Image Credit: FalconX
Key Takeaways
- FalconX confidentially filed a draft S-1 with the SEC and hired Cantor and other bankers to advise on a potential IPO, with the listing not expected until the end of 2026 according to a person familiar with the matter.
- The filing arrives as several major crypto firms including Payward, Consensys, Ledger, and Grayscale have postponed their own IPO plans citing market conditions, while BitGo’s post-listing performance under ticker BTGO has been weak.
- Blockchain.com also confidentially filed for a U.S. IPO last week, and Securitize agreed to merge with Cantor Equity Partners II, signaling continued but cautious activity in the crypto public markets pipeline.
Crypto prime broker FalconX has confidentially filed a draft S-1 registration statement with the Securities and Exchange Commission and hired Cantor and other bankers to advise on a potential initial public offering, according to a person with knowledge of the matter who spoke on condition of anonymity as the matter is private. The listing is not expected until the end of 2026, the person said.
FalconX Serves Institutional Clients as Digital Asset Prime Broker
FalconX is a California-based brokerage and trading firm founded in 2018 that primarily serves institutional clients including hedge funds, asset managers, and market makers. It operates as a digital asset prime broker, providing trade execution, liquidity access, credit, and clearing services.
In June 2022, the company raised $150 million in a Series D funding round that valued the firm at $8 billion. Both FalconX and Cantor declined to comment on the filing, according to the source reporting. CoinDesk previously reported that Cantor was among the firms pitching FalconX for its potential listing.
Payward, Consensys, Ledger, and Grayscale Have All Postponed IPO Plans
FalconX’s filing arrives as several major crypto companies have postponed their IPO plans, citing market conditions. Payward, Kraken’s parent company; Ethereum software developer Consensys; hardware wallet maker Ledger; and asset manager Grayscale have each delayed their listings while waiting for conditions to improve.
BitGo, which listed under the ticker BTGO, has posted weak post-listing performance, a trend its own CFO, Ed Reginelli, acknowledged on the company’s Q4 earnings call:
“The macro environment in the fourth quarter was challenging, and those conditions have carried into the first quarter. Digital asset prices have remained under pressure and geopolitical tensions in the Middle East have added additional volatility.”
Circle and Bullish Listings in 2025 Initially Rekindled Appetite for Crypto IPOs
Crypto firms entered 2026 expecting a strong year for public listings after successful offerings by Circle, trading under the ticker CRCL, and Bullish, trading under BLSH and the parent company of CoinDesk, helped rekindle investor appetite for digital asset businesses in 2025.
Weaker trading volumes and deteriorating market conditions have since slowed the pace of new listings. Blockchain.com said last week that it had also confidentially filed for a U.S. IPO with the SEC, while Securitize has agreed to merge with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company.
IPO Not Expected Before Year End, Source Says
The timing of FalconX’s potential public listing remains contingent on market conditions, with the person familiar with the matter indicating the IPO is not expected until the end of 2026. The confidential S-1 filing is an initial registration step and does not commit the company to proceeding with a listing. FalconX has not indicated whether it will move forward if market conditions improve during the second half of the year.
