Future Crypto IPOs: What 2026 Might Hold

Many people saw crypto companies crash after Bitcoin fell, but experts think new public offerings could still happen next year.

Kraken, a big exchange, has already filed for an IPO secretly this year. The company that owns the popular wallet MetaMask, Consenys, and Ledger, a maker of hardware wallets, are also prepping to go public.

Investors who bought in when these firms were small still hold their shares, hoping to sell later. Some of them have waited more than ten years for a chance to cash out.

The U.S. government, especially the last administration, has shown strong support for crypto, and Wall Street is now more interested in stablecoins—digital money that stays close to real‑world values.

Still, the stock price of a crypto firm often depends on how Bitcoin and other coins are doing. “These companies feel the market’s ups and downs,” says analyst Michael Miller, who watches Coinbase. The best chance for a steady stock might come from firms that make stablecoins, like Kraken, because those coins are tied to safe assets such as U.S. Treasury bonds.

In 2025, many investors expected Bitcoin to become mainstream and hoped for big profits. Bitcoin did climb to about $126,000 in October from under $94,000 at the end of 2024. Some companies that went public then saw a big first‑day jump: Bullish BLSH rose 89 %, eToro ETOR up 29 %, and Gemini Space Station GEMI gained 14 %.

But when Bitcoin fell below $63,000 in October, those stocks lost a lot of value. Circle CRCL, eToro, Bullish, and Gemini are all trading below their launch prices. Bullish is down more than half, eToro nearly 60 %, and Gemini almost 80 %. Circle’s drop is smaller, about 11 %.

Miller says the main problem for crypto firms is that they rely too much on the market’s mood. “They need stable, recurring revenue,” he says.

Even though public shares have taken a hit, insiders think private companies still have good chances to go public in 2026. “The market has opened up again for IPOs and M&A,” says a Coinbase executive. The focus will be on solid companies that can stand alone, not just those that ride market cycles.

Stablecoin issuers and infrastructure providers are especially promising. Public investors prefer companies that aren’t directly tied to crypto prices or have enough money to survive a downturn. U.S. banks like Morgan Stanley, Citi, and Bank of America started looking at stablecoins last summer after the U.S. Senate passed a law giving clear rules for them. The FDIC said banks can do crypto without extra approval, and the SEC dropped some oversight on covered stablecoins.

These changes make it easier for crypto firms to grow, according to Miller. The SEC and CFTC are working together on a joint effort to lower uncertainty and cut compliance costs for crypto investors.

Among the firms most likely to list in 2026, Kraken stands out because it already runs a stablecoin and has a bank charter. Ripple, a top venture‑backed company, raised $500 million in a recent round that valued it at $40 billion. The company bought Hidden Road for $1.25 billion and may go public eventually, though it says no plans are immediate. PitchBook predicts a 96 % chance of an IPO for Ripple.

Last year also saw big mergers and acquisitions, such as Coinbase buying Deribit for $2.9 billion. Global crypto deals reached $7.7 billion in 2025, up from $2.4 billion the previous year. Diversifying revenue streams is seen as key to a successful IPO, says venture investor Quynh Ho.