IPO
PayPay, operated by SoftBank, is integrating with Binance Japan as it prepares for an anticipated U.S. IPO in December; the move ties a mainstream payments app to a major crypto exchange. SoftBank also backs one of the world’s top 10 public Bitcoin holders.
Kraken submitted a confidential IPO filing just days after closing an $800 million funding round, seeking to lock in momentum as U.S. regulators edge toward clearer crypto rules. The move signals confidence in a firmer regulatory path and a bid to reach public markets while sentiment is favorable.
Kraken said Wednesday it has confidentially submitted paperwork for a U.S. IPO, beginning the formal registration process with the SEC. The confidential filing starts review while keeping deal terms under wraps, so timing and valuation remain uncertain.
Grayscale Investments has filed to list on the New York Stock Exchange, taking the crypto asset manager that runs major Bitcoin and Ethereum ETFs toward a US public listing. The move could widen institutional access and raise growth capital for its ETF and investment product business.
Grayscale Investments submitted an S-1 registration statement to the SEC on Nov. 13, 2025, seeking to list common stock in an initial public offering, a major step toward public-market access. The filing highlights growing institutionalization of crypto asset managers.
Phantom CEO Brandon Millman told the Empire Podcast the company has no plans for an IPO or to launch its own blockchain and will instead keep building on Solana to simplify crypto for everyday users.
Strive raised nearly $160 million in an upsized IPO to accelerate its Bitcoin accumulation strategy, signaling strong institutional support for corporate treasury allocation to BTC. The move is likely to influence capital flows in the crypto market and draw fresh attention to corporate Bitcoin treasuries.
Ripple's president says there's no timeline for an IPO, quashing expectations of an imminent public listing despite the company's reported $40B valuation. The decision shifts the focus back to strategic growth and regulatory clarity for XRP holders.
Ledger is exploring a New York IPO or another private funding round as hardware wallet demand grows, signaling renewed investor appetite for crypto security plays. The move would boost access to U.S. capital but bring heavier regulatory scrutiny.
Gemini, founded by the Winklevoss twins, raised $425 million in its IPO priced above expectations, reflecting strong crypto market confidence and investor demand. Trading on Nasdaq under GEMI, Gemini joins other major crypto exchanges and benefits from positive regulatory developments.