Recent news of Circle’s successful IPO has reignited interest in crypto company listings. The significant question, however, revolves around what comes next. With Gemini and Bullish also filing for listings, the public market seems to be reopening just as macroeconomic conditions improve and regulatory signs become more favorable.
Several venture capitalists (VCs) anticipate a continuous stream of IPOs, assuming no severe macroeconomic downturn. Diogo Mónica, a general partner at Haun Ventures and co-founder and executive chairman of Anchorage Digital, has described this as “the first phase of a multi-year cycle.” He highlights the growing S-1 pipeline and the public market’s appetite for crypto businesses with recurring revenues.
Richard Galvin, the executive chairman and chief investment officer at Digital Asset Capital Management, concurs, stating he is aware of about 15 crypto IPOs being prepared for this or the upcoming quarter. Meanwhile, Cosmo Jiang, a general partner at Pantera Capital, predicts 3-5 crypto companies will go public this year based on current conditions.
The driving force behind this momentum is a combination of product maturity, significant revenue, and a cooperative policy environment. Mónica noted that the settlement volumes of the USDC stablecoin are now on par with Visa’s, making stablecoin platforms more appealing to traditional investors.
The companies most IPO-ready today, according to VCs, fall into four main categories: exchanges, custodians, infrastructure firms with SaaS-like models, and stablecoin platforms. Among the companies named by multiple investors are Kraken, Gemini, BitGo, and Anchorage. Other companies mentioned include OKX, Uphold, FalconX, Ledger, Chainalysis, Fireblocks, Alchemy, Consensys, MetaMask, Flashbots, and the Digital Currency Group or DCG. Ripple was also mentioned as a potential but speculative candidate.
Despite the reopening of the IPO window, most crypto VCs maintain their investment strategies, especially concerning the balance between equity and tokens. Tokens continue to offer clear advantages: they are more liquid, provide earlier flexibility, and remain the preferred exit route across the industry. However, the recent public market appetite for equity may have balanced the situation and prompted some VCs to incorporate IPOs into outcome models for high-quality equity stories.
Disclaimer: This article is provided only for informational purposes and is not intended as legal, tax, investment, financial, or other advice.
