Cantor Fitzgerald, the Wall Street financial services heavyweight, is one of several investment banks pitching cryptocurrency trading platform FalconX for a potential initial public offering, according to two people familiar with the matter. The company has held preliminary discussions with potential advisors but has not yet formally appointed bankers. FalconX declined to comment; Cantor did not respond to requests for comment.
Cantor and FalconX already share a deep operational bond. In 2025, Cantor launched a $2 billion bitcoin-backed financing program and extended an initial credit line of over $100 million to FalconX, allowing the prime broker to borrow against bitcoin collateral without selling assets. The partnership is part of a broader push to build institutional-grade credit infrastructure in digital assets.
Why Cantor Wants the Mandate
Investment banks typically pitch IPO mandates with valuation analysis, market timing advice and distribution strength. If Cantor wins the deal, it will likely be due to the existing relationship. FalconX, founded in 2018, serves large institutional clients such as hedge funds, asset managers and market makers. The company raised $150 million in a Series D round in June 2022, valuing the platform at $8 billion.
Market Headwinds vs. Expansion Drive
The crypto market has been under severe pressure: Bitcoin fell from an all-time high of $126,000 in October 2025 to near $70,000. CoinDesk recently reported that Kraken has put its IPO on hold after a confidential SEC filing in November. The only crypto-native firm to list this year, BitGo, has seen its shares drop about 40% since its IPO. Despite this, FalconX and Copper continue listing talks.
FalconX has been aggressively scaling up. In 2025, it acquired derivatives specialist Arbelos Markets, took a majority stake in Monarq Asset Management, and struck a deal for crypto ETP issuer 21Shares — its third major transaction of the year. These acquisitions expand its reach across trading, derivatives and asset management, reinforcing a push to offer more regulated, institutional-grade products.
Industry observers predict financial infrastructure crypto firms could be the next wave of IPOs in 2026. Cantor has steadily expanded its digital asset footprint, managing Tether's U.S. Treasury reserves and publicly backing blockchain ventures. Winning the FalconX IPO mandate would solidify its position at the intersection of traditional finance and crypto capital markets.