Wall Street financial services firm Cantor is among the investment banks pitching cryptocurrency trading platform FalconX for an initial public offering, according to two people familiar with the matter.
The company has held a preliminary review FalconX is in talks with possible advisers but has not yet formally named a banker for its initial public offering, people familiar with the matter said. The person spoke on condition of anonymity because the matter is private.
FalconX declined to comment. Cantor had not responded to a request for comment as of press time.
Investment banks often market companies for IPOs by positioning themselves as the best partner for taking them public, using a combination of valuation analysis, market timing advice and distribution muscle.
The goal is to win mandates by convincing companies they can maximize valuations, ensure a smooth go-to-market process and generate strong post-sale performance. While some companies may lead the IPO process, most deals are completed through a consortium of multiple banks.
Last June, Decrypt reported that FalconX had held informal talks with bankers and advisors about going public. Later this year, CEO Raghu Yarlagadda told the Wall Street Journal that the company was considering an initial public offering.
However, the crypto market has been under pressure since then, with Bitcoin prices falling from an all-time high of $126,000 in October to nearly $70,000. Most recently, CoinDesk reported that cryptocurrency exchange Kraken had paused its IPO plans after confidentially filing documents with the SEC in November, with sources saying the process could be restarted once conditions improve. Digital asset custodian BitGo (BTGO) is the only crypto-native company to go public this year so far. The company’s shares have fallen about 40% since its IPO.
Despite the grim market backdrop, cryptocurrency companies such as FalconX and Copper continue to discuss potential public listings. Several cryptocurrency exchanges, including CoinDesk parent Bullish (BLSH) and Gemini (GEMI), went public last year, and industry observers say financial infrastructure companies could be next in line for IPOs by 2026.
Cantor connection
Cantor and FalconX already have an existing relationship centered around institutional crypto lending, with the investment bank providing one of the first major credit facilities to a cryptocurrency prime broker.
In 2025, Cantor launched a $2 billion Bitcoin-backed financing program and provided FalconX with an initial credit line of over $100 million, enabling it to borrow in Bitcoin Collateral and gain liquidity without selling assets. The deal is part of a broader partnership to build institutional-grade credit infrastructure for digital assets, reflecting the growing convergence between traditional finance and crypto markets.
If Cantor wins IPO authorization, it will likely be due to an existing relationship with the trading company.
FalconX is a U.S.-based cryptocurrency trading and brokerage firm that primarily serves large institutional clients, including hedge funds, asset managers, and market makers.
Founded in 2018, the company operates as a digital asset prime broker, providing services such as trade execution, liquidity access, credit and clearing. The company raised $150 million in Series D funding in June 2022, valuing the platform at $8 billion.
Although no formal announcement has been made, FalconX has been building scale ahead of a potential listing and has adopted an aggressive acquisition strategy over the past year to create a full-service institutional crypto platform.
In 2025, the firm acquired derivatives specialist Arbelos Markets and took a majority stake in Monarq Asset Management before striking a deal with cryptocurrency exchange-traded product (ETP) issuer 21Shares, its third major deal of the year. Together, these transactions expand FalconX’s presence in trading, derivatives and asset management and reflect broader efforts to consolidate infrastructure and provide more regulated, institutional-grade investment products.
Cantor has steadily expanded its footprint in the digital asset space, positioning itself as one of the more active traditional financial firms in the cryptocurrency market. The Wall Street firm manages Tether’s U.S. Treasury reserves and has backed several cryptocurrency ventures, while publicly expressing its support for blockchain infrastructure and trading operations.
Its growing participation reflects a broader push to bridge institutional capital with the digital asset ecosystem, especially as more cryptocurrency companies explore public listings.
Cantor is a global financial services company headquartered in New York. Founded in 1945, the company is known for its fixed-income trading, particularly U.S. Treasuries, and as a major player in investment banking, brokerage and asset management.
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