Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, is preparing to go public in 2026, marking another major step in the growing wave of crypto-related IPOs.
Key Takeaways:
- tZero plans a 2026 US IPO, betting on the rising demand for tokenized securities and regulated blockchain finance.
- CEO Alan Konevsky confirmed talks with banks and hinted at a new funding round as the company prepares its market debut.
- Tokenization could unlock a $400 trillion opportunity, with analysts projecting the RWA market to reach $16 trillion by 2030.
The company announced plans on Monday to pursue a US listing, signaling confidence in the expanding market for asset tokenization and regulated blockchain finance.
Founded in 2014, tZero enables firms to raise capital and trade tokenized securities under U.S. securities laws, bridging traditional finance with blockchain-based systems.
tZero Weighs Bank Partners and New Funding Ahead of IPO
Chief Executive Alan Konevsky told Bloomberg that tZero is in discussions with multiple banks to determine an underwriter.
The firm, which employs slightly over 50 people and has yet to turn a profit, may also seek an additional funding round before its debut.
So far, tZero has raised around $200 million, with the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, among its backers.
The company said its public listing plan underscores a belief that tokenization will reshape capital markets by enabling faster, more transparent, and global transactions.
Tokenization converts real-world assets such as stocks, real estate, or currencies into blockchain-based digital tokens that can trade around the clock.
In a recent research, Web3 digital property firm Animoca Brands said that tokenization of RWAs could unlock a $400 trillion traditional finance market.
Animoca researchers Andrew Ho and Ming Ruan said the global market for private credit, treasury debt, commodities, stocks, alternative funds, and bonds represents a vast runway for growth.
“The estimated $400 trillion addressable TradFi market underscores the potential growth runway for RWA tokenization,” they wrote.
Meanwhile, according to the 2025 Skynet RWA Security Report, the market for tokenized RWAs could grow to $16 trillion by 2030.
Crypto IPOs Gain Momentum
Last month, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.
BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.
The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.
Online trading platform Etoro, which offers crypto trading among its services, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
The San Francisco-based company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 apiece, valuing the firm at roughly $5.3 billion.
Originally targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.
