Crypto custody startup BitGo files for IPO: How cryptocurrency public issues fared in 2025

BitGo’s announcement follows reports of cryptocurrency exchange Kraken confidentially filing papers for an IPO in November 2025. The $250 million IPO offering 25 million shares at $10 apiece has been filed for KRAKacquisition Corp, a ‘blank cheque’ of special purpose acquisition company (SPAC) related to Kraken, CoinDesk reported. An SPAC is a registered company that may undergo merger or could acquire another company to take it public. As of 5:45 PM on Tuesday, flagship cryptocurrency bitcoin was up 1.32 per cent to $91386 apiece over its previous closing price. Ethereum was up 0.43 per cent to $3,127.72 apiece, while dollar-backed stablecoin USDT was up 0.04 per cent to $0.99 apiece. Trump-family backed USD1 stablecoin was up 0.03 per cent to $0.99 apiece on Monday. How crypto IPOs have performed so far BitGo’s IPO ambitions are likely to have been inspired by the bull run that accompanied crypto listings in 2025. Overall, five cryptocurrency companies listed on the exchanges in 2025, namely, Bullish, Circle, eToro, Figure and Gemini. EToro IPO Israel-based trading app eToro listed on the Nasdaq stock exchange in May last year. The company, valued at $4.2 million at the time of its IPO, sold 6 million shares at $52 apiece, a premium over its $46-50 apiece price range quoted in the DRHP. This was the company’s second attempt at going public after an attempted SPAC merger in 2021, but shelved those plans in 2022, CNBC reported. Figure Tech IPO Stablecoin issuer Figure Technology raised $787.5 million through its IPO in September last year. Existing investors sold 31.5 million shares priced at $25 apiece at a valuation of $5.29 billion. The company in its DRHP stated that it connects home equity loan borrowers with lenders, with a 10-day turn around time compared to an average 42 days for the larger industry. Gemini The IPO of Gemini crypto exchange, founded by the Winklevoss twins, Cameron and Tyler, who settled a legal dispute with Meta CEO Mark Zuckerberg, listed at a premium of over 32.23 per cent in September. The company sold 16.67 million shares priced at $24-26 apiece, up from $17-19 apiece earlier. Bullish The parent company of cryptocurrency exchange CoinDesk went public in August last year, after raising its IPO size to $1.11 billion. Its stock listed at $90 per share, compared with its IPO price of $37 apiece. The share surged over 80 per cent on making its market debut. Circle Internet Group The stablecoin issuer revised its valuation to $7 billion before listing on the NYSE at $69 per share in June 2025. The company raised $1.1 billion in the IPO priced at $31 apiece. Its stock surged over 160 per cent on its market debut. The surge in valuation of cryptocurrency-related companies was driven by the Trump administration’s decision to ease regulations around digital currencies and encourage market offerings around these assets in the form of ETFs. Besides enabling regulations such as the GENIUS Act to promote stablecoins, the Trump administration has through presidential orders opened up 401K investments into crypto assets. Trump family backed World Liberty Financial has also made enhanced participation in the crypto space through its stablecoin USD1 apart from launching a stablecoin-backed lending platform. While 2025 marked the “professionalisation of crypto”, 2026 will be the year of consolidation as mergers are expected to dominate, the PitchBook reported. “2025 marked the professionalisation of crypto, and the public markets noticed,” according to Mike Bellin, partner, PwC, told the PitchBook. “We’ll continue to see more M&A activity. The question is whether at some point fatigue sets in. There’s already been some impressive results,” said Matt Homer, founder and general partner of crypto VC firm The Venture Dept. To add to that point, crypto stocks are expected to perform based on fundamentals over trend-based rallies, the Decrypt reported. “Crypto stocks in 2026 will remain highly sensitive to the direction and volatility of Bitcoin and Ethereum,” said Ryan Lee, chief analyst at crypto exchange Bitget.