It's only halfway through 2025, and the fundraising frenzy in the crypto industry has already dominated headlines. According to industry data, this year, crypto companies have raised approximately $3.4 billion through IPOs, a figure that has attracted considerable investor attention.

More notably, next year is expected to be a big year for going public in the crypto circle. Market analysts believe that 2026 will see a wave of intensive IPOs, mainly focusing on companies in the compliance operations and infrastructure sectors.

Specifically, these players are making moves: Kraken, an established exchange, aims for a valuation of up to $20 billion; Consensys is recently valued at $7 billion; BitGo is valued at around $1.75 billion. In the gaming sector, Animoca Brands is estimated to be worth $6 billion. Additionally, hardware wallet manufacturer Ledger is preparing for fundraising and potential IPO plans in 2026, while South Korean exchange Bithumb also plans to go public locally.

In terms of fundraising scale and company lineup, this wave of IPOs will no longer feature purely concept-driven projects but those truly building infrastructure with compliance DNA. This is a significant signal of the industry's maturing.