Kraken, Consensys, and Ledger Gear Up for Major 2025 IPOs: What Investors Need to Know

Why Are Crypto Companies Rushing to Go Public in 2025?

The digital asset sector is experiencing an IPO gold rush following a landmark 2025 that saw crypto firms raise $3.4 billion through public offerings. This surge comes as the White House's pro-crypto stance and the GENIUS Act have provided much-needed regulatory clarity, particularly around stablecoins. "Compliant companies are getting a turbo boost for their ambitious projects," notes a BTCC market analyst. The successful IPOs of Circle and Bullish earlier this year—each raising over $1 billion—have only fueled the fire, proving investor demand for crypto equities remains strong despite market fluctuations.

Kraken Leads the Pack With $20 Billion Valuation

American crypto exchange Kraken is poised to make history with what could be the largest digital asset IPO to date. After filing its S-1 with the SEC in November 2025, the company is targeting a first-half 2026 listing (though some Wall Street insiders whisper it might come sooner). Kraken's recent $800 million funding round—led by heavyweights like Jane Street and Citadel Securities—pushed its valuation to $20 billion. The exchange has been on an acquisition spree, snapping up NinjaTrader for $1.5 billion and Backed Finance to expand its tokenized assets offerings. "Their compliance-first strategy, including securing Europe's MiCA license, makes them the Goldman Sachs of crypto exchanges," observes a TradingView markets commentator.

Consensys Banks on Wall Street Heavyweights

The blockchain infrastructure company behind MetaMask has enlisted JPMorgan and Goldman Sachs to guide its mid-2026 IPO plans. Valued at $7 billion after a 2022 funding round, Consensys has evolved from a software studio to a high-margin infrastructure provider. MetaMask now boasts over 30 million monthly users after adding native bitcoin support—a smart move that transformed it into a true multi-chain wallet. "They've quietly become the plumbing that makes DeFi work," says a CoinMarketCap researcher, noting how Infura's node infrastructure handles billions of blockchain queries daily.

Ledger: The French Contender Eyeing New York

Paris-based hardware wallet manufacturer Ledger is weighing options between a 2026 NYSE listing or another private round. CEO Pascal Gauthier revealed the company hit triple-digit revenue growth in 2025 as crypto security concerns drove demand. With $100 billion in Bitcoin under protection and a $1.5 billion valuation from its 2023 raise, Ledger faces stiff competition from Trezor and Tangem. Gauthier's recent New York relocation speaks volumes: "The money for crypto is in New York now—not Europe, not Asia." The company has expanded its offerings with enterprise iOS apps and TRON support, positioning itself as more than just a "cold storage" play.

Who Else Is Joining the Crypto IPO Wave?

The pipeline extends beyond these three giants. BitGo, the Goldman-backed crypto custodian, updated its S-1 filing in late 2025 for a Q1 2026 debut. Hong Kong's Animoca Brands plans a Nasdaq listing via SPAC merger, while South Korea's Bithumb eyes a Seoul exchange listing. "We're seeing second-wave crypto companies mature," explains a BTCC strategist. "Unlike the 2021 HYPE cycle, these are businesses with real revenue models—exchange fees, custody solutions, infrastructure services."

What Does This Mean for Crypto Markets?

The 2025-2026 IPO wave represents a pivotal moment for cryptocurrency mainstreaming. As these companies undergo SEC scrutiny and publish audited financials, the sector gains legitimacy. However, risks remain—regulatory winds could shift, and crypto's volatility hasn't disappeared. "Investors should treat these as high-growth tech plays, not pure crypto bets," cautions a TradingView analyst. The success of these offerings may determine whether more Web3 firms follow suit or retreat to private markets.