Wall Street financial services firm Cantor is among the investment banks offering cryptocurrency trading platform FalconX for its possible IPO, according to two people with knowledge of the matter.
The company held is talking with possible advisers, but FalconX has not yet formally named bankers for its IPO, said the sources, who spoke on condition of anonymity because 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 offer an IPO to companies by presenting themselves as the best partner to take the company public, combining valuation analysis, market timing advice and distribution strength.
The aim is to win the mandate by convincing the company that it can maximize valuation, ensure a smooth listing process and generate strong performance in the secondary market. Although some companies 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 discussions with bankers and consultants regarding the IPO. 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 since come under pressure, with the price of bitcoin falling from an all-time high of $126,000 in October to nearly $70,000. Recently, CoinDesk reported that crypto exchange Kraken had put its IPO plans on hold after a confidential SEC filing in November, with sources saying the process would likely restart once the environment improves. To date, digital asset custodian BitGo (BTGO) is the only crypto-native company to list this year. Shares have fallen about 40% since their IPO.
Despite this difficult market environment, crypto companies such as FalconX and Copper are continuing discussions on possible public listings. Last year, several crypto exchanges, including CoinDesk parent Bullish (BLSH) and Gemini (GEMI), went public, and industry observers say that in 2026, financial infrastructure companies could be next in line for IPOs.
Cantor Connection
Cantor and FalconX already have a relationship focused on institutional crypto lending, 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, allowing it to borrow against bitcoin. guarantees and access liquidity without selling assets. The deal is part of a broader partnership to create institutional-grade credit infrastructure for digital assets, reflecting the growing convergence between traditional financial markets and crypto markets.
If Cantor wins the IPO mandate, it would likely be due to the existing relationship with the trading company.
FalconX is an American 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 primary digital asset broker, offering services including trade execution, access to liquidity, 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 official announcement has been made, FalconX has been expanding in anticipation of a possible listing and has pursued an aggressive acquisition strategy over the past year as it builds 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 completing a deal for crypto exchange-traded product (ETP) issuer 21Shares, its third major deal of the year. Together, the agreements expand FalconX’s reach in trading, derivatives and asset management, reflecting a broader drive to consolidate infrastructure and offer more regulated, institutional-grade investment products.
Cantor has gradually expanded its footprint in digital assets, positioning itself as one of the most active traditional financial companies in the crypto markets. The Wall Street firm manages Tether’s U.S. Treasury reserves and has backed several crypto projects, while publicly signaling its support for blockchain infrastructure and trading activities.
Its growing involvement reflects a broader push to bring institutional capital closer to 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 U.S. Treasuries, as well as investment banking, brokerage and asset management.
Learn more: Cryptocurrency custody company Copper begins initial negotiations for an IPO as crypto ‘plumbing’ becomes Wall Street’s new favorite.
