Upcoming IPOs 2025: The crypto market was buzzing with optimism, with green candles lighting up charts everywhere. As the cherry on top, Coinbase, a titan in the cryptocurrency world, launched its initial public offering (IPO). This milestone made Coinbase stock publicly tradable on the NASDAQ, unleashing a torrent of new investment into the space. Though crypto may have slipped from the headlines lately, a fresh wave of crypto IPOs appears to be on the horizon, with companies across the industry preparing to take the plunge into public markets.
Today, we’ll explore five promising crypto IPOs to keep an eye on over the next year. We’ll also dive into which cryptocurrencies might see a boost if these IPOs get the green light. I’m Guy, your guide on this journey. Before we dive in, a quick note: I’m not a financial advisor, and nothing here constitutes financial advice. This is purely educational content designed to steer you through your own crypto adventure. With that said, let’s set the stage with some context.
What is an IPO?
For those new to the term, an initial public offering, or IPO, marks a company’s debut sale of shares to the public. Essentially, it’s the moment a business lists its stock on exchanges like the NASDAQ or NYSE, opening the door to fresh capital. IPOs are a powerful tool for companies to fuel growth, typically giving institutional investors first dibs, though retail investors can still snag a piece of the action.
What is an ICO?
In the crypto realm, there’s a parallel concept: the initial coin offering (ICO). Picture this as a project’s chance to sell its native coin or token to early supporters, sidestepping traditional stock offerings. The defining difference between IPOs and ICOs? Regulation. IPOs come with heavy oversight—think detailed prospectuses, coordination with regulators and underwriters, and a rigorous path to listing on a stock exchange. ICOs, on the other hand, face minimal red tape. This lack of guardrails lets any crypto project draft a white paper and pitch tokens to eager investors chasing big returns.
That freedom sparked the ICO boom of 2016, but it also opened the floodgates to scams. Investors poured money into projects that were either nonexistent or utterly purposeless—some didn’t even have a real token to offer. That’s why, for a crypto company aiming to earn trust and credibility, an IPO is often the gold standard. It’s a signal of legitimacy, transparency, and a willingness to play by the rules.
Top Crypto IPOs to Watch
Circle: Pioneering Stablecoin Innovation
First up is Circle, a financial services trailblazer transforming how we move money. With seamless, on-chain peer-to-peer payments that outpace traditional systems in speed, cost, and security, Circle is a name to know. Founded in October 2013, it’s the mastermind behind USDC, a stablecoin pegged 1:1 to the U.S. dollar and backed entirely by cash reserves.
Circle’s journey hasn’t been solo. It initially partnered with Coinbase to launch USDC, but that consortium dissolved in August 2023 when Coinbase opted for an equity stake in Circle and a share of USDC reserve profits. Beyond USDC, Circle offers lesser-known gems like EURC, a Euro-backed stablecoin, and Circle Mint, a tool that lets exchanges and institutions mint large USDC volumes without hefty transaction fees. Then there’s its cross-chain transfer protocol, a game-changer that simplifies moving assets across 18 blockchains—with plans to expand further. Interoperability is clearly Circle’s calling card.
Circle’s IPO ambitions aren’t new. In 2021, it eyed a public debut, but market turmoil—fueled by the FTX collapse—put plans on ice. Fast forward to January 2024, and Circle filed a fresh application with the SEC. If approved, it’s set to go public, a move CEO Jeremy Allaire reaffirmed in October as a core company goal. Circle’s even relocating its headquarters from Boston to New York, gearing up for a potential stock exchange listing. With $1.1 billion raised across 14 funding rounds and a $5 billion valuation as of July last year, per CrunchBase, Circle’s IPO odds look strong. A successful listing could ripple through the market, boosting USDC’s prominence and adoption.
Kraken: Security Meets Accessibility
Next on the radar is Kraken, a crypto exchange powerhouse born from foresight and resilience. Its founder, Jesse Powell, once a security consultant for Mt. Gox, saw that exchange’s collapse coming and launched Kraken in 2011 to fill the gap. Today, Kraken boasts top-tier security—think two-factor authentication and cold storage—making it a haven for beginners and pros alike. It offers a pro version packed with advanced trading tools and a robust library of educational content, serving an estimated 13 million users. Kraken supports a wide array of cryptocurrencies and fiat currencies like the U.S. dollar and euro, cementing its versatility.
Kraken’s IPO chatter started in 2021, hot on the heels of Coinbase’s debut. Powell saw the potential and pushed forward. The exchange has raised $30 million across 20 funding rounds since 2011, but it’s now eyeing a $100 million pre-IPO raise. Reports suggest an early 2025 target, buoyed by a crypto-friendly regulatory shift in the U.S. under the Trump administration. Past SEC lawsuits—like a $30 million settlement in 2023 over unregistered staking services—are fading as new SEC leadership, led by interim chairman Mark Uyeda, drops cases and eases scrutiny. If Kraken’s IPO sails through, it could legitimize the exchange space further, potentially lifting tokens traded on its platform.
Why This Matters for Crypto
A wave of crypto IPOs signals a maturing industry. For companies like Circle and Kraken, going public isn’t just about raising funds—it’s about earning trust from institutional investors and regulators alike. Picture the scene: stock tickers flashing on Wall Street, crypto firms standing shoulder-to-shoulder with traditional giants. That visibility could supercharge adoption, driving value for stablecoins like USDC or exchange-traded tokens. But it’s not without risks—regulatory hiccups or market dips could still derail even the best-laid plans.
If you want to know the cryptocurrency market forecast for 2025, click here.