokens, early access may come through launchpads, presales, or airdrops. For equity IPOs like Coinbase or Gemini, you typically need a brokerage account that supports IPO allocations or buy shares once they start trading on the exchange. Always verify legitimacy, as early-access scams are common.
What are the top crypto IPOs?
The top crypto IPOs to date include Coinbase, Circle, Bullish, Figure Technologies, and Gemini. These companies represent key pillars of the industry, exchanges, stablecoin issuers, and institutional trading platforms. Their listings mark a shift in crypto’s integration with mainstream finance and signal investor appetite for regulated crypto businesses.
