With successful IPOs from stablecoin issuer Circle (CRCL) and trading platform eToro (ETOR), Bitcoin at record highs, a crypto-friendly US administration, and investors returning to growth stocks, more digital asset-focused companies are preparing to go public.
- Bullish
Digital asset platform Bullish (BLSH) filed publicly for an IPO in July, following solid trading from peer and May IPO eToro. Bullish provides trading and liquidity infrastructure services under the Bullish Exchange brand, and information services spanning indices, data, and insights under the CoinDesk brand. Since its 2021 launch, the company's total trading volume exceeded $1.25 trillion as of March 31, 2025. During the past 12 months, it generated $167 million in revenue (31% EBITDA margin), growing nearly 80% in 2024. - Figure
Blockchain lender Figure Technology is reportedly teeing up a fall IPO, according to co-founder Michael Cagney, who also previously founded fintech SoFi (2021 SPAC merger). Figure states that it is one of the largest contributors of real-world assets to blockchain, and this past June, the company announced that its latest securitization of mortgage assets was the first ever to receive ratings from S&P across all six bond classes. In 2023, Figure was reportedly planning to target a valuation of $2-3 billion in its IPO.
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Crypto SPAC mergers
Several digital asset-focused companies have gone public via SPAC mergers, and more are becoming merger targets.
The latest wave kicked off with newly-formed Bitcoin investment vehicle Twenty One Capital, which announced in April that it would merge with Cantor Equity Partners (CEP) at a $3.6 billion valuation. CEP soared more than 300% after the announcement and is currently up about 180%. Cantor later followed it up with plans for a similar transaction with its SPAC Cantor Equity Partners I (CEPO) to form Bitcoin Standard Treasury, which had a short-lived post-announcement rally.
Several other SPAC mergers have been announced in the space, and three SPACs have closed mergers of crypto companies since the beginning of last year.
