Thinking about going public in the digital asset sector? Key considerations for digital assets and blockchain companies
Talking points
- The evolving digital asset landscape is unlocking new opportunities for digital assets and blockchain companies preparing to go public.
- Leveraging market momentum and available capital means meeting standard IPO requirements, plus those unique to the digital asset sector.
- Deloitte can advise digital asset companies on IPO readiness specific to the digital asset industry.
Since January, the digital asset initial public offering (IPO) market
has seen a remarkable surge in activity. What’s driving the rapid growth? A big part of the story is the US Securities and Exchange Committee (SEC)’s pivot from focusing on enforcement to encouraging capital formation and regulatory clarity. This more flexible approach, paired with rising investor confidence and renewed interest from institutions, has sparked both excitement and opportunity for digital asset companies thinking about going public.
While IPOs by Galaxy, Circle, and eToro have made headlines this year, we’ve also seen a sharp uptick in digital assets and blockchain pre-IPO activity.1 Digital Assets Treasury (DAT) deals are also booming as public companies adopt a bitcoin treasury structure driving special-purpose acquisition company (SPAC) activity in early 2025 to levels not seen since 2021. Not surprisingly, many digital asset companies that once left the US are now eyeing a return to this thriving market.
Increasing your IPO chances
Despite this momentum, not every digital asset IPO has crossed the finish line. Several have been withdrawn—sometimes due to challenges meeting public company requirements. From Deloitte’s experience advising prominent digital asset IPOs, we know that going public is a major undertaking—and typically an even bigger lift for digital asset companies.
In this blog, we’ll break down key considerations that can help boost your chances of completing a digital asset IPO.
Despite this momentum, not every digital asset IPO has crossed the finish line. Several have been withdrawn—sometimes due to challenges meeting public company requirements. From Deloitte's experience advising prominent digital asset IPOs, we know that going public is a major undertaking—and typically an even bigger lift for digital asset companies.
— Reza van Roosmalen
IPO readiness table stakes
Deloitte’s IPO readiness framework outlines standard criteria—“table stakes”—for any company aspiring to go public. Meeting SEC and PCAOB standards can be challenging for younger companies still building their finance and accounting infrastructure. Many startups, for example, lack essentials like US generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) financial statements, a robust enterprise resource planning (ERP) system, or an external auditor with the knowledge and ability to audit a digital asset company. Still, private companies can overcome these hurdles by starting early and securing the right advisor.
Special considerations for digital asset IPOs
Some items on the IPO readiness checklist present hurdles specific to digital asset companies—from crypto exchanges and mining companies to blockchain infrastructure providers and data analytics platforms. Below, we explore these challenges through the lens of Deloitte’s IPO readiness assessment framework, focusing on some of the key considerations unique to the digital asset industry.
- Technical accounting: The main technical accounting challenges for digital asset companies involve revenue recognition and digital assets holdings. While accounting rules are clearer than before, they still don’t address all industry complexities. Simple digital assets holdings and structures are manageable, but more complex activities like staking, looping, lending, and other decentralized procedures make accounting significantly more complicated. See Deloitte’s Digital Assets Roadmap for insights on accounting for digital assets.
- Financial reporting: Public companies must produce accurate, timely financial statements that meet SEC standards. But the timelines are often challenging for private companies not used to strict filing deadlines. Another challenge: Many digital asset companies considering an IPO haven’t engaged auditors yet, making initial audits time-consuming and difficult. Working with auditors and advisors early can help accelerate these processes.
- Financial planning and analysis (FP&A): Accurate forecasting is challenging even for the best-run companies, but it’s still a critical skill. Public companies that miss forecasts can face serious consequences from investors. For digital asset firms, forecasting is even harder as it often requires developing methods to produce reliable and consistent forecasts for assets that are famously volatile.
- Systems, processes, and controls: Public company effectiveness relies on strong finance, governance, and IT processes and controls. For digital asset companies, unique challenges include getting comfortable with third-party data processes, integrating new systems and processes into a complex IT environment, and addressing cyber risks common to digital asset firms. Developing robust systems with effective controls from the beginning helps mitigate a wide range of risks.
- Tax: The evolving regulatory landscape for digital assets requires tax professionals skilled in industry-specific positions and considerations. Using digital assets in business requires careful analysis of “barter transactions,” and financial products may receive different tax treatment than securities, commodities, or fiat. Global operations add additional complexity to IPO readiness tax matters. Engaging experienced tax advisors and developing a robust strategy helps companies keep pace with these rapidly changing digital assets tax rules. Read more about digital assets tax and accounting considerations here.
- Corporate governance: Addressing requirements like forming a board with independent members, establishing an audit committee and chair, and meeting exchange standards can be complex and requires time and careful consideration to find the right people.
- Regulatory compliance: With the recent GENIUS Act and new executive orders on digital assets, more regulations are expected soon. The CLARITY Act, recently passed by the House, could also change how the SEC and CFTC regulate digital assets. Digital asset companies considering going public should closely monitor these developments and plan for their impact on strategy and operations.
What role can Deloitte play?
The evolving digital asset industry presents significant opportunities for companies preparing for an IPO. With guidance and planning, digital asset companies can increase their chances of achieving their IPO objectives. As a leading advisor in this space, Deloitte has served 19 of the top 30 IPOs, 64% of software IPOs, and 84% of financial services IPOs since 2021.2 Our specialists can guide you from IPO readiness and deal execution through the transition to becoming a public company. In addition, Deloitte has served companies on digital asset matters since 2012, ranging from tax, accounting, and controls to technology and regulatory matters. With our experience, Trust is non-fungible™.Ready to go public? Start your journey with our IPO SelfAssess™ tool. To learn more about Deloitte’s IPO readiness services, visit our website. Also, feel free to reach out to us with any questions.
Endnotes
1. Luisa Beltran, “The IPO market is booming—and more big listings like Klarna and StubHub could come this fall,” Fortune, June 23, 2025
2. Includes US-domiciled companies only and indicates activity and proceeds raised from 2021 through 2024. Deloitte, “IPO Readiness and Execution Services,” accessed June 2025.
Links to other eminence
- 2025 – The year of payment stablecoins: The GENIUS Act is law, now what?
- Treasury’s trajectory amid digital assets adoption
- A stock exchange listing guide for foreign private issuers
The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
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Brian P. Hansen
Brian Hansen is the Audit & Assurance leader of Deloitte’s Blockchain and Digital Assets (BDA) practice. He serves a wide range of public and private clients, spanning large, complex, financial institutions, emerging companies in blockchain and digital assets, as well as securities, banking, fintech, and investment management. Brian has spent the last 7 years focused on blockchain and digital assets, and he’s been pivotal in navigating the complexities of the space to carve a path for both clients and the industry as a whole. With over 30 years of experience, Brian has spent his career helping clients tackle the accounting, financial reporting, and regulatory requirements associated with technology innovation and significant business transformation. He has broad experience across multiple regulatory environments, including with the Securities and Exchange Commission and Sarbanes Oxley Section 404. This deep experience has been critical as he serves clients in the blockchain and digital assets industry, collectively working together to drive innovation and progress. Brian’s leadership has positioned Deloitte as a sought-after auditor and advisor at the forefront of the industry by prioritizing the notion that Trust is non-fungible™.
Will Braeutigam
Will is a Partner and serves as the US Capital Markets Transactions Leader and the Mergers, Acquisitions, and Restructuring Audit & Assurance Services Leader. In this role, he leads Accounting & Reporting Advisory (ARA) offerings related to companies seeking public capital or debt. He has extensive venture capital and private equity experience. His team has served hundreds of companies completing capital market transactions. The team focuses on helping companies meet their strategic goals and objectives in a dynamic market and ever-changing regulatory environment.
Reza van Roosmalen
Reza is a principal in Deloitte & Touche LLP. He has more than 20 years of experience providing assurance and advisory services to a variety of client industries, mostly in the Financial Services Industry (FSI). His focus is on accounting and reporting advisory matters in relation to transactions, new accounting and regulatory rules and accounting/finance remediation. Reza is the national industry leader for Accounting Advisory Services for FSI and Blockchain and Digital Assets. He offers expertise in loans and securities, equity investments, business combinations, digital assets/crypto, derivatives and hedge accounting, securitization (consolidation and derecognition), impairment and similar topics under International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). He has project experience with financial products including digital assets, equity, derivatives and (structured) fixed income products and securities regulations. Reza holds a BS International Business, BS International Economics, and MSC Corporate Finance from Tilburg University, and MS Accounting and Control and postgraduate accounting degrees from Vrije Universiteit Amsterdam.
Rob Massey
Rob Massey is the Tax leader of Deloitte’s Blockchain and Digital Assets (BDA) practice. Since 2012, Rob has focused on the complex world of blockchain, digital assets, cryptocurrencies, and tokenization, serving clients across the ecosystem. This includes investors, miners, staking providers, payment processors, wallet providers, exchanges, custodians, funds, DAOs, foundations and entities involved in protocol development. With over two decades of experience in tax consulting for technology companies, his experience spans the complex tax considerations of blockchain enabled transactions and the tax impacts of tokenization and digital asset transactions across business models, industries, and geographies. He also has growing experience in tax controversy matters involving digital assets and blockchain based business models. As the first person from Deloitte to work in blockchain and digital assets, Rob has been instrumental in establishing the BDA practice and growing the deep bench of experienced specialists on the team. Not only has his visionary leadership positioned Deloitte at the forefront of the industry, but also established Rob as a highly respected speaker at industry events worldwide. His presentations often cover a range of topics, from the evolving blockchain and digital assets ecosystem and future technology directions to the complex tax implications faced by corporations in the digital asset space. Beyond his professional achievements, Rob’s passion for fitness and sailing underscores his belief in the importance of wellness for himself and his team – a value captured by his favorite motto, “Proof of Wellness.” As an active member in his local community, Rob volunteers and offers his time as an advisor to Digital Dollar Foundation, as the Tax Task Force Chair for the Chamber of Digital Commerce, and as the President and Site Manager of Tax-Aid.
