The digital asset industry has reached a pivotal milestone with Amber International Holding Limited—formerly Amber Premium—officially beginning trading on the NASDAQ under the ticker symbol AMBR. This marks a significant step in the convergence of traditional finance and cryptocurrency, as one of Asia’s most prominent crypto-native firms completes a merger with U.S.-listed iClick Interactive and enters the public markets.
AMBR closed its first trading day at $11 per share, achieving a total market capitalization of **$960 million and recording a turnover of $3.06 million**. While not a traditional IPO, this SPAC (Special Purpose Acquisition Company) merger paves the way for greater institutional access, transparency, and regulatory compliance—key ingredients for mainstream financial adoption.
👉 Discover how crypto companies are shaping the future of public markets
This event may signal the beginning of what many are calling the first true year of crypto "IPOs" in 2025, as favorable regulatory shifts, growing investor demand, and maturing business models align to unlock new paths to public listing.
From Private Giant to Public Player: Amber’s Road to NASDAQ
Founded in 2017, Amber Group has long been a leader in digital asset management, offering quantitative trading, market-making services, derivatives, and institutional-grade wealth solutions. Over eight years, it raised over $600 million in funding from top-tier investors including Temasek, Sequoia China, Tiger Global, Pantera Capital, Paradigm, and Coinbase Ventures.
Despite announcing plans for a U.S. IPO as early as 2021, Amber’s journey was delayed by market turbulence—most notably the FTX collapse in 2022, which triggered a sector-wide crisis of confidence. At the time, Amber disclosed it had approximately $60 million frozen on FTX, representing about 10% of its trading capital. While not catastrophic, the incident contributed to performance drawdowns in certain products and forced strategic restructuring.
The company reduced headcount from over 1,100 employees to around 300, paused consumer-facing (C-side) operations, and shelved metaverse initiatives. Its valuation also adjusted downward during a later funding round, though exact figures remain undisclosed.
Now, with regulatory sentiment shifting under anticipated pro-crypto policies post-Trump's 2024 election win, Amber has seized a critical window to go public via reverse merger. The newly formed Amber International positions itself as a compliant bridge between Web3 innovation and institutional finance.
Under the new structure:
- Michael Wu, co-founder and CEO, serves as Chairman of the Board.
- Wayne Huo, co-founder, takes on the role of CEO and Director.
- Amber DWM, the holding entity behind Amber Premium, holds approximately 90% ownership and 97% voting rights in the merged company.
With over 2,000 institutional clients and a cumulative trading volume exceeding $1 trillion, Amber is now leveraging its public status to expand into tokenized real-world assets (RWAs), compliant investment vehicles, and deeper partnerships with private banks and regulated financial institutions.
A Surge of Crypto Companies Heading Toward Public Markets
Amber isn’t alone. 2025 is shaping up to be a landmark year for crypto listings, with more than 10 major players actively advancing IPO plans. The trend is led by centralized finance (CeFi) giants—exchanges, asset managers, and infrastructure providers—seeking legitimacy, liquidity, and long-term scalability.
Key Players in the 2025 Crypto IPO Pipeline
- Kraken: Preparing for a potential Q1 2026 IPO after overcoming earlier regulatory hurdles under the previous administration.
- Gemini: Has confidentially filed for an IPO and is working with Goldman Sachs and Citigroup; could list as early as 2025 following resolution of CFTC and SEC investigations.
- Circle: Still navigating regulatory review for its long-delayed IPO; Polymarket forecasts a 59% chance of going public in 2025.
- eToro: Targeting a $5 billion+ valuation with a secret U.S. filing managed by Goldman Sachs, Jefferies, and UBS.
- Bullish Global: Exploring an IPO with Jefferies; backed by Peter Thiel and parent company of CoinDesk.
- Blockchain.com: In talks with Goldman Sachs and Morgan Stanley about potential listing routes.
- BitGo, Ionic Digital, Bgin Blockchain, and Fold Holdings (FLD)—all have active or advanced plans.
👉 See which crypto firms are next in line for public listing
This wave reflects a broader shift: crypto companies are no longer operating in regulatory gray zones. Instead, they’re embracing compliance frameworks, transparent governance, and audited financials—hallmarks of public market readiness.
Why 2025 Could Be the Breakout Year for Crypto IPOs
Several macro factors are converging to make 2025 the most viable year yet for crypto company listings:
- Regulatory Thaw: The incoming U.S. administration is widely expected to adopt a more supportive stance toward digital assets, reducing uncertainty for SEC reviews and listing approvals.
- Institutional Demand: Traditional finance players like JPMorgan and Goldman Sachs are increasingly engaging crypto-native firms for capital markets opportunities.
- Market Maturity: Many crypto businesses now have multi-year track records, clear revenue models, and scalable operations—key criteria for public investors.
- SPAC as a Launchpad: Merging with existing public shells offers a faster, less scrutinized path than direct listings, making it ideal for regulated transitions.
Moreover, Wall Street analysts at firms like ARK Invest believe the “IPO window” for crypto is reopening—finally allowing high-growth digital asset firms to access public capital without compromising innovation.
FAQs: Your Questions About Crypto IPOs Answered
Q: What is a crypto "IPO"?
A: While most crypto firms go public via SPAC mergers or direct listings rather than traditional IPOs, the term refers broadly to when a blockchain or digital asset company becomes publicly traded on a stock exchange.
Q: Is AMBR a direct listing or SPAC merger?
A: AMBR resulted from a SPAC-like reverse merger between Amber DWM and U.S.-listed iClick Interactive, allowing Amber to bypass some traditional IPO hurdles.
Q: Why are so many crypto companies going public now?
A: Regulatory clarity, investor demand, and mature business models have created favorable conditions. Going public brings credibility, liquidity, and access to institutional capital.
Q: Will these IPOs boost crypto adoption?
A: Yes. Public listings require transparency, audits, and compliance—building trust among traditional investors and accelerating mainstream adoption.
Q: Are tokenized RWAs part of these IPO strategies?
A: Absolutely. Firms like Amber plan to launch tokenized real-world assets (such as bonds or commodities) as compliant products targeting institutional clients.
Q: Can retail investors participate?
A: Once listed, shares like AMBR are available through standard brokerage accounts. However, early-stage investment typically remains limited to accredited or institutional investors.
Looking Ahead: The Future of Crypto in Public Markets
As more CeFi platforms prepare for public debuts, the line between traditional finance and digital asset ecosystems continues to blur. These listings aren't just exits—they're strategic moves toward sustainability, compliance, and global reach.
For investors, employees, and users alike, this shift promises greater accountability, transparency, and long-term value creation across the crypto economy.