TL;DR:
- Crypto firms shifted from token sales to IPOs in 2025 as trust in ICOs, IDOs, and VC unlock-driven floats eroded.
- CoreWeave led at $23B and later $42B; Circle raised over $18B and was valued above $20B; Figure raised $5.3B and was valued $9.7B.
- eToro and Gemini fell below offer price; more exchange IPOs are expected in 2026, though Ripple says no near-term plans. Investors are rewarding legitimacy and public-market liquidity.
Crypto companies went full circle in 2025, pivoting from token sales to formal initial public offerings as a preferred financing play. The shift follows years of bruised fundraising credibility: the 2018 ICO wave produced projects with significant treasuries that never delivered a product, and later public sales, IDOs, and other raises often failed to create value. VC-backed tokens also faced weaker trust and liquidity as unlocks inflated float and insiders sold. For operators, the IPO route is being reframed as legitimacy plus access to deeper stock-market liquidity. That governance reset is already shaping next-year plans.
Centralized Exchanges exploring IPO in 2026
As crypto matures, the next wave of #IPO candidates (#CEX) is shifting from hype to infrastructure. #CEXs with deep liquidity and regulatory footing are positioning themselves for 2026 listings. pic.twitter.com/wSHFoLgWbd
— šŗš¦ CryptoDiffer – StandWithUkraine šŗš¦ (@CryptoDiffer) December 23, 2025
Big IPOs, mixed debuts, and the 2026 queue
The 2025 IPO scoreboard favored companies aligned with infrastructure narratives. CoreWeave topped the list, debuting at a $23B valuation and later reaching $42B after months of trading, a reminder that mining-linked expertise can pivot into AI infrastructure. Circle stood out as the most notable crypto-native listing, raising over $18B at the IPO and valued above $20B toward year-end. Figure Technology ranked third, raising $5.3B with a current valuation of $9.7B. Across these deals, public markets rewarded firms that bridged blockchain solutions with traditional finance. In boardrooms, that signal matters more than short-term token momentum today.
Not every listing benefitted from the same tailwinds. Crypto platforms eToro and Gemini were singled out as two major IPOs that slipped below their offer price, reflecting a cooler environment for retail trading and a pivot toward decentralized activity and fee-generating services. That contrast reinforces why some teams are walking away from token-first launches; new tokens have faced diminished trust and liquidity, while VC-backed distributions can expand float through unlocks. In that context, equity issuance is being positioned as a cleaner capital structure than perpetual token dilution. Some firms tried tokens before, with limited exposure.
Looking into 2026, the pipeline is expected to stay active, with crypto exchanges highlighted as the next wave of IPO candidates. The narrative is that platforms with deep liquidity and regulatory footing can present themselves as infrastructure rather than hype, and they may also benefit from a reviving European IPO market operating with cautious optimism. Still, an IPO is not a universal fix; Ripple said it has no plans for one in the near future. Ultimately, the pivot to IPOs signals an industry learning from token-era lawsuits and seeking more durable legitimacy in public markets.
