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 held for the time being is talking to possible advisers, but FalconX has yet to formally name bankers for its initial public offering, said the people, who spoke on condition of anonymity because the matter is private.
FalconX declined to comment. Cantor did not respond to a request for comment by the time of publication.
Investment banks often pitch companies for an IPO by presenting themselves as the best partner to take the business public, combining valuation analysis, market timing advice and distribution strength.
The aim is to win the mandate by convincing the company that they can maximize valuation, ensure a smooth listing process and generate strong aftermarket performance. While some firms may lead the IPO process, most deals are done through a syndicate of several 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 IPO.
However, the crypto market has been under pressure since then, with the bitcoin price falling from an all-time high of $126,000 in October to nearly $70,000. CoinDesk recently reported that crypto exchange Kraken has put its IPO plans on hold after confidentially filing with the SEC in November, with sources saying the process is likely to restart once the environment improves. To date, digital asset custodian BitGo (BTGO) is the only crypto-native company to go public this year. The shares have fallen about 40% since their IPO.
Despite this tough market backdrop, crypto firms such as FalconX and Copper continue to negotiate potential public listings. Last year, several crypto exchanges, including CoinDesk parent Bullish ( BLSH ) and Gemini ( GEMI ), went public, and industry observers say that by 2026 financial infrastructure firms could be next in line for IPOs.
Office connection
Cantor and FalconX already have an existing relationship centered on institutional crypto loans, with the investment bank providing one of the first major credit facilities to the crypto prime broker.
In 2025, Cantor launched a $2 billion bitcoin-backed financing program and extended an initial credit line of over $100 million to FalconX to borrow against bitcoin security and access to liquidity without selling assets. The deal is part of a broader partnership aimed at building institutional credit infrastructure in digital assets, reflecting growing convergence between traditional financial and crypto markets.
If Cantor wins the IPO mandate, it will likely be because of the existing relationship with the trading firm.
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 digital asset prime broker offering 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.
Although no formal announcement has been made, FalconX has been scaling up ahead of a potential IPO and has pursued an aggressive acquisition strategy over the past year as it builds a full-service institutional crypto platform.
In 2025, the firm bought derivatives specialist Arbelos Markets and took a majority stake in Monarq Asset Management, before striking a deal with crypto-exchange-traded products issuer 21Shares (ETP), its third major transaction of the year. Together, the deals expand FalconX’s reach across 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 footprint in digital assets, positioning itself as one of the more active traditional finance firms in crypto markets. The Wall Street firm manages Tether’s US treasury reserves and has backed several crypto ventures, while publicly signaling support for blockchain infrastructure and trading companies.
Its growing commitment reflects a broader push to bridge the gap between institutional capital and the digital asset ecosystem, especially as more crypto companies explore public listings.
Cantor is a global financial services company 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 wealth management.
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