Bullish $1bn IPO leads weekly crypto raises: Here are three other crypto companies plotting public floats
Crypto company initial public offerings are coming hard and fast right now.
On Wednesday, Peter Thiel-backed crypto exchange Bullish made its market debut by securing $1.1 billion after the stock surged 228% to $118, giving it a $10 billion market cap on the first day of trading.
It joined other crypto companies, including Galaxy Digital and Circle, that have gone public this year.
The IPO made up the bulk of the $1.2 billion raised by crypto companies since August 8, according to DefiLlama. That brings the total raised by industry players in 2025 to $14.4 billion, 51% more than they did in 2024.
And more could come, partially thanks to successful IPOs like Bullish’s.
“Having seen these public IPOs or acquisitions at higher valuations, people now have the proof points to invest with a level of confidence in early-stage, real-world blockchain companies that they may not otherwise have had in the past,” Michael Martin, director at Ava Labs’ incubator Codebase, told DL News earlier in August.
Martin and other investors have said that they expect the industry to raise $25 billion in 2025.
The wave of public listings comes amid growing optimism in the crypto industry.
They have reason to be hopeful.
This year has seen Bitcoin and other cryptocurrencies hit new records, the Trump administration push through new crypto-friendly regulations, and Wall Street embrace blockchain-based projects like never before.
In short, the market conditions couldn’t be better for crypto companies to go public.
Investors have an incentive for them to go public, as it would enable the backers to cash in on their investments.
“Many VCs and private equity firms have held these positions for years,” Kat Liu, vice president at IPO research firm IPOX, told Reuters.
And it’s not just crypto companies that are going public. There have been over 200 IPOs on US exchanges so far this year, according to StockAnalysis data.
Here’s a small sample of crypto companies that have either announced or are reported to go public in the near future.
In June, the Winklevii finally filed to go public.
Gemini, the crypto exchange run by Bitcoin billionaires Cameron and Tyler Winklevoss, announced on June 6 that it had confidentially filed to go public with the Securities and Exchange Commission. It’s one of the initial steps many companies take before they go public.
So far, the details of the IPO — the when and for how much — remain non-public.
Still, the announcement capped years of hints that Gemini would go public, stretching as far back as 2021.
In July, BitGo, one of the industry’s largest crypto custodians, said it planned to go public in the US in a filing with regulators.
The California company follows a slew of summer filings ranging from Grayscale, the crypto fund manager, to the exchanges Bullish and Gemini.
In July, Grayscale said it had submitted a draft S-1 registration statement to the SEC. In layman’s terms, that means the crypto-focused asset manager is gearing up 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.