Growing crypto adoption and a favorable regulatory outlook have VCs on the hunt for liquidity events.

New figures from DefiLlama show crypto startups raised more than $4.90 billion in the first quarter of this year, up from $3.62 billion in Q4 2024. 

While venture capital funding is still well below its 2021-22 peak, the recent uptick follows a banner 2024 for crypto VC firms. Over the last few weeks, a number of blockchain payment and stablecoin startups have pulled big funding rounds. 

Now that the SEC is set to provide clarity on rules governing digital assets, venture capital funds are on the hunt for liquidity events across the crypto ecosystem. 

This year they could have at least five IPOs to choose from.

Five crypto firms set to go public

Companies in the spotlight include Animoca Brands, Telegram, Ionic Digital, Kraken, and Circle. One is in motion while the rest could all potentially go public in the coming months.

VC funding in the crypto space as of April 2025 | Source: DefiLlama

If they happen, it will mark a decisive turnaround from the funding pall cast by former SEC Chair Gary Gensler, a steadfast crypto-skeptic who triggered a swathe of enforcement actions during his tenure against industry heavyweights like Binance and Coinbase.

As Bitcoin prepares for its next rise and risk-on sentiment returns, VCs – under mounting pressure to start returning capital to limited partners – may see their chance. These five firms have a fair shot at success:

1. Circle

On April 1st, Coinbase-backed stablecoin issuer Circle ended years of speculation and announced it had filed for an initial public offering with the SEC. The prospectus comes after two years of escalating IPO speculation and lays the groundwork for the firm’s long-awaited entry into the public markets.

Reportedly aiming for a $5 billion valuation, …

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