Crypto trading firm FalconX has taken a significant step toward a potential initial public offering (IPO) by confidentially submitting a draft S-1 registration statement to the Securities and Exchange Commission (SEC). This move indicates the company’s ambitions to go public, although the actual listing is not anticipated until later this year due to current market volatility.
To facilitate this process, FalconX has engaged Cantor and other financial advisors, as confirmed by a source familiar with the situation who requested anonymity. Despite the preparations, both FalconX and Cantor have opted not to comment on the developments.
Founded in 2018 and based in California, FalconX serves institutional clients such as hedge funds and asset managers, offering a range of services including trade execution and liquidity access. The firm gained significant attention in June 2022 when it raised $150 million in a Series D funding round, valuing the company at $8 billion.
The crypto sector entered 2026 with optimism for IPOs, buoyed by successful public listings from companies like Circle and Bullish in the previous year. However, recent market conditions have dampened this enthusiasm, with declining trading volumes and disappointing performances from newly public firms like BitGo.
In light of these challenges, many prominent crypto companies, including Payward and Kraken’s parent company, have postponed their IPO plans. Others, however, are still moving forward. Blockchain.com recently filed for a confidential IPO with the SEC, demonstrating that some firms remain committed to public offerings despite the uncertain landscape.
In a related development, Securitize has announced a merger with Cantor Equity Partners II, a special purpose acquisition company listed on Nasdaq. This merger aims to position Securitize as one of the few public firms focused on tokenized securities and real-world assets, further diversifying the landscape of crypto-related public offerings.
FalconX has confidentially filed for an IPO with the SEC, engaging Cantor for advisory services. While the listing is expected later this year, market conditions have led to a cautious approach among crypto firms regarding public offerings.