How crypto IPOs could bring back retail

Three factors could contribute to 2025 being the year of the crypto IPO

article-image

Wirestock Creators/Shutterstock modified by Blockworks

share


This is a segment from the Empire newsletter. To read full editions, subscribe.


The crypto predictions are pouring in for next year, and — if I’m being honest with you — it’s hard to contain the excitement. Or maybe it’s just Friday.

Anyway, this morning I’m specifically looking at Bitwise’s predictions, which were released earlier this week. The whole report is worth a read, but for now I’m focused on their forecast that says 2025 will be the year of the crypto IPO.

It’s definitely hard to argue with that particular call. On paper, all of the pieces are falling into place.

Here are the three things I think support a big year for crypto IPOs:

  • A regulator actually engaging with firms and moving their paperwork forward. 
  • Institutional interest and support. 
  • Investor appetite. 

Three simple bullet points, right? Well, not really. For crypto, actually securing green lights to go public demands the perfect storm post-FTX. If you don’t believe me, let’s take a look at Circle. 

The stablecoin issuer filed a confidential draft of its registration statement with the SEC back in January of this year and yet we’ve seen no movement on its IPO.

After years of covering IPOs in my past life, companies who’ve filed their drafts generally publicly file their S-1 in six to eight months, or at least have some sort of movement on that front. Obviously, however, this isn’t always the case.

We don’t know what’s happened behind closed doors but I’m still eagerly awaiting Circle’s next filing. And I fully agree with Bitwise that Circle looks like a crypto firm with the most potential to hit the public stage. 

Outside of Circle, Bitwise rounded out its list with Figure, Kraken, Anchorage and Chainalysis. 

Adding to that, we already have two companies seeking uplisting on US exchanges (Sol Strategies is looking to uplist on Nasdaq while Exodus is uplisting to NYSE American) and one company going public through a de-SPAC and, bam, it looks like this prediction should’ve been a Polymarket market. 

If more of crypto starts going public, it could be a positive for the return of retail. A larger roster of public crypto companies not only lets folks engage with the space without fully diving in — a bonus for a more general audience — but it also builds back much-needed trust. 

Not to mention, investors would finally be able to look at certain metrics that hadn’t previously been disclosed through documents filed with the SEC. 

And don’t even get me started on the capital they could unlock.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Swiss regulator Gespa is assessing whether FIFA’s tokenized ticket sales for the 2026 World Cup violate gambling laws

by Blockworks /
article-image

The deal gives Ondo Finance SEC-registered broker-dealer, ATS, and transfer agent licenses to operate regulated tokenized securities markets

by Blockworks /
article-image

Ethereum and Solana funds mark industry first as Grayscale adds staking to spot crypto products

by Blockworks /
article-image

US bitcoin ETFs that seen more than $2.2 billion of net inflows over the last four trading days

by Blockworks /
article-image

More than 75 million U.S. Galaxy owners gain integrated Coinbase One access through Samsung Wallet, with global rollout planned

by Blockworks /
article-image

The central bank signed agreements with firms for fraud, payments, and app services ahead of a potential launch

by Blockworks /