Crypto trading firm FalconX has confidentially filed a draft S-1 registration statement with the SEC, hiring Wall Street heavyweight Cantor and other bankers to advise on a potential IPO, according to a person with knowledge of the matter. The California-based company's listing is not expected until later this year amid volatile market conditions. FalconX, founded in 2018, is a digital asset prime broker serving institutional clients. It raised $150 million in a Series D round in 2022 at an $8 billion valuation. The move comes as enthusiasm for crypto IPOs has cooled after successful listings in 2025 by Circle and Bullish, with deteriorating market conditions and poor post-listing performances dampening investor appetite. Several major crypto firms like Kraken's parent Payward, Consensys, Ledger, and Grayscale have postponed their IPO plans. However, some companies like Blockchain.com and Securitize continue to pursue public listings.

Key facts

• FalconX confidentially filed a draft S-1 with the SEC for a potential IPO.
• The firm hired Cantor and other bankers, with listing expected late 2026.
• FalconX is a digital asset prime broker founded in 2018.
• Company raised $150M Series D in 2022 at $8B valuation.
• Crypto IPO enthusiasm wanes due to market conditions; some firms delay.

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