FalconX considers going public in the wave of IPO filings in the crypto space
FalconX held early-stage discussions to take itself public, with an IPO filing potentially hitting this year, said three sources close to the matter. This move will strengthen the firm’s push to serve the surging institutional appetite for cryptocurrencies.
The sources said that the cryptocurrency prime broker also had informal talks with bankers and advisers to investigate the IPO process.
FalconX is evaluating tapping public markets as it hunts for strategic partnerships and deals. However, it has not hired an investment bank. This is the first formal step to a public listing. Additionally, the company declined to comment on whether it has considered going public.
FalconX considers going public in the wave of IPO filings in the crypto space
Two sources revealed that FalconX has also discussed ways to boost its public image during the talks. This maneuver may help FalconX’s quest to raise fresh capital for its rapidly expanding company, which has recently increased the pace of its dealmaking.
According to a person familiar with the matter, crafting a compelling narrative is crucial when preparing for an IPO, as it shapes how the company is introduced to potential investors.
FalconX’s discussions are unfolding amid a surge of initial public offerings in the cryptocurrency sector. A record number of digital asset firms — including Bitcoin services provider Fold, crypto wallet company Exodus, and trading platform eToro — have gone public in 2025. Circle’s listing of approximately $1.1 billion on June 5 marked the largest crypto IPO in recent memory.
These developments align with industry experts’ predictions that more digital asset companies will soon join the competition. For instance, in recent weeks, several crypto companies have revealed that they will soon try to access public markets.
This happened just days after Circle’s blockbuster IPO, centralized cryptocurrency exchanges Bullish and Gemini filed for IPOs.
At the same time, crypto tycoon Justin Sun’s blockchain group Tron is set to go public in the United States through a reverse merger with Nasdaq-listed SRM Entertainment, a toy company that will rebrand itself as Tron Inc. as part of the deal.
The merger deal includes a $100 million equity investment from a private investor affiliated with Sun to establish a Tron treasury, with a total token injection planned to reach up to $210 million in TRX digital tokens, which the new public company will hold as a primary reserve asset, adopting a strategy similar to Strategy’s Bitcoin holdings.
FalconX positions itself as a financial services provider for the next crypto generation
FalconX was established in 2018 as a crypto-focused prime brokerage that allowed clients access to markets where they could trade directly on exchanges. It has since evolved into a trading firm and digital assets services provider.
The company operates three verticals — a markets business, a custody and staking business, and a prime brokerage direct-market-access business. It is like a principal trading business or dealer, investing client capital.
FalconX has also accelerated its f in the past year to underpin its broadening mandate across its business verticals. The deals put the company in a position to offer services to a broader range of clients as investors’ interest in crypto is exploding.
Moreover, in early 2025, FalconX announced that it had purchased crypto derivatives-focused trading company Arbelos Markets to expand in the lucrative global derivatives space.
A few months later, FalconX struck a strategic partnership to implement the international banking group Standard Chartered’s banking structure and foreign exchange capabilities into its businesses, enhancing its institutional arm.
Following these achievements, Josh Lim, a FalconX co-head of markets, highlighted the company’s aim to be a financial services provider for the next generation of crypto. However, Lim declined to say whether FalconX has been exploring raising new funds.
In late May, the company announced its agreement with Cantor Fitzgerald to tap into a large credit facility backed by Bitcoin. This is the “first step in a broader credit framework” that could make it possible for FalconX to cater to more traditional institutional investors, according to FalconX CEO Raghu Yarlagadda.
Lim signaled they could acquire many possible partners or companies that offer services connecting their current business areas. Based on his argument, these are services that customers might otherwise need to combine from different sources outside their company.
He says they aim to partner with or purchase businesses to help them fill those gaps.
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