The cryptocurrency industry is entering a transformative phase as major players gear up for public listings, signaling deeper integration with traditional financial markets. With regulatory headwinds easing and institutional adoption accelerating, a wave of crypto firms is now actively preparing for Initial Public Offerings (IPOs). From Asia’s leading exchanges to U.S.-based fintech innovators, the path to going public has never looked more viable — or more strategic.
This shift reflects growing confidence in the long-term sustainability of digital assets and blockchain infrastructure. While some companies are advancing rapidly toward IPOs, others remain cautious, prioritizing financial independence over public market exposure.
The Surge in Crypto IPO Activity
A confluence of factors is fueling this IPO momentum: improved regulatory clarity, stronger balance sheets, and increasing demand from institutional investors. After Circle’s successful NYSE debut in 2025, other prominent names are following suit, positioning themselves for public market entry in 2025 and beyond.
Key sectors seeing IPO preparation include centralized exchanges, blockchain platforms, and crypto-native financial services. However, not all major players are jumping on board — some, like Ripple and Tether, have explicitly ruled out near-term public listings.
👉 Discover how the next wave of crypto IPOs could reshape global finance.
OKX: Rebuilding Trust and Aiming for Wall Street
OKX, one of the world’s largest crypto exchanges by trading volume, is reportedly exploring a U.S. IPO. This move comes just months after the exchange paid a $505 million settlement to the U.S. Department of Justice over anti-money laundering compliance failures.
In April 2025, OKX reentered the U.S. market with a new headquarters in San Jose, California, and appointed Roshan Robert — a seasoned Wall Street executive — as CEO of its American operations.
The exchange operates across Asia, the Middle East, and Europe and is now considering a “split listing” strategy that could involve dual listings on both U.S. and international exchanges. Such a structure would allow OKX to tap into institutional capital while maintaining global flexibility.
An IPO would mark a pivotal moment in OKX’s evolution from a primarily offshore platform to a regulated, transparent player in mainstream finance.
TRON: Reverse Merger with Political Ties
TRON is set to go public via a reverse merger with SRM Entertainment, a Nasdaq-listed company. The deal is being facilitated by Dominari Securities, a firm linked to Donald Trump Jr. and Eric Trump — though Eric Trump has publicly stated he is not involved in the listing process.
Under the agreement, TRON will receive $210 million in tokens, likely from entities associated with founder Justin Sun. Notably, the newly listed entity — Tron Inc. — may hold TRX as part of its treasury reserves, setting a precedent for public companies using native crypto assets as corporate holdings.
This merger underscores Sun’s deepening ties with the Trump family and highlights how crypto ventures are increasingly intersecting with high-profile political and financial networks.
Despite past regulatory scrutiny — including an SEC lawsuit against the TRON Foundation — the company has transitioned control to TRON Tech Ltd, a British Virgin Islands-based entity believed to be under Sun’s ownership. The resolution of legal challenges has cleared the path for this landmark listing.
Bullish: Peter Thiel-Backed Exchange Returns to IPO Plans
Bullish, the crypto exchange backed by billionaire Peter Thiel and former NYSE president Tom Farley, has officially filed for a U.S. IPO. Jefferies is expected to lead the offering.
The company previously attempted a SPAC merger in 2021 but shelved those plans due to market volatility. Now, with improved market conditions and favorable regulatory sentiment, Bullish is making another push.
Founded as a subsidiary of Block.one — which raised $4 billion in its 2018 ICO — Bullish raised $10 billion in digital assets and cash from elite investors including Thiel, Louis Bacon, and Richard Li. It offers institutional-grade trading infrastructure with deep liquidity and blockchain-based settlement.
While early backer Alan Howard has exited, Bullish remains well-capitalized and strategically positioned for public market entry.
Gemini: Quietly Preparing Amid Industry Shifts
Though less vocal about its plans, Gemini — the exchange co-founded by Cameron and Tyler Winklevoss — is widely believed to be evaluating an IPO. After facing operational challenges in 2023–2024, including workforce reductions and regulatory scrutiny over its now-defunct Earn program, Gemini has focused on rebuilding trust.
Recent leadership changes and enhanced compliance protocols suggest the firm is aligning itself with public market standards. While no formal filing has been made yet, industry analysts expect Gemini to pursue an IPO once macroeconomic conditions stabilize further.
Bithumb: South Korea’s Comeback Exchange
South Korea’s second-largest crypto exchange, Bithumb, is staging a major turnaround ahead of a planned late-2025 IPO. After losing significant ground following a $30 million hack in 2018, Bithumb has rebounded to capture 25% of the domestic market.
The exchange intends to list on Kosdaq and potentially follow up with a NASDAQ listing to attract global capital. Samsung Securities will serve as underwriter.
To streamline operations, Bithumb will restructure into two entities by July 31, 2025: Bithumb Korea (exchange operations) and Bithumb A (other business ventures).
👉 See how emerging markets are shaping the future of crypto listings.
Bitkub: Thailand’s Dominant Player Eyes Public Markets
Bitkub, Thailand’s leading crypto exchange with 77% market share and $30 million in daily trading volume, plans to go public on the Thailand Stock Exchange in 2025. The company has hired financial advisers and aims to use proceeds to expand its footprint amid rising competition from Binance and bank-backed platforms.
Despite cutting staff by 6% between 2022 and 2023, Bitkub plans to double its workforce to 4,000 by 2025 — a clear signal of aggressive growth ambitions.
In July 2023, it sold a 9.2% stake in Bitkub Online to Asphere Innovations for $16.5 million, indicating strong investor interest ahead of its IPO.
Blockchain.com: Strengthening Leadership for Public Readiness
Blockchain.com — one of the most widely used crypto wallets and data platforms — hasn’t announced an IPO but is clearly preparing for one. The company recently hired Justin Evans, a former Goldman Sachs executive, as CFO, along with Mike Wilcox (ex-Point72) as COO.
Evans stated the company is positioning itself to go public “when market conditions permit,” suggesting an IPO could happen in 2025 or 2026 if volatility remains low and regulatory frameworks continue to mature.
Kraken: Streamlining for IPO Success
Kraken is undergoing significant organizational changes in anticipation of a U.S. IPO. In late 2024, it laid off about 15% of its workforce under new co-CEO Arjun Sethi. Additional cuts have followed as the company focuses on improving EBITDA and operational efficiency.
Despite these reductions, Kraken continues hiring in key areas like compliance and product development. It has also expanded revenue streams through acquisitions such as NinjaTrader and by launching stock trading services.
A spokesperson emphasized that workforce adjustments are part of ongoing strategic realignment — all aimed at preparing for a future public listing.
Companies Holding Back: Ripple and Tether
Not every major player is rushing toward an IPO. Ripple and Tether have both confirmed they have no immediate plans to go public.
Ripple President Monica Long stated in a CNBC interview that the company doesn’t need capital or brand visibility from an IPO — it already holds tens of billions in cash reserves. CEO Brad Garlinghouse reiterated that while an IPO was once considered post-SEC litigation, the settlement in 2025 didn’t change their stance.
Tether CEO Paolo Ardoino dismissed IPO rumors shortly after Circle’s NYSE debut. Responding to speculation that Tether could be worth $515 billion — or even $1 trillion — he called such figures “beautiful” but emphasized the company has no intention of going public.
Core Keywords
- Crypto IPO
- OKX IPO
- TRON public listing
- Bullish exchange
- Kraken IPO plans
- Bithumb IPO
- Bitkub public offering
- Blockchain.com IPO
Frequently Asked Questions (FAQ)
Q: Is OKX really going public in the U.S.?
A: While OKX hasn't officially confirmed an IPO, multiple reports indicate it's actively exploring a U.S. listing — possibly through a split listing model — following its reentry into the American market after a regulatory settlement.
Q: How is TRON going public?
A: TRON plans to go public via a reverse merger with SRM Entertainment, a Nasdaq-listed company. The deal involves token investments and may make TRX part of the new public entity’s treasury reserves.
Q: Why isn’t Ripple pursuing an IPO?
A: Ripple has ample cash reserves and doesn’t require external funding. CEO Brad Garlinghouse has stated that despite earlier speculation, going public is not a current priority — even after resolving its SEC case.
Q: What’s driving the surge in crypto IPOs?
A: Improved regulation, institutional demand, stronger balance sheets, and Circle’s successful NYSE debut have created favorable conditions for crypto firms to pursue public listings.
Q: Will Gemini go public soon?
A: There’s no official confirmation yet, but industry analysts believe Gemini is laying groundwork for an eventual IPO after restructuring its operations and strengthening compliance.
Q: Are any other exchanges preparing for IPOs?
A: Yes — Bithumb (South Korea), Bitkub (Thailand), Blockchain.com, and Figure Technologies are all taking steps toward potential public listings in 2025 or beyond.
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