Crypto IPOs split as FalconX files confidentially while others retreat

The crypto industry is seeing mixed moves in the public markets as some firms delay IPO plans while others push ahead. FalconX, a major digital asset prime broker, has taken a step toward going public by filing confidentially with US regulators. Meanwhile, Securitize has announced a merger that will make it one of the few publicly traded companies specialising in tokenised real-world assets. FalconX, which serves hedge funds and asset managers, has submitted a draft S-1 registration to the SEC. The firm remains cautious, targeting a potential listing no earlier than late 2026. Its last valuation in 2022 reached $8 billion after raising $150 million in a Series D funding round. Cantor and other Wall Street banks have been brought in to advise on the process.

The broader crypto IPO market has faced setbacks recently. Weak investor interest and poor post-listing performances have led firms like Payward (Kraken’s parent) and Consensys to postpone their plans. Despite this, Blockchain.com has also filed confidentially for a US IPO, signalling that some companies are still testing the waters.

Securitize, meanwhile, has agreed to merge with Cantor Equity Partners II. Once completed, the deal will position it as a rare publicly traded player in tokenised assets. FalconX’s confidential filing keeps its options open as it watches market conditions through 2026. The firm’s eventual listing, if successful, would mark a rare public debut in a sector where many have pulled back. For now, the crypto IPO landscape remains uncertain, with only a handful of companies moving forward.