Crypto IPOs accelerated in 2025, with companies like Circle, Bullish, Figure, and Gemini going public, raising over $14.6 billion during the year.
At the same time, corporate deals, including acquisitions, soared, with activity rising by 18% to over $8.6 billion. Some of the top deals were Coinbase’s buyout of Deribit in a $2.9 billion deal and Kraken’s acquisition of NinjaTrader in a deal worth $1.5 billion.
Ripple Labs was one of the most acquisitive companies in the crypto industry as it made four buyouts, including companies like Hidden Road, GTreasury, Rail, and Palisade. It then received a $500 million investment from Citadel and Fortress in a deal valuing it at over $40 billion.
These activities happened as investors reacted to Donald Trump’s election and his pro-crypto policies, including appointing Paul Atkins as the head of the Securities and Exchange Commission (SEC) and the passing of the GENIUS Act.
Looking ahead, corporate activities, including IPOs, will continue in the coming year, especially if the crypto market crash ends.
READ MORE: Why the Crypto Market Crash Happened Under Pro-Crypto Trump
The IPOs will also happen if this year’s IPOs rebound, since all companies that went public in 2025 have all plunged after the initial pop. Circle stock price has dropped to $82 from the year-to-date high of $260, while Bullish has tumbled to $43 from the year-to-date high of $73.
Kraken, which raised $800 million at a $20 billion valuation in November, will be the top crypto IPO to watch in 2026. It has already filed its paperwork with the SEC, meaning that an IPO may happen in the year’s first half
SpaceX, the biggest privately owned company, has already confirmed that it will file its IPO in 2026. It is planning to raise over $30 billion and a valuation of over $1.5 trillion, a move that will turn Elon Musk into the world’s first trillionaire.
SpaceX is well-known as a space exploration company that also offers Starlink, the biggest satellite internet service globally. However, it is also a crypto company as it holds 8,285 Bitcoins worth $740 million.
Consensys, the creator of MetaMask and Linea is also talking with Wall Street companies like Goldman Sachs and JPMorgan for an IPO that will likely value it at over $10 billion. Its most recent fundraising attracted $725 million at a $7 billion valuation in 2022.
The other top companies that may consider launching their IPOs in 2026 are firms like Chainalysis and BitGo. BitGo runs one of the biggest crypto custody services, while Chainalysis provides analysis and compliance solutions.
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