2026 Crypto IPO Tracker

When we started this tracker, the bet was that 2026 would be the year the IPO window finally opened for crypto companies in the United States. It opened — and then it shut. BitGo got out in January. Almost everyone behind it is still waiting.

The turn came in March, when Bitcoin fell to roughly 40% below its October record and took exchange volumes down with it. Within about ten weeks, four of the most anticipated names on this list — Kraken, Grayscale, Consensys and Ledger — had all delayed or shelved their listings. The 2025 and early-2026 cohort hasn't helped the case: BitGo has spent most of the year trading at roughly half its IPO price. Meanwhile, the investor attention crypto expected to capture went to AI listings instead.

So the tracker now does double duty: it records the handful of companies that made it public, the ones sitting in the pipeline with paperwork filed, and the private companies whose last known valuation is the only price signal we have. Where a valuation came from a secondary share sale or an unconfirmed report rather than a priced primary round, we say so.

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.

On February 5, 2026, Bloomberg reported that Tether invested $100 million in Anchorage, lifting its valuation to $4.2 billion. Anchorage had been selected as Tether's U.S. stablecoin issuer, launching USAT in January. Rather than raise additional primary capital, the company used the deal to run an employee tender offer at the same $4.2 billion mark.

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.

Alchemy has not priced a new round since, leaving that 2022 figure as the last public mark. In May 2026 the company expanded beyond EVM chains, adding support for Bitcoin, Litecoin, Dogecoin and Bitcoin Cash.

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.

On July 21, 2025 the company confidentially filed an S1 for a US IPO.

On September 22, 2025 the company filed that it intends to to list its Class A common stock on the NYSE under the ticker symbol BTGO. The company reported more than 1,400 digital assets on the platform, and over 4,600 clients and 1.1 million users. It had ~$90.3 billion in assets on platform as of the end of June, 2025.

On January 12, 2026 BitGo filed with the SEC that the company and some of its backers would look to raise $201 million in an IPO. The company was looking to sell more than 11 million shares which at the top of the price range ($15 - 17) would value the company at $1.96 billion.

On January 22, 2026 BitGo officially IPOd, pricing at $18 per share — above its marketed $15–17 range — for a valuation of roughly $2.1 billion. Shares reached $24.50 on day one.

The debut did not hold. BTGO slipped below its IPO price on the second day of trading and has stayed there. After its first quarterly report as a public company showed staked assets down 51% to $15.6 billion, the stock fell sharply, and by June it was trading around $6 — about 65% below the IPO price. The company authorized a $50 million buyback that month, roughly 8% of outstanding shares, which lifted the stock as much as 20%. Its 52-week range runs from $4.65 to $24.50.

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 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.

In February 2026, Bitwise agreed to acquire staking provider Chorus One to add yield-generating products. Neither company disclosed the price.

The company has also been reported to have raised $134 million in a late-stage round aimed at products bridging crypto and traditional finance, though no investors or valuation were disclosed. That leaves the 2021 Series B as the last confirmed valuation.

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.

On May 21, 2026, Blockchain.com filed a confidential draft S-1 with the SEC, saying the share count and price range had not yet been determined.

On September 28, 2026, Bloomberg reported the company was telling prospective investors it wanted to raise about $500 million at a $4–6 billion valuation and complete the IPO before year end, with a smaller raise on the table if the process required it. Even at the top of that range, the company would be valued roughly 57% below its $14 billion 2022 peak. Blockchain.com has been profitable on an adjusted basis for three consecutive years, and signed a memorandum of understanding with the NYSE in late September to explore tokenized versions of U.S.-listed stocks and ETFs.

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.

Blockdaemon was reported to be eyeing a 2026 IPO, but no filing has materialized and the company has not priced a new round since 2022.

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.f

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.

In February 2025, Bloomberg reported that Bullish was weighing an IPO and was working with Jefferies Financial Group Inc. on the potential listing.

In August 2025, Bullish initiated a roadshow for its IPO with plans to issue 20.3 million ordinary shares, with an anticipated price range for each share set between $28 and $31.

On August 13, 2025 Bullish shares soared more than 83% in IPO.

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:

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.

In March 2025, Fortune reported that Circle has enlisted the help of JP Morgan Chase and Citi for an IPO filing.

On June 5, 2025 Circle officially IPOd on the NYSE at $31.

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.

Chainalysis is still named regularly as a listing candidate, but it has neither filed nor priced a new round since that Series F, leaving the $8.6 billion mark more than four years stale.

Founded by Ethereum co-founder Joseph Lubin in 2014, Consensys is the Ethereum software company behind MetaMask, Infura and Linea. It was last valued at roughly $7 billion in private markets.

The company had been working toward filing a confidential S-1 around the end of February 2026, with JPMorgan and Goldman Sachs as bookrunners. Falling crypto prices, ETF outflows and weaker investor appetite pushed that back: by July, reporting had the listing delayed to fall 2026 at the earliest. As of October 2026 there is still no public prospectus, ticker or price range, and the company has declined to address speculation.

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.

In January 2025, eToro confidentially filed for an IPO in the U.S., according to the Financial Times, targeting a valuation of more than $5 billion.

On May 14, 2025 eToro debuted on the Nasdaq with shares closing on the day at a $5.4 billion valuation.

FalconX is a prime brokerage for institutional crypto, serving hedge funds and asset managers across trading, credit, clearing and related market services. Its last private mark was $8 billion, set in a $150 million Series D in 2022.

In May 2026 the company filed a confidential draft S-1 with the SEC, with Cantor Fitzgerald advising, and was reported to be targeting a listing around the end of 2026. Because the filing is confidential, its financials are not yet public.

Figure Technology Solutions (FIGR) shares opened up more than 40% to $36 in it’s IPO, causing the blockchain lender’s valuation to surge to $7.6 billion.

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.

Fireblocks has not raised again since that 2022 round, so there has been no new price discovery in more than four years. It remains a frequently named listing candidate without a filing.

Founded by the Winklevoss twins in 2013, Gemini is a crypto exchange and custodian. While Gemini had a large amount of success, leading to it’s $400 million fundraise at a $7.1 billion valuation in 2021, it would soon meet some headwinds.

All in all you have to give the company credit for pulling through amongst that many headwinds.

In February 2025, Bloomberg reported that the exchange is exploring an IPO. No valuation was provided.

On August 15, 2025, Gemini officially filed an S1 with the SEC for an IPO on the Nasdaq exchange under the ticker symbol GEMI.

On September 12, 2025 Gemini shares jumped 32.2% to a $4.4 billion valuation in the company’s Nasdaq IPO.

Grayscale is the crypto asset manager behind GBTC and a large family of digital asset investment products, and is majority owned by Digital Currency Group. It has converted or uplisted ten products into exchange-traded products since the fall of 2025.

Grayscale filed confidentially in November 2025 and then made its S-1 public on November 13, 2025, planning to list Class A shares on the NYSE under the ticker GRAY with Morgan Stanley, BofA Securities, Jefferies and Cantor leading. The filing showed declining revenue and did not include pricing terms.

In late May 2026, Grayscale paused its IPO preparations, with reporting suggesting a restart was unlikely before the fourth quarter at the earliest. The company cited its SEC-mandated quiet period in declining to comment. No restart has been announced.

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.

In a surprise move in October, 2024, Kraken announced that it had appointed Arjun Sethi as Co-CEO and laid off 15% of it’s workforce in a reorginization.

On March 20, 2025 Kraken acquired NinjaTrader for $1.5 billion.

On July 30, 2025 The Information reported that Kraken was raising $500 million at a $15 billion valuation. On September 26, 2025 Fortune reported that Kraken had successfully closed the round.

On November 18, 2025 Kraken announced the raise of $200 million at a $20 billion valuation.

On November 19, 2025 Kraken announced a confidential submission of draft registration statement for an IPO.

In March 2026, Kraken froze those IPO plans as the market turned, with Bitcoin trading roughly 40% below its October record. On April 14, 2026, co-CEO Arjun Sethi publicly confirmed the confidential filing to CNBC, and in May called the company "80% ready" for a listing.

Fundraising continued through the pause. In April, Deutsche Börse disclosed it had acquired a roughly 1.5% stake through a $200 million secondary share transaction that valued Payward at about $13.3 billion — a secondary-market mark, well below the primary rounds. In May, Payward raised fresh capital at a $20 billion valuation, and days later cut around 150 staff to streamline ahead of a listing.

On September 2, 2026, CoinDesk reported that Payward had pushed its IPO to the second quarter of 2027 at the earliest. A week later, on September 10, Nasdaq Ventures invested $100 million at a $21 billion valuation to support Kraken's tokenized market infrastructure — the company's highest mark to date, and a reminder that the private bid for Kraken has held up even as the listing slipped.

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.

Ledger spent early 2026 weighing a U.S. listing at a valuation near $4 billion, lining up Goldman Sachs, Jefferies and Barclays. By May it had shelved those near-term plans without ever filing even a confidential draft S-1, saying it was reassessing its public market plans as volatile conditions weighed on appetite for crypto IPOs. The company is now reported to be exploring private fundraising instead while continuing to expand its U.S. operations.

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.

In December 2025, Bloomberg reported that Intercontinental Exchange (ICE), the parent company of NYSE, was in talks to invest in Moonpay at a $5 billion valuation.

That round has never been confirmed as closed. Neither MoonPay nor ICE has announced a completed investment, a final stake or a priced valuation, which leaves the November 2021 Series A at $3.4 billion as the company's last confirmed mark — and the $5 billion figure as a reported target only. Context worth noting: ICE has separately committed up to $2 billion to Polymarket.

Founded in 2012, Ripple is one of the most controversial crypto projects in the market. The company is behind the XRP token, and a large share of its equity value is tied to the tens of billions of XRP it holds in escrow — meaning its valuation swings with the token's price.

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.

On November 5th 2025, Ripple announced a $500 million strategic investment at a $40 billion valuation, led by Fortress Investment Group and Citadel Securities.

In 2026, Ripple followed that with a $750 million buyback at a $50 billion valuation, a 25% step up from the $40 billion mark. The tender route has been Ripple's substitute for a listing: an earlier $1 billion buyback at $40 billion saw surprisingly low participation, though shareholders appear more willing to sell after the market correction.

On the IPO itself, management has softened but not committed. Garlinghouse has said Ripple has been happily private for a long time but is now more neutral on the question, while president Monica Long has been blunter: the company has "no plan and no timeline" to go public. Rankings placing Ripple among the largest 2026 listing candidates are analyst speculation, not company guidance.

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.

Swan has not revived those plans since, and we are no longer tracking it as an active IPO candidate.

Bithumb is one of South Korea's largest crypto exchanges and has been working toward a listing on the KOSDAQ technology board with Samsung Securities underwriting, with a Nasdaq dual-listing also under consideration.

That timeline has slipped considerably. A company spokesperson told Maeil Kyungjae that it is "highly likely that the listing will take place after the start of 2028," with the rest of 2026 and 2027 spent preparing. Bithumb's CFO pointed to the need for thorough internal verification checks.

Dunamu operates Upbit, South Korea's dominant crypto exchange. Rather than list directly, it agreed in November 2025 to an all-stock combination with Naver Financial at a ratio of 2.5422618 Naver Financial common shares per Dunamu share, implying a value around ₩15.1 trillion (roughly $10 billion). On completion, Dunamu becomes a wholly owned subsidiary of Naver Financial.

The share swap has now been postponed three times — from June 30, 2026 to September 30, then December 31, and most recently to March 31, 2027. The shareholder meeting moved to February 26, 2027. The delays stem from the Fair Trade Commission's business combination review, financial regulators' approval of the change in major shareholders, and the National Assembly's deliberations on the Framework Act on Digital Assets. An IPO committee is to be formed within a year of completion, with a Nasdaq listing the eventual target and no timeline set.

Animoca Brands is the Hong Kong-based web3 and blockchain gaming group behind The Sandbox, with a portfolio of roughly 600 companies. It is pursuing a Nasdaq listing through a reverse merger with Currenc Group rather than a conventional IPO, at a valuation reported around $6 billion, and has said it plans to expand its portfolio beyond gaming.