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Crypto companies and the stock market: who has listed, who is still private, and at what valuation

Circle, Bullish, Gemini and BitGo went public between June 2025 and January 2026. Kraken, Ripple, Consensys, Chainalysis and Fireblocks remain private. Dates, prices and valuations, with sources.

For a decade the crypto industry raised money mostly from venture funds and token sales. Since mid-2025 several of its largest companies have taken the road of the traditional stock market, and others have prepared to follow. The result is a split map: a handful of listed crypto companies with public prices, and a group of large private ones whose value is still set in funding rounds and secondary deals.

Circle opened the wave. The issuer of the USDC stablecoin priced its initial public offering on 4 June 2025 at 31 dollars a share, above a range that had already been raised twice, and sold 34 million shares on the New York Stock Exchange under the ticker CRCL, the company announced. The deal raised about 1.05 billion dollars for the company and selling shareholders, Yahoo Finance reported, and valued Circle at about 6.9 billion dollars at the offer price.

Bullish, an exchange operator that also owns the news site CoinDesk, followed. It priced its IPO on 12 August 2025 at 37 dollars a share, above an upwardly revised range, and raised about 1.1 billion dollars before listing on the NYSE as BLSH, according to Renaissance Capital.

Gemini, a US exchange and custodian, priced on 11 September 2025 at 28 dollars a share, above its marketed range of 24 to 26 dollars, and raised 425 million dollars, The Block reported, with a valuation above 3 billion dollars. It trades on Nasdaq as GEMI.

The first listing of 2026 was BitGo, a custody and infrastructure firm. It priced on 21 January 2026 at 18 dollars a share, above a range of 15 to 17 dollars, raising about 212.8 million dollars at a market value near 2.1 billion dollars, The Block reported. It began trading on the NYSE as BTGO the next day.

After BitGo the window narrowed. A survey published on 2 June 2026 by BeInCrypto and Yahoo Finance found that BitGo was the only crypto firm to complete a US IPO in the first five months of the year. Grayscale, which filed publicly in November 2025, paused its plans in late May 2026; Ledger paused a planned US listing in mid-May and chose a 50 million dollar private share sale; Blockchain.com filed confidentially in late May. Our search found no crypto IPO priced on the NYSE or Nasdaq in September or October 2026.

The large private names are where the pre-IPO interest lies. Kraken, owned by Payward, raised 800 million dollars in November 2025 at a valuation of 20 billion dollars and filed confidentially for a US IPO the same month, Cointelegraph reported. It paused preparations in March 2026. In April Deutsche Börse agreed to buy a 1.5 percent stake from existing holders for 200 million dollars, a price that implies about 13.3 billion dollars, a third below the previous round, The Block reported.

Ripple, the company behind the XRP Ledger payment network, has said it has no plans for an IPO. In March 2026 it launched a share buyback of up to 750 million dollars at a valuation of 50 billion dollars, The Block reported on 11 March 2026, after a 500 million dollar round at 40 billion dollars in November 2025.

Consensys, the developer of the MetaMask wallet, was last valued at 7 billion dollars in a 450 million dollar round in early 2022. It reportedly hired JPMorgan and Goldman Sachs for a listing, but pushed its potential IPO to the fall of 2026 at the earliest because of market conditions, CoinDesk reported on 13 May 2026.

Two infrastructure companies complete the list. Chainalysis, which supplies blockchain analysis to governments and exchanges, raised 170 million dollars in a Series F round in May 2022 at a valuation of 8.6 billion dollars, FinTech Futures reported. Fireblocks, a provider of wallet and custody technology for institutions, raised 550 million dollars in a Series E round in January 2022 at a valuation of 8 billion dollars, according to The Block. Neither had announced a new primary round or a public IPO filing by 27 October 2026.

The gap between the two groups is instructive. Listed companies are priced every day and their prices moved sharply after debut, in both directions. Private companies are priced only at each transaction, so a single secondary sale, such as the Deutsche Börse stake in Kraken, can reset the reference value by billions of dollars. Valuations from 2022, like those of Chainalysis, Fireblocks and Consensys, predate two full market cycles.

Why it matters: the next large crypto listings, if they happen, will come from companies that are still private today. Before an IPO, access to their shares runs through funding rounds, employee and investor secondary sales and vehicles that pool capital from several investors.

This is the bridge to the pre-IPO world. Unicorn Club, the members-only club of Unicorn Private, organises club deals in large private companies through special purpose vehicles and accepts payment in BTC, ETH, USDT and USDC on ERC-20. The guide How to invest in pre-IPO companies with crypto explains how it works. This article is general information and does not recommend any company. Investing involves the risk of losing capital.

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