Who Is Advising FalconX on a Potential IPO?
Cantor is among the investment banks pitching crypto prime broker FalconX for a potential initial public offering, according to people familiar with the matter. No formal appointments have been made, and discussions with advisers remain at an early stage.
FalconX has held preliminary talks with banks but has not selected underwriters for a listing. The company declined to comment, and Cantor did not respond to requests for comment. Such pitching processes are standard, with banks competing to secure mandates by offering valuation frameworks, timing advice, and distribution capabilities.
The discussions indicate FalconX is still exploring its options rather than committing to a near-term IPO, leaving timing dependent on both internal readiness and market conditions.
Investor Takeaway
Why Are Crypto IPO Plans Slowing Down?
FalconX’s evaluation comes during a period of pressure in digital asset markets. Bitcoin has declined from its recent peak near $126,000 to around $70,000, weighing on sentiment across the sector. That backdrop has already affected listing activity.
Crypto exchange Kraken has paused its IPO plans after confidentially filing with regulators, with expectations that the process could resume when conditions improve. Meanwhile, digital asset custodian BitGo remains the only crypto-native firm to go public this year, with its shares down roughly 40% since listing.
Despite weaker market conditions, several firms continue to explore listings. FalconX and Copper are among those holding discussions, while recent listings from firms such as Bullish and Gemini suggest the IPO window has narrowed but not closed.
How Does Cantor Fit Into FalconX’s Strategy?
Cantor already has a working relationship with FalconX through institutional crypto lending. In 2025, the firm launched a $2 billion bitcoin-backed financing program and extended a credit line exceeding $100 million to FalconX, allowing the broker to borrow against bitcoin collateral and access liquidity without selling assets.
That relationship could influence the IPO mandate decision if FalconX proceeds. Banks with existing exposure to a client’s business often have an advantage in pitching for advisory roles, particularly when financing, liquidity, and market infrastructure are closely linked.
Cantor has expanded its involvement in digital assets in recent years, including managing Tether’s U.S. Treasury reserves and supporting crypto-related ventures. Its activity reflects growing participation from traditional financial firms in digital asset infrastructure.
Investor Takeaway
What Is FalconX Building Ahead of a Listing?
Founded in 2018, FalconX operates as an institutional crypto prime broker serving hedge funds, asset managers, and market makers. Its services include trade execution, liquidity access, credit, and clearing. The company was last valued at $8 billion following a $150 million funding round in 2022.
Over the past year, FalconX has expanded through acquisitions as it builds a broader institutional platform. In 2025, it acquired derivatives firm Arbelos Markets, took a majority stake in Monarq Asset Management, and reached an agreement involving exchange-traded product issuer 21Shares.
These moves extend its coverage across trading, derivatives, and asset management, aligning with demand from institutional clients for integrated services rather than fragmented execution and financing tools.
What Comes Next for FalconX’s IPO Plans?
For now, FalconX remains in an evaluation phase, with no confirmed timeline for a public listing. The outcome will depend on market conditions, investor demand for crypto-linked equities, and the company’s readiness to meet public market expectations.
The broader trend suggests that infrastructure-focused crypto firms, particularly those serving institutional clients, may be next in line when IPO activity resumes. Until then, FalconX’s process reflects a cautious approach seen across the sector, where firms prepare for listings but wait for more supportive conditions before moving forward.
