The Funding: VCs on which crypto companies could IPO next

Circle's blockbuster IPO last month has brought crypto listings back into the spotlight, but the bigger question is what comes next.

With Gemini and Bullish also filing, public markets are reopening just as macro conditions improve and regulatory signals turn more favorable. The VCs I spoke to say more listings could follow, explain why some companies may choose to list now, and name which ones could be next in line.

Several VCs expect the IPO window to stay open, assuming the macro picture doesn't deteriorate. Diogo Mónica, general partner at Haun Ventures and co-founder and executive chairman of Anchorage Digital, called this “the first leg of a multi‑year cycle,” pointing to a growing S-1 pipeline and public market appetite for recurring-revenue crypto businesses. Richard Galvin, executive chairman and chief investment officer at Digital Asset Capital Management, agreed, saying he's aware of around 15 crypto IPOs being prepared for this or next quarter, excluding treasury companies. Cosmo Jiang, general partner at Pantera Capital, meanwhile, expects 3–5 crypto companies to go public this year based on current conditions.

What's driving this momentum isn't just timing — it's fundamentals. VCs pointed to a mix of product maturity, meaningful revenue, and a policy environment that feels cooperative. "Stablecoins have crossed the chasm," said Mónica, who noted that $USDC settlement volumes now rival Visa's, making stablecoin platforms easier for traditional investors to underwrite as "fintech rails" rather than speculative assets. He added that "dozens" of crypto businesses now print more than $100 million in annual run-rate revenues with software as a service (SaaS)-like gross margins — metrics public investors can value. Several VCs also noted the current U.S. regulatory posture may not last, prompting some companies to act while the climate is favorable.

VCs say the companies most IPO-ready today fall into four main categories: exchanges, custodians, infrastructure firms with SaaS-like models, and stablecoin platforms.

Mónica pointed to firms with material revenue, predictable cash flows, two years of audited financials, and mature internal controls — criteria typically met by exchanges and custodians first. Rob Hadick, general partner at Dragonfly, added that public markets will also respond best to crypto businesses that resemble existing fintech or SaaS models.

Across responses, Kraken, Gemini, BitGo, and Anchorage were named by multiple investors, including Hadick, Jeff Dorman, CIO at Arca, and Ed Roman, co-founder and managing partner of Hack VC. Meanwhile, OKX, Uphold, FalconX, Ledger, Chainalysis, Fireblocks, Alchemy, and Consensys were also named by Hadick. Dorman also added MetaMask, Flashbots, and Digital Currency Group, or DCG. Ripple was mentioned as a speculative or long-shot candidate by Hadick and Roman. Not all, but most of these companies will at least explore the IPO path, whether or not they ultimately meet the bar, VCs said.

Jiang of Pantera Capital said the firm is "close partners with the bulge bracket banks" and has organized pre-IPO teach-ins as well as advisory sessions for its portfolio companies, so they can at least get more prepared and well-versed in what it means to be IPO ready.

While the IPO window has reopened, most crypto VCs say it hasn't changed how they invest, especially when it comes to the balance between equity and tokens.

Tokens still hold clear advantages: they're more liquid, offer earlier flexibility, and remain the preferred exit route across much of the industry. Roman of Hack VC said that while IPOs bring more confidence to equity as a viable exit path, tokens continue to dominate because of their flexibility, especially for early-stage firms. Kavan Canekeratne, investor at CoinFund, noted that there are far more liquid token-first companies with multibillion-dollar valuations, and that CoinFund's strategy prioritizes value creation over optimizing for a specific exit path.

Mónica also pointed out that tokens still carry a liquidity premium, but added that recent public market appetite for equity may have "balanced the scales" and prompted Haun Ventures to incorporate IPOs into outcome models for high-quality equity stories. Hadick said Dragonfly's approach remains unchanged, but the IPO environment has reinforced conviction in equity-backed businesses. Across the board, VCs are watching IPOs with interest, but still see tokens as the more preferred way out.

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[The Funding]