Crypto IPO Market Looks Set for Busy 2026 After Three Point Four Billion Raised

TLDR

Table of Contents

Crypto companies raised $3.4B in IPOs in 2025 signaling return to public markets.
Kraken filed for a 2026 IPO targeting a $20B valuation in the U.S.
Consensys plans mid-2026 listing with focus on enterprise and wallets.
BitGo may become the first public crypto custodian with $1.75B valuation.

The crypto sector is returning to public markets after a slow period, with firms raising $3.4 billion through initial public offerings in 2025. Analysts note that investors are showing renewed interest in digital asset companies that focus on compliance, custody, and core infrastructure.

Several high-profile firms, including Kraken, Consensys, and BitGo, are preparing for 2026 listings, signaling a more structured and measured phase for crypto IPOs. This renewed activity also reflects growing confidence among public market participants who prefer firms with clear revenue models, regulated operations, and strong governance practices.

The current environment suggests investors are becoming more cautious and selective, focusing on companies with proven operational performance.

2025 Shows Return of Crypto IPOs

Several digital asset companies went public in 2025, marking a cautious return to the market. Stablecoin issuer Circle and trading platform Bullish each raised over $1 billion. Other listings, such as Gemini and blockchain lender Figure, also drew attention from public investors and highlighted the sector’s ability to attract capital once more. These IPOs show that investors are willing to support firms with regulated operations and established business models.

Public investors are increasingly focused on clear revenue models and strong disclosure standards. Analysts say this environment favors firms that integrate traditional finance with blockchain technology. Despite visible growth, total IPO volumes remain below the peak levels of previous cycles.

DLNEWS predicts that potential IPO candidates in 2026 include Kraken (target valuation: $20 billion), Consensys (latest valuation: $7 billion), BitGo ($1.75 billion), and Animoca Brands ($6 billion).
Meanwhile, Ledger, the largest hardware wallet, is preparing for funding and a…
— Wu Blockchain (@WuBlockchain) December 29, 2025

The trend indicates that investors are willing to back crypto businesses if they demonstrate compliance, governance, and operational transparency while avoiding excessive risk from speculative ventures. Analysts also note that renewed interest may help set benchmarks for future IPO valuations and create more predictable expectations for public investors. This cautious approach is encouraging companies to maintain detailed reporting and better financial controls.

Major Firms Prepare for 2026 Listings

Kraken is among the most advanced candidates for a 2026 IPO. The U.S.-based exchange filed confidential paperwork in late 2025 and is reportedly aiming for a valuation near $20 billion. This would make it one of the largest crypto IPOs in recent years and a reference point for other firms considering public listings.

Consensys, the company behind MetaMask and Infura, is targeting a mid-2026 listing. Its current valuation is around $7 billion, and it has shifted focus toward enterprise services and wallet-based revenue. BitGo, a regulated custody provider, may become the first public crypto custodian.

Analysts value BitGo at $1.75 billion, attracting investors seeking regulated exposure without trading risk. The focus on regulated custody and enterprise solutions shows growing demand for safer crypto investments and reduced volatility, while also increasing confidence in public markets.

Global Players and Infrastructure Firms Join the Pipeline

Outside the United States, Animoca Brands plans a Nasdaq debut through a strategic reverse merger. The Hong Kong-based company focuses on gaming infrastructure and digital property rights, with an estimated valuation of $6 billion.

Hardware wallet maker Ledger is preparing a major funding round ahead of a potential listing. Demand for self-custody solutions has grown as users remain cautious about centralized platforms. In South Korea, Bithumb is planning a local IPO, reflecting renewed confidence in retail-driven crypto markets across Asia.

These developments suggest that the 2026 crypto IPO calendar could be more disciplined. The market appears to prioritize companies with compliance measures, strong financial practices, and long-term business models rather than those relying solely on hype. Investors are evaluating firms that provide operational transparency, sustainable revenue streams, and regulated exposure, helping establish stronger trust in the sector.

Analysts Expect Careful Market Activity in 2026

Market observers note that public investors are increasingly seeking more transparency from crypto companies. “Companies with clear operations and compliance standards are more likely to attract capital,” said a market analyst.

The focus on infrastructure, custody, and enterprise applications could shape the next wave of crypto listings. While overall activity may not reach the highs of previous years, the upcoming IPOs could provide stable and regulated investment options. The 2026 pipeline reflects a more structured approach, combining traditional financial principles with emerging blockchain technology, creating a foundation for cautious but steady growth across public markets and investor confidence.