Crypto IPO Tracker

Anchorage Digital

Anchorage Digital, founded in 2017, provides institutions with services such as custody, staking, trading, and governance—all underpinned by advanced security engineering and regulatory compliance. In 2021, Anchorage became the first and only federally chartered crypto bank.

Driven by increased institutional adoption, Anchorage has seen its valuation only grow over the years. Most recently, the company completed a Series D-1 round in 2023, raising $350 million at a valuation of $3 billion.

Alchemy

Alchemy, founded in 2017, is a blockchain developer platform that provides tools and infrastructure for building, scaling, and iterating on blockchain applications. It aims to simplify the complex development process on the blockchain, offering APIs, node infrastructure, and developer tools. 

The company has seen substantial growth in not only its customer base but its valuation as well. In 2022, Alchemy raised $200 million in a Series C1 round at a $10.2 billion valuation after raising $250 million at a $3.5 billion valuation only five months earlier. With that being said, the crypto market underwent a significant downturn in 2022 and Alchemy’s valuation is almost certainly lower than $10.2 billion.

BitGo

BitGo, established in 2013, stands at the forefront of digital asset security and infrastructure, pioneering the multi-signature wallet and TSS technology. As one of the longest-lasting custodians in the industry, BitGo safeguards approximately 20% of all on-chain Bitcoin transactions by value. The company offers regulated custody, borrowing and lending, staking, and trading solutions.

In August 2023, BitGo secured $100 million in a Series C funding round, achieving a valuation of $1.75 billion. Going forward, the company should only benefit from the growing demand for regulated custody solutions in the US.

BitPay

BitPay, founded in 2011, specializes in digital asset payment processing, enabling businesses to accept cryptocurrency seamlessly and securely. The company offers merchant processing, fraud chargeback elimination, cross-border payments, and B2B transactions. BitPay also services with its BitPay Wallet and BitPay Prepaid Card, enabling consumers to turn digital assets into dollars for spending at tens of thousands of businesses.

In May 2013, BitPay raised a $30 million Series A funding round, boosting BitPay’s last and only reported valuation of ~$160 million. At the time, this represented the largest-ever financing round for a bitcoin company. Five years later, in April 2018, BitPay closed a $40 Million extended Series B funding round.

The company has raised more than $70 million in total, but current valuations remain largely unknown.

Bitwise Asset Management

Bitwise Asset Management stands out as a leading force in the cryptocurrency investment landscape. Established in 2017, the firm has garnered a reputation for its expertise in crypto assets, particularly evident after its successful launch of the Bitwise Bitcoin ETF (BITB) in January 2024.

Beyond BITB, Bitwise takes a comprehensive approach to crypto investment solutions. It is trusted by thousands of wealth teams, RIAs, family offices, and institutional investors who need help finding investment opportunities in the crypto space. Bitwise’s other product offerings include four other crypto-themed ETFs, the world’s largest crypto index fund, private placement funds, alpha solutions, and separately managed account (SMA) solutions.

In June 2021, Bitwise Asset Management closed a $70 million Series B financing round, which valued the company at more than $500 million.

Blockchain

Cryptocurrency exchange and wallet provider Blockchain is one of the earliest companies in crypto. What started as a blockchain explorer in 2011 has quickly grown into one of the leading crypto exchanges—among retail and institutional customers—in the world.

In April 2022, Bloomberg reported that Blockchain was in talks with banks for an IPO, just a month after securing funds at a $14 billion valuation. However, the situation took a turn with the collapse of Three Arrow’s Capital (3AC), to which Blockchain had reportedly loaned over $270 million.

In November 2023, Blockchain raised $110 million at “less than half” of its previous $14 billion valuation (there was a rumor of a $4 billion valuation). The company also announced that a slew of new board members would be joining it.

Blockdaemon

Blockdaemon, founded in 2017, is a blockchain infrastructure platform that provides secure and scalable solutions for institutions connecting to blockchain networks. The company's offerings include node operations, staking, and API services, enabling enterprises to deploy and manage nodes easily while ensuring optimal network performance.

Blockdaemon has successfully raised $424.6 million in funding across several rounds, indicating investor confidence in enterprise blockchain adoption over the years.

Most recently, Blockdaemon's valuation surged to $3.25 billion, bolstered by a $207 million Series C funding round led by Sapphire and Tiger Global in January 2022. However, following the FTX collapse in early November 2022, the cryptocurrency market experienced a significant correction, raising concerns about the sustainability of Blockdaemon's elevated valuation.

Bullish

Bullish is a relatively new entrant to the crypto industry. Launched in only May 2021, the company emerged as a spinoff of Block One, the startup behind the infamous $4 billion dollar ICO for the EOS token.

Block One’s initial capital injection into Bullish consisted of $100 million of cash as well as digital assets, including 164k BTC and 20M EOS tokens. Around the same time, Bullish also raised a $300 million strategic investment round.

By July 2021—only two months after the company’s launch—Bullish announced its intention to go public through an SPAC with Far Peak Acquisition Corporation (FPAC) at a $9 billion valuation. The deal was ultimately called off due to time constraints and market conditions.

Although Bullish could not go public in 2022, the company, led by former NYSE President Tom Farley, has been active in the M&A markets.

In September 2023, reports emerged that Bullish was among several parties interested in acquiring the remnants of FTX.

In November 2023, Bullish purchased Coindesk through an all-cash deal with Digital Currency Group. While terms of the deal weren’t disclosed, rumors circulated that the price tag was ~$75 million.

Circle

Circle, the issuer of the second-largest stablecoin, USDC, has raised more than $1 billion to become the most trusted stablecoin. The company is backed by some of the largest TradFi institutions, such as Fidelity and Blackrock.

The company has had intentions to go public since 2021, with two failed attempts:

• July 2021: The company planned to go public through an SPAC merger with Concord Acquisition Corp. at a valuation of $4.5 billion.

• February 2022: The company felt the $4.5 billion valuation was too low and instead agreed to new terms with Concord at a $9 billion valuation. The SPAC was ultimately canceled due to the drama surrounding the FTX implosion. 

In 2023, Coinbase officially acquired an equity stake in the company.

In January 2024, the company confidentially filed a draft registration statement with the SEC for an IPO. The IPO details are unclear as the company doesn’t have to release private or sensitive information until 15 days before an IPO.

In May 2024, the company filed to re-domicile in the US from the Republic of Ireland in further preparation for an IPO.

Chainalysis

Chainalysis was founded in 2014 and offers investigation and compliance solutions to law enforcement and government agencies. 

In May 2022, the company raised a $170 million Series F at an $8.6 billion valuation led by Singapore’s wealth fund, GIC.

The Series F more than doubled the $4.2 billion valuation the company set in June 2021, when it raised $100 million.

eToro

Israeli-based trading platform eToro was founded in 2007 and revolutionized the social-trading experience. While the company isn’t exclusively a crypto trading platform, a significant portion of its revenue is derived from crypto trading.

eToro first attempted to go public through a SPAC in 2021 at a valuation of $10.4 billion. Due to market conditions, the company was forced to reduce its valuation to $8.8 billion in January 2022. The deal ultimately fell through when the SPAC market imploded in 2022.

In March 2023, eToro raised $250 million at a $3.5 billion valuation.

As of March 2024, the company was seeking a valuation of more than its previous round of funding ($3.5 billion) as it considers whether to list in the US or in its largest market, Europe.

Fireblocks

Crypto custody provider Fireblocks is one of the most profitable yet relatively unknown companies in the crypto space. The company provides security, liquidity, and compliance to institutions investing in digital assets.

In early 2022, the company raised $550 million at an $8 billion valuation – 4x the valuation it set only six months earlier. Since 2018, Fireblocks has raised more than $1 billion from investors.

Since 2023, the company has been beefing up its C-suite with new CMO, CFO, and CCO hires.

While Fireblocks has stated that they “don’t have any urgency to [publicly list],” they will seek an IPO in the coming years.

Kraken

One of the largest Western-based crypto exchanges, Kraken, continues to ramp up its offerings as it pushes to go public.

In April 2021, Kraken began discussing a public listing by early 2022. Bloomberg at the time reported that the company was looking to raise money before the listing at a valuation of $10-20 billion.

The public listing was put on hold after FTX collapsed. With rival Coinbase’s valuation dropping below $8 billion in the public markets, Kraken could no longer justify its own valuation.

But ever since 2022, Kraken has been quietly preparing for another try, acquiring strategic bolt-on companies, expanding internationally, filling up its C-suite, and launching new products.

Anticipation for a potential IPO only heightened in June 2024, after Bloomberg reported that the exchange is looking to raise over $100 million in a pre-IPO round by year's end. If Kraken proceeds with this plan, the exchange could finally go public in 2025 – 4 full years since they initially started to discuss an IPO.

Last updated: June 7, 2024

Ledger

Founded in 2014, French startup Ledger, is the world’s largest crypto hardware wallet manufacturer.

The company has raised more than $570 million with it’s a latest valuation of $1.4 billion being set in March 2023.

Moonpay

MoonPay is a financial technology company that was founded in 2018 to facilitate transactions between fiat and crypto.

In November 2021 the company raised a $555 million Series A round at a post-money valuation of $3.4 billion.

Shortly after the round reports emerged that Moonpay’s CEO Ivan Soto-Wright, along with other directors, sold $150 million worth of unreported shares during the fundraise.

The Information also reported that Tiger Global Management, which co-led MoonPay’s Series A round, had cut its valuation of the company to $2.8 billion.

Ripple

Founded in 2012, Ripple is one of the most controversial crypto projects in the market. The company is behind the XRP token, which, as of May 2024, had a market cap of ~$30 billion.

In 2020, the SEC sued Ripple Labs, accusing the company of unlawfully raising more than $1.4 billion during the sale of its XRP cryptocurrency.

In July 2023, Ripple defeated a significant part of the SEC's case, yet the SEC is still attempting to collect nearly $2 billion in fines from the company.

Speaking at the World Economic Forum in January 2024, CEO Brad Garlinghouse explained how important shareholder liquidity was to him and that all options were on the table to support it.

Garlinghouse also confirmed a Reuters report that Ripple was spending hundreds of millions of dollars to buy back stock from investors and employees and that the company had explored a public listing in markets outside the United States.

Swan

Swan is a financial services platform that allows retail and institutional investors to accumulate bitcoin. The company is also a significant player in the mining space, having launched Swan Mining in 2023.

In December 2023, Swan announced that it was generating $125 million in annualized revenue, which is expected to grow to $200 million in 2024. The company also raised ~$40 million for the parent company and $205 million for Swan Institutional.

In January 2024, Swan’s CEO Cory Klippsten announced that the company was actively working to raise a $150 million Series C and achieve a public listing within the next 12 months. 

On July 21, 2024 CEO Cory Klippsten stated on X that the company “is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future.”