FalconX has engaged Cantor and other bankers for guidance on its potential IPO and has confidentially filed draft documents with the SEC; however, the public offering is not anticipated until later this year due to unstable market conditions.
By Will Canny|Edited by Aoyon Ashraf May 28, 2026, 7:53 p.m. 2 min readMake preferred on FalconX CEO Raghu Yarlagadda. (FalconX)Key Points:
- FalconX has confidentially submitted a draft S-1 form to the SEC and has enlisted Cantor for advice on its IPO plans, according to an insider.
- The crypto prime brokerage, valued at $8 billion in 2022, caters to institutional clients such as hedge funds, asset managers, and market makers.
- Decreased investor enthusiasm, reduced trading volumes, and disappointing performances from recent crypto IPOs have caused delays for various firms in the sector, including Kraken's parent company, Payward, Consensys, and Ledger.
The crypto trading company FalconX has confidentially filed a draft S-1 registration statement with the Securities and Exchange Commission (SEC), marking an initial move toward a potential public listing, as reported by a source familiar with the situation.
To facilitate its initial public offering (IPO), FalconX has brought on board Wall Street firm Cantor along with other bankers, as shared by the unnamed source due to the sensitivity of the matter.
According to the source, FalconX's IPO is unlikely to materialize until the latter part of the year, given the current market environment. CoinDesk previously noted that Cantor was among the firms pitching FalconX for its potential listing.
Both FalconX and Cantor have chosen not to comment on the situation.
FalconX operates as a brokerage and trading entity primarily aimed at institutional clients, which include hedge funds, asset managers, and market makers. Established in 2018, the company functions as a digital asset prime broker, offering services like trade execution, liquidity access, credit, and clearing. In June 2022, FalconX secured $150 million in a Series D funding round that valued the firm at $8 billion.
At the beginning of 2026, crypto firms were optimistic about IPO prospects following successful public offerings by companies such as Circle (CRCL) and Bullish (BLSH), which reignited investor interest in digital-asset firms throughout 2025.
However, since then, deteriorating market conditions, lower trading activity, and underwhelming performances from newly listed firms like BitGo (BTGO) have dampened enthusiasm for further crypto IPOs.
Numerous prominent crypto companies, including Payward, the parent of Kraken; Ethereum software developer Consensys; hardware wallet manufacturer Ledger, and Grayscale, an asset manager, have all postponed their IPO strategies while they wait for market conditions to stabilize.
On the other hand, some companies continue to pursue their public listing ambitions. Last week, Blockchain.com announced that it had confidentially filed for a U.S. IPO with the SEC.
Additionally, Securitize is set to merge with Cantor Equity Partners II, a special purpose acquisition company listed on Nasdaq, which would position it among the limited publicly traded firms focusing on tokenized securities and real-world assets.
Read more: Crypto IPOs could create massive $1 trillion market amid tokenization wave, Jefferies says
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