- Industry stakeholders expect to see a crypto IPO boom in 2025.
- Trump’s election win is seen as a driver of those exits.
- But which crypto firms are most likely to go public?
First, trading-platform eToro filed to go public in February. Then, on Tuesday, stablecoin issuer Circle said it will hold an initial public offering in 2025.
And more will likely follow, industry pundits say.
“You’re going to see a whole host of companies — come May or June — listing on the New York Stock Exchange or Nasdaq,” Galaxy Digital CEO Mike Novogratz said at the Ondo Summit in February.
There are reasons to be bullish. US President Donald Trump has promised to relax crypto rules and has nominated a menagerie of industry-friendly candidates to key government jobs to make that happen.
We scoured public records to find out who the most likely candidates to exit were. Venture capital-data firm PitchBook also shared data on the most likely crypto firms to file for an IPO.
PitchBook didn’t provide a precise time frame.
Circle
On Tuesday, Circle filed for an IPO, reportedly in the works for later in April.
The company is the developer behind the USDC stablecoin, which has a market valuation of $60 billion.
The chances of Circle going public has surged to 80%, according to bettors on prediction market Polymarket.
Coinbase could end up as one of the biggest beneficiaries of the IPO after it recently purchased 3.5% of the company, worth about $51.1 million, according to Barron’s.
Circle declined to comment for this story.
eToro
Israeli trading platform eToro filed for an IPO in February, according to Reuters. The company is looking to list sometime between April and June, Axios reported.
Users have been able to trade Bitcoin on the platform since 2013. In 2024, $12 billion of its $12.6 billion in revenue came from crypto assets, according to its IPO filing.
Dapper Labs
Dapper Labs is the most likely company to IPO soon, according to PitchBook. It gives the Top Shot developer a 96% chance of listing.
Dapper Labs did not immediately respond to a request for comment.
Consensys
Consensys has a 95% probability of going public, PitchBook said. The firm is the developer behind the popular MetaMask wallet.
Joe Lubin, Consensys’ founder and CEO, has dropped hints that it could do so for a while.
“We’ve talked about that for a long time,” Lubin, an Ethereum co-founder, told DL News at the crypto conference DappCon in Berlin last year.
Though Lubin did allude to the possibility that it might not go public via an IPO.
“You can launch a protocol, you can tokenise a protocol, you can externalise a project,” he told DL News. “We have several projects that could be candidates for that sort of thing.”
Since then, there’s not been much activity around a possible public offering.
“While we’re always evaluating strategic options for growth, we have nothing to announce at this time,” a Consensys spokesperson told DL News.
Ledger
Ledger is a popular maker of hardware crypto wallets. PitchBook gives Ledger an 89% chance of filing for an IPO.
The startup was valued at $1.4 billion on the back of its $385 million Series C funding round in 2023.
Its co-founder, David Balland, was subjected to a harrowing abduction in January.
Ledger did not immediately respond to a request for comment.
Ripple
In March, Ripple CEO Brad Garlinghouse said an IPO is “certainly something that’s possible,” but added that it isn’t a priority just now.
Garlinghouse told Bloomberg most companies go public to raise capital, but that Ripple is able to “grow organically” without an initial offering.
Even so, PitchBook gives Ripple an 85% probability of going public soon.
Ripple did not immediately respond to a request for comment.
XRP, the cryptocurrency Ripple uses to facilitate cross-border payments, is up 249.3% since last year according to CoinGecko.
Ava Labs
PitchBook gives Ava Labs an 85% chance of going public.
Ava Labs launched the Avalanche blockchain in 2020 as an enterprise-focused project backed by the AVAX token.
Little has been heard about an IPO from the company. Ava Labs declined to comment for this story.
In December, Avalanche announced a $250 million locked-token sale to Galaxy Digital, Dragonfly, and ParaFi Capital, among others.
This week, news broke that Ava Labs and Fireblocks plan to launch a stablecoin together with Japan’s largest bank, SMBC.
Chainalysis
PitchBook gives Chainalysis an 82% chance of getting an IPO.
The block analytics platform hasn’t made any public announcement one way or the other.
However, it was among the crypto firms rumoured to soon go public in October, according to Bloomberg.
Other names mentioned in the report, such as eToro and Circle, have filed to go public.
In its 2025 predictions note, asset manager Bitwise named Chainalysis as a likely candidate for an IPO this year.
In December, Jonathan Levin, co-founder and former chief strategy officer, replaced Michael Gronager as the company’s CEO.
An “IPO is something that may be considered in the future, but for now my focus is first and foremost on growing Chainalysis and maximising our impact in the industry,” Levin told The Big Whale..”
At the same time, Paul Auvil, a long-time tech and finance executive, took on Gronager’s now-vacant board seat. Market watchers interpreted this as a potential IPO signal as firms often take on independent directors ahead of public listings, Finance Feeds reported.
Chainalysis declined to comment on whether it was pursuing an IPO this year or next.
World Network
World Network, the developer behind Worldcoin, has an 84% chance of making an IPO, according to PitchBook.
Sam Altman, founder and CEO of OpenAI, co-founded World in 2019 to create “a globally-inclusive identity and financial network, owned by the majority of humanity,” as its white paper described it.
Customers who have their eyes scanned by World receive the Worldcoin token as a reward.
The idea is that the scans will help people create a “proof of personhood” that will enable Worldcoin holders to prove their identities in an increasingly digital world.
Regulators across the planet have subjected the company to intense scrutiny since the launch.
World Network didn’t respond to a request for comment.
Kraken
Kraken has a 65% chance of going public soon, PitchBook estimates.
Founder Jesse Powell has floated the idea of an IPO since 2021, but those plans were delayed due to a brutal bear market and prolonged legal battles.
While Trump’s industry-friendly approach has opened the field for IPOs for crypto firms, the company seems to be in no rush to get cracking on a public listing.
“The way we think about it is that, if it’s in service to our clients to going public, building that trust as a currency, then we’ll think about doing it. So we’ll always be ready for it, but it may not be that we’ll have it on a specific date,” Kraken co-CEO Arjun Sethi told Axios last week..
Bettors on Polymarket give Kraken a 28% chance of going public in 2025.
In a statement provided to DL News, a Kraken spokesperson said the company will “pursue public markets as it makes sense for our clients, our partners and shareholders.”
Revolut
Revolut is expected to go public in 2025, according to several media reports quoted by the Wall Street Journal.
The neobank is currently in the cusp of expanding its global reach, with the aim of becoming a one-stop shop for financial services, including crypto trading.
“By the time we do IPO, we are already a global financial company grounded in regulation,” Francesca Carlesi, Revolut’s UK CEO, told the Journal.
The UK-based challenger bank is part of a wave of fintech firms — such as Robinhood, eToro, Stripe, and PayPal — that have launched crypto products and services over the years to compete with industry-native firms like Coinbase and Binance.
Reached for comment on the possibility of an IPO this year or next, a Revolut spokesperson said: “Our focus is not on if or when we IPO.”
Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.
