Crypto company initial public offerings (IPOs) are accelerating rapidly. On Wednesday, Peter Thiel-backed crypto exchange Bullish made its market debut by securing $1.1 billion after its stock surged 228% to $118, giving it a $10 billion market cap on the first day of trading. Bullish joins other crypto companies such as Galaxy Digital and Circle that have gone public this year. Bullish’s IPO accounted for the majority of the $1.2 billion raised by crypto companies since August 8, according to DefiLlama. This brings the total raised by industry players in 2025 to $14.4 billion, a 51% increase compared to 2024. Investments into crypto companies are surging, partly driven by successful IPOs like Bullish’s. Michael Martin, director at Ava Labs’ incubator Codebase, told DL News that these public IPOs and acquisitions at higher valuations provide proof points that boost investor confidence in early-stage blockchain companies. Martin and other investors expect the crypto industry to raise $25 billion in 2025.

Growing Optimism in Crypto

The wave of public listings comes amid growing optimism in the crypto industry. This year, Bitcoin and other cryptocurrencies have hit new records, the Trump administration has pushed through crypto-friendly regulations, and Wall Street has embraced blockchain-based projects more than ever. Market conditions are favorable for crypto companies to go public, and investors have incentives to support these moves, enabling backers to cash in on their investments. Kat Liu, vice president at IPO research firm IPOX, told Reuters that many venture capitalists and private equity firms have held their positions for years and are now looking to realize returns. It’s not just crypto companies going public; over 200 IPOs have occurred on U.S. exchanges so far this year, according to StockAnalysis data.

Crypto Companies Planning IPOs

Here are three notable crypto companies that have announced or are reportedly preparing to go public soon:

Gemini

In June, Gemini, the crypto exchange run by Bitcoin billionaires Cameron and Tyler Winklevoss, confidentially filed to go public with the Securities and Exchange Commission (SEC). While details about timing and valuation remain private, this filing caps years of speculation about Gemini’s IPO plans dating back to 2021.

BitGo

In July, BitGo, one of the largest crypto custodians, announced plans to go public in the U.S. via a confidential SEC filing. BitGo’s move follows a summer wave of filings from other crypto firms, including Grayscale, Bullish, and Gemini.

Grayscale

Also in July, Grayscale, a crypto-focused asset manager, submitted a draft S-1 registration statement to the SEC, signaling its intent to go public.

You’re reading the latest installment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama. Eric Johansson is DL News’ interim managing editor. Got a tip? Email at eric@dlnews.com.

Source: Originally published at DL News on 15 August 2025.

Frequently Asked Questions (FAQ)

Why are crypto company IPOs accelerating?

Crypto company IPOs are accelerating due to a confluence of factors: record-high cryptocurrency prices, the implementation of crypto-friendly regulations, and increased embrace of blockchain projects by Wall Street. These conditions create a favorable market for crypto companies to go public and for investors to realize returns on their investments.

What is the significance of successful IPOs for early-stage blockchain companies?

Successful IPOs, like the recent debut of Bullish, provide crucial proof points that bolster investor confidence in early-stage blockchain companies. This increased confidence can translate into greater investment opportunities for nascent companies within the sector.

Which crypto companies are planning IPOs?

As of the article's publication, notable crypto companies planning IPOs include Gemini, BitGo, and Grayscale. These companies have either confidentially filed with the SEC or submitted registration statements, indicating their intentions to enter the public market.

What is the total amount raised by crypto companies in 2025?

Crypto companies have raised a total of $14.4 billion in 2025, marking a significant 51% increase compared to the previous year. Bullish's IPO alone contributed $1.1 billion to this total.

Crypto Market AI's Take

The trend of crypto companies going public signifies a maturing industry, increasingly integrated with traditional finance. This public market access provides greater liquidity and legitimacy, potentially attracting more institutional capital. At Crypto Market AI, we leverage sophisticated AI models to analyze market trends and company performance, offering insights that can help investors navigate the evolving landscape of publicly traded crypto assets. Our AI-powered tools can assist in identifying promising opportunities and managing risk in this dynamic sector.

Bullish bn IPO leads weekly crypto raises: Here are three other crypto companies plotting public floats