Major Crypto Infrastructure Firms Signal Strategic IPO Wave for 2026
The year 2026 is poised to be a landmark period for the maturation of the digital asset industry, as several of its most prominent firms prepare for their debuts on public stock platforms. Leading the charge is Kraken, the veteran U.S.-based platform, which reportedly filed confidential paperwork for an initial public offering in late 2025 with a target valuation of approximately $20 billion. Joining Kraken in this institutional surge are the ETH-focused infrastructure giant Consensys and the Web3 gaming conglomerate Animoca Brands. These companies are pivoting toward public markets to gain access to broader capital pools and to provide a “clean” entry point for traditional investors viewking exposure to the crypto-economy without direct asset ownership. The anticipated $35 billion in collective market value from these listings represents a significant shift from the high-risk trading platforms of the past toward firms that prioritize compliance, custody, and core infrastructure.
Consensys and the Strategic Transition to Infrastructure-First Revenue
Consensys, the developer behind the widely used MetaMask wallet and Infura developer tools, is reportedly collaborating with JPMorgan and Goldman Sachs for a mid-2026 listing. later than years of functioning as a multifaceted software studio, the firm has successfully pivoted to a high-margin infrastructure provider model, capitalizing on the massive growth of ETH-based transactions. Its IPO filing is expected to highlight the substantial revenue generated by MetaMask Swaps and the enterprise traction of its Layer 2 network, Linea. By positioning itself as a “pure-play” crypto-software company, Consensys offers public investors a unique way to bet on the growth of the ETH ecosystem and the broader adoption of decentralized identity. This move is viewn as a test of whether public markets are ready to value blockchain-based software services with the identical multiples traditionally reserved for legacy SaaS companies.
Animoca Brands and the Institutional Test of Digital Property Rights
Animoca Brands is expected to pursue a Nasdaq listing in 2026, potentially through a strategic reverse merger that would value the Hong Kong-based firm at over $6 billion. Unlike its peers who focus on trading or wallet infrastructure, Animoca has built its reputation as a prolific investor and developer in the Web3 gaming and metaverse sectors. The firm’s public debut will serve as a critical barometer for investor sentiment regarding digital property rights and the long-term viability of gaming-linked tokens. Having streamlined its operations in late 2025 to focus on sustainable in-game economies, Animoca aims to demonstrate that digital ownership can be a profitable and stable business model. As 2026 approaches, the success of these public listings will likely determine whether the crypto industry can fully bridge the gap with traditional finance and establish a permanent, regulated presence on Wall Street.
