Preview of Six Major Crypto IPO Highlights in 2026, Led by Kraken, Consensys, and BitGo

In 2025, crypto companies raised $3.4 billion through IPOs, with Circle and Bullish each raising over $1 billion. In 2026, IPOs will primarily focus on compliant infrastructure companies.

• Kraken: Submitted IPO application documents to the SEC in November 2025, aiming for a listing in the first half of 2026, with a valuation of $20 billion and projected revenue of $1.5 billion in 2024, seen as the most compliant listing route outside of Coinbase.

• Consensys: The parent company of MetaMask and Infura is preparing for an IPO in collaboration with JPMorgan and Goldman Sachs, planning to go public in mid-2026. MetaMask has 30 million monthly active users, with a company valuation of $7 billion, providing investors with a pure crypto software investment opportunity.

• BitGo: Has submitted an updated IPO application to the SEC, targeting a listing in the first quarter of 2026, with a valuation of $1.75 billion. Revenue has quadrupled over the past two years, focusing on institutional custody and compliant staking services.

• Animoca Brands: Will go public on NASDAQ through a reverse merger with Currenc Group, with an expected valuation of $6 billion.

• Ledger: A French hardware wallet manufacturer, preparing for a significant financing round in 2026, has sold 6 million devices, positioning itself as the Apple of crypto security.

• Bithumb: Plans to go public in South Korea by the end of 2025, with market share expected to rebound to 25% in 2024, underwritten by Samsung Securities.