Despite the fact that the Bitcoin price has dropped more than 20% from its peak and market sentiment remains cautious, cryptocurrency exchange Kraken recently filed a confidential IPO application with the U.S. Securities and Exchange Commission (SEC).
Following in the footsteps of stablecoin issuer Circle and exchange Gemini, Kraken—fresh off an $800 million funding round at a $20 billion valuation—is joining several crypto companies in charting a unique course to the public markets, even as the bear market persists.
01 IPO Enthusiasm Amid Market Chills
Against a backdrop of global economic uncertainty, the crypto market has endured a year-long, deep correction. Major assets like Bitcoin and Ethereum continue to face downward pressure, and investor sentiment has clearly turned cautious.
Data shows the Crypto Fear & Greed Index has dropped to 15, deep in the "Extreme Fear" territory.
Yet, even as liquidity tightens and regulations intensify, leading crypto firms are moving ahead with IPO plans. This "counter-market logic" may actually signal a market bottom.
02 Nine Crypto IPOs Poised for Launch
From trading platforms to asset managers, a wave of crypto companies is lining up at the gates of the public market.
Kraken
As a veteran crypto exchange, Kraken filed a confidential IPO application with the SEC on November 19, 2025.
In its latest funding round, Kraken achieved a $20 billion valuation and reported impressive financials—third-quarter revenue reached $648 million, setting a company record.
Circle
Circle, issuer of the USDC stablecoin, has successfully gone public. Its stock closed at $82.84 on its first trading day, up 167% from the offering price.
This performance undoubtedly boosts confidence for future crypto IPOs.
Gemini
Gemini, the crypto exchange founded by the Winklevoss twins, has also successfully priced and completed its IPO, marking another notable crypto listing in the U.S. market this year.
Grayscale
The world’s largest crypto asset manager is preparing what’s being called "the largest crypto IPO of 2025." As of September 30, 2025, the firm managed $35 billion in assets.
Bullish
Supported by Block.one, Bullish is pursuing a Wall Street listing, aiming to further integrate crypto into traditional market structures.
Other Upcoming Projects
Beyond these well-known names, several crypto infrastructure and service providers are planning public offerings, spanning custody services, blockchain middleware, and compliance solutions.
03 The Strategic Logic Behind Counter-Cycle IPOs
Traditionally, companies go public when valuations are high and investor sentiment is bullish to maximize fundraising. So why are these crypto firms choosing to list during a bear market?
Signaling Confidence and Commitment to Compliance
Listing during a bear market is a bold show of confidence. Companies willing to IPO at market lows are betting on long-term strategic positioning, not short-term price movements.
Moreover, the IPO process demands rigorous regulatory disclosures, serving as a public commitment to compliance.
Seizing Structural Transformation Opportunities
Capital markets are shifting from a "speculation-driven" to a "fundamentals-driven" logic. Investors now prioritize real revenue generation and compliance pathways.
For crypto firms with established user bases and technological advantages, this is a chance for brand transformation and structural capital reallocation.
Positioning for the Next Cycle
By listing now, top crypto companies can win early recognition from mainstream finance. Historically, firms that go public during bear markets often emerge as giants in the next cycle.
04 A Deep Dive into Kraken’s IPO Case
Kraken’s IPO preparations are especially noteworthy, illustrating how a crypto startup can transition to the mainstream financial stage.
Funding Scale and Valuation Surge
Before its IPO, Kraken raised $800 million, including a $200 million strategic investment from Citadel Securities. The company’s valuation jumped from $15 billion to $20 billion in less than two months—a 33% increase.
This valuation growth, achieved in a generally bearish market, highlights investor confidence in Kraken’s fundamentals.
Robust Financial Performance
In Q3 2025, Kraken generated $648 million in revenue, up 47% from the previous quarter.
Adjusted EBITDA soared 124% quarter-over-quarter, reaching $178.6 million. Profit margins rose 9 points to 27.6%.
Diversified Strategic Expansion
Kraken has evolved beyond a pure crypto exchange. The platform now supports trading for over 450 digital assets, plus U.S. futures, publicly listed stocks, ETFs, and fiat currency trading.
In May 2025, Kraken acquired retail futures trading platform NinjaTrader for $1.5 billion, further broadening its asset offerings and user base.
05 Signs of a Crypto Market Bottom?
The wave of crypto IPOs stands in stark contrast to current market conditions. Does this signal that the crypto market may be nearing a bottom?
From "Panic Selling" to "Profit-Taking"
Analysts point out that Bitcoin’s current weakness differs fundamentally from the "crypto winter" of 2022.
In 2022, holders sold out of fear and bankruptcy. In 2025, sales are driven by newfound wealth.
Early holders are transferring Bitcoin to a broader base of buyers—those entering via ETFs, brokers, and corporate treasuries.
Orderly Exit by Early Holders
Blockchain data reveals that tokens dormant since 2010–2013 are moving for the first time—not in panic, but through "steady, staggered distribution."
It’s akin to a "silent IPO": large early holders are distributing to a wider investor base.
Gradual Return of Long-Term Capital
For most investors, the "bottom" isn’t a specific price range, but a turning point where sentiment and trends align.
Major crypto listings may provide a new psychological anchor for the market. In such an environment, long-term capital could gradually return, while speculative selling subsides.
06 A New Paradigm for Bear Market Investing
At the intersection of the crypto and IPO markets, savvy investors are rethinking their strategies.
Focus on Fundamentals, Not Price Swings
With crypto firms going public, investors can shift from "speculation" to "fundamental analysis." Public company financial transparency enables more accurate valuation.
Seeking Structural Opportunities
Bear markets are often the best time to build. In today’s environment, projects with real technical strength and viable business models stand out, undistracted by market noise.
Adopting a Long-Term Allocation Mindset
Patient investors may find the market bottom an ideal time to gradually build positions. As in traditional markets, companies that list during bear cycles often outperform in the next upturn.
Outlook
The crypto industry is undergoing a quiet transformation: early Bitcoin holders are passing the torch to a broader set of investors entering via ETFs, while crypto-native firms like Kraken are heading to Wall Street.
The wheels of the market cycle never stop turning. When fear dominates, visionary companies and investors are already laying the groundwork for the next wave of growth.
Just as Amazon went public after the dot-com bubble burst and became a giant, today’s crypto firms heading to the public market during a bear phase may well be tomorrow’s industry leaders.
