Crypto Prime Brokerage FalconX in Early Talks for IPO in 2025: Sources

FalconX has held early-stage talks to subject an preliminary public providing and will file to go public as quickly as this 12 months, three sources near the matter instructed Decrypt—a transfer that might increase the agency’s bid to fulfill rising institutional demand for digital property. 

The cryptocurrency prime brokerage agency has held casual discussions with bankers and consultants to discover the IPO course of, these sources mentioned. FalconX is contemplating tapping public markets because it ramps up its pursuit of strategic partnerships and acquisitions, with the intention of assembly institutional traders’ rising urge for food for cryptocurrencies. 

The agency has not but employed an funding financial institution—the primary official step towards a public itemizing.  

FalconX final acquired an $8 billion valuation in a $150 million funding spherical in 2022. 

The agency declined to touch upon whether or not it has explored issuing an IPO.

As a part of its discussions, FalconX has additionally explored methods to boost its public profile, two sources instructed Decrypt. It is a transfer that would support FalconX’s bid to shore up contemporary capital for its rising agency, which has not too long ago ramped up its dealmaking. 

“Whenever you launch an IPO, you might want to have a narrative,” one particular person accustomed to the matter instructed Decrypt.“You’re promoting your self to the investing public.” 

FalconX’s discussions come amid an IPO growth throughout the cryptocurrency business. 

An unprecedented variety of digital asset firms, together with Bitcoin monetary providers agency Fold, crypto software program pockets Exodus, and buying and selling platform eToro, have gone public in 2025. Amongst them is stablecoin issuer Circle, whose roughly $1.1 billion public itemizing on June 5 fashioned the biggest crypto IPO in latest historical past, fueling business specialists’ expectations that extra digital property firms will quickly leap into the fray. 



Over the previous few weeks, a number of crypto firms have signaled they are going to quickly try to faucet public markets. Shortly after Circle’s blockbuster IPO, centralized cryptocurrency exchanges Bullish and Gemini filed for IPOs. In the meantime, digital property buying and selling platform Kraken and Chinese language billionaire Justin Solar’s Tron Group plan to file with U.S. federal regulators to go public as properly, in line with latest stories from Bloomberg and The Monetary Occasions.

Monetary providers supplier for crypto

Based in 2018, FalconX debuted as a crypto-focused prime brokerage, offering entry to markets for shoppers to commerce straight on exchanges. Since then, it has matured right into a full-fledged buying and selling agency and digital property providers supplier. 

FalconX goals to be “a monetary providers supplier for the following era of crypto,” FalconX co-head of markets Joshua Lim instructed Decrypt, declining to touch upon whether or not FalconX has been exploring elevating contemporary funds.     

The agency has three verticals—a markets enterprise, a custody and staking enterprise, and a chief brokerage direct-market-access enterprise. It operates equally to a principal buying and selling enterprise or a vendor, committing capital for its shoppers. 

Over the previous 12 months, FalconX has ramped up its dealmaking to help its widening mandate throughout its enterprise verticals. The offers place the agency to serve a wider vary of shoppers at a time that traders’ curiosity in crypto is booming.  

In early 2025, FalconX unveiled it had acquired crypto derivatives-focused buying and selling agency Arbelos Markets as a part of its foray into the extremely worthwhile world derivatives market. 

A number of months later, FalconX fashioned a strategic partnership to combine worldwide banking group Commonplace Chartered’s banking infrastructure and overseas alternate capabilities into its companies, bolstering its institutional providers. And in late Might, the agency unveiled its take care of Cantor Fitzgerald to attract on a vital credit score facility collateralized by Bitcoin—the “first step in a broader credit score framework” that would enable FalconX to serve extra conventional institutional traders, in line with a LinkedIn submit from FalconX CEO Raghu Yarlagadda. 

“There are loads of potential partnership or acquisition targets that present a service in between our established enterprise verticals—providers {that a} buyer would possibly in any other case should piece collectively from exterior our agency,” Joshua Lim mentioned. “We wish to strategically companion or purchase firms that may fill these gaps.”

Edited by James Rubin