Wall Street financial services firm Cantor is among investment banks pitching cryptocurrency trading platform FalconX for its potential IPO, according to two people with knowledge of the matter.
The company has carried out preliminary tests. talks with potential advisers, but FalconX has not yet formally named bankers for its initial public offering, said the people, who spoke on condition of anonymity as the matter is private.
FalconX declined to comment. Cantor did not respond to a request for comment at the time of publication.
Investment banks often pitch companies for an IPO by presenting themselves as the best partner to take the company public, combining valuation analysis, advice on market timing and distribution strength.
The goal is to achieve the mandate by convincing the company that it can maximize valuation, ensure a smooth listing process and generate strong performance in the aftermarket. While some companies may lead the IPO process, most deals are done through a syndicate of multiple banks.
Last year, Decrypt reported in June that FalconX had held informal talks with bankers and consultants about going public. Later that year, the company’s CEO, Raghu Yarlagadda, told the Wall Street Journal that the company was considering an initial public offering (IPO).
However, the cryptocurrency market has been under pressure since then, with the price of bitcoin falling from an all-time high of $126,000 in October to around $70,000. Recently, CoinDesk reported that crypto exchange Kraken put its IPO plans on hold after filing a confidential filing with the SEC in November, and sources said the process will likely restart once the environment improves. To date, digital asset custodian BitGo (BTGO) is the only crypto-native company to go public this year. Shares have fallen about 40% since going public.
Despite this difficult market context, crypto companies such as FalconX and Copper continue talks about possible public listings. Last year, several crypto exchanges, including CoinDesk parent Bullish (BLSH) and Gemini (GEMI), went public, and industry watchers say that in 2026, financial infrastructure companies could be next in line for IPOs.
singer connection
Cantor and FalconX already have a relationship focused on institutional crypto lending, with the investment bank providing one of the first major lines of credit to the major crypto broker.
In 2025, Cantor launched a $2 billion bitcoin-backed financing program and extended an initial line of credit of more than $100 million to FalconX, allowing it to borrow against bitcoin. guarantees and access liquidity without selling assets. The deal is part of a broader partnership aimed at building institutional-grade lending infrastructure in digital assets, reflecting the growing convergence between traditional finance and crypto markets.
If Cantor wins the IPO mandate, it will likely be due to the existing relationship with the trading company.
FalconX is a US-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 premier digital asset broker and offers services including trade execution, liquidity access, credit and clearing. The company raised $150 million in a Series D funding round in June 2022, valuing the platform at $8 billion.
While no formal announcement has been made, FalconX has been expanding its business ahead of a potential listing and has pursued an aggressive acquisition strategy over the past year while building a full-service institutional crypto platform.
In 2025, the company acquired derivatives specialist Arbelos Markets and took a majority stake in Monarq Asset Management, before striking a deal for cryptocurrency exchange-traded product (ETP) issuer 21Shares, its third major transaction of the year. Together, the deals expand FalconX’s reach into trading, derivatives and asset management, reflecting a broader push to consolidate infrastructure and offer more regulated, institutional-grade investment products.
Cantor has steadily expanded its presence in digital assets, positioning itself as one of the most active traditional financial firms in the crypto markets. The Wall Street firm manages US Treasury reserves of Tether and has backed several crypto companies, while also publicly stating its support for blockchain infrastructure and trading businesses.
Its growing share reflects a broader push to bridge institutional capital with the digital asset ecosystem, particularly as more crypto companies explore public listings.
Cantor is a global financial services firm headquartered in New York. Founded in 1945, it is best known as a major player in fixed income trading, particularly US Treasuries, as well as investment banking, brokerage and asset management.
Read more: Crypto custody firm Copper is in early talks for an IPO as crypto ‘plumbing’ becomes Wall Street’s new darling
