Crypto IPO Boom of 2025? Amber Group Lists on Nasdaq as Over 10 Firms Queue for Public Debut

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The year 2025 may well be remembered as the breakout year for crypto IPOs, with Amber Group’s landmark Nasdaq listing signaling the start of a broader market shift. The digital wealth management platform Amber Premium, a subsidiary of Amber Group, has officially merged with U.S.-listed company iClick Interactive. The newly formed entity, Amber International Holding Limited, began trading under the ticker symbol AMBR yesterday.

Amber International closed its first trading day at $11 per share, achieving a total trading volume of $3.06 million and reaching a market capitalization of $960 million. This milestone not only marks a major achievement for Amber Group but also sets a precedent for other crypto-native firms eyeing traditional capital markets.

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From Private Giant to Public Player: Amber’s 8-Year Journey

Founded in 2017, Amber Group has evolved into one of Asia’s most influential crypto asset management firms. For years, it operated largely behind the scenes, serving over 2,000 institutional clients and facilitating more than $1 trillion in cumulative trading volume. Despite its scale, the company remained private—until now.

Back in October 2021, co-founder and CEO Michael Wu told the South China Morning Post that an IPO within two years was under active consideration, with the U.S. as the preferred destination. While delays pushed the timeline past initial expectations, the completion of this SPAC (Special Purpose Acquisition Company) merger brings that vision to life.

The entity behind the listing—Amber DWM—is the holding company for Amber Premium, which focuses on digital wealth management for high-net-worth individuals and institutions. Prior to the merger, Amber DWM restructured its assets, including acquiring full ownership of WhaleFin Markets Limited, its exchange platform.

Under the deal terms, pre-merger Amber DWM shareholders now control approximately 90% of the combined company and hold 97% of voting power, ensuring strategic continuity. Michael Wu will serve as Chairman of the Board, guiding long-term strategy, while co-founder Wayne Huo takes on the role of CEO and director, overseeing day-to-day operations.

Financial Footprint and Funding History

Although detailed financial disclosures have been limited in recent years, Amber Group reported managing over $5 billion in assets** in 2022, with **$250 million in revenue during the first half of that year.

Between 2020 and 2022, the firm raised nearly $630 million across four funding rounds, attracting top-tier investors from both traditional finance and Web3 ecosystems. Backers include Temasek, Sequoia China, Tiger Global, and Tiger Brokers, alongside crypto-focused funds like Pantera Capital, Paradigm, and Coinbase Ventures.

Its valuation peaked at **$3 billion** following a $200 million Series B round led by Temasek in 2022—just before the market downturn triggered by the FTX collapse.

Navigating the Crypto Winter

The fallout from FTX hit Amber Group directly: approximately $60 million of its capital was frozen on the failed exchange. While the company emphasized this represented only about 10% of its trading capital, reputational damage and investor concerns followed.

Certain products linked to FTX exposure experienced significant drawdowns, prompting internal restructuring. Staff numbers were reduced from around 1,100 to roughly 300, and non-core initiatives—including metaverse projects and consumer-facing services—were paused.

Plans for a $100 million B+ round at a $3 billion valuation were shelved. Instead, the company shifted focus to a Series C round at a lower valuation, though specific figures remain undisclosed.

Regulatory uncertainty under previous U.S. administrations further delayed public listing ambitions. Now, with a more favorable regulatory climate anticipated under President Trump’s administration, the path to IPO has reopened.

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Compliance, Expansion, and Strategic Vision Post-IPO

With its Nasdaq debut complete, Amber International is positioning itself as a bridge between traditional finance and digital assets. According to its official announcement, the company will prioritize four key areas:

This strategic pivot reflects growing demand for regulated, transparent access to crypto markets—especially among institutional investors seeking yield in a high-interest-rate environment.

The Rise of CeFi: Over 10 Crypto Firms Eyeing IPOs

Amber Group isn’t alone. A wave of centralized finance (CeFi) companies is preparing for public listings, driven by improved regulatory clarity and strong institutional interest.

Wall Street giants like Goldman Sachs and JPMorgan Chase are now actively advising crypto clients on IPO pathways. ARK Invest has noted that the Trump administration could officially reopen the IPO window for U.S.-based crypto firms.

Key Players in the 2025 IPO Pipeline

Other names frequently mentioned include Digital Currency Group, Consensys, Anchorage Digital, Figure, and Chainalysis—all seen as strong candidates for future public offerings.

FAQ: Your Questions About the Crypto IPO Surge

Q: Why are so many crypto companies going public in 2025?
A: A combination of favorable regulatory changes under the Trump administration, increased institutional adoption, and improved market conditions has created an ideal environment for crypto IPOs.

Q: What is a SPAC merger, and why do crypto firms prefer it?
A: A SPAC (Special Purpose Acquisition Company) allows private companies to go public faster than a traditional IPO. Many crypto firms choose this route due to its speed and flexibility.

Q: Is Amber Group profitable?
A: While recent earnings aren’t fully disclosed, Amber reported $250 million in revenue in H1 2022. Post-IPO transparency requirements will likely lead to more frequent financial reporting.

Q: How does tokenization fit into Amber’s strategy?
A: Amber plans to launch tokenized real-world assets (RWAs), enabling fractional ownership of physical assets like real estate or commodities using blockchain technology.

Q: Will decentralized finance (DeFi) projects also go public?
A: Most DeFi protocols operate without central entities, making traditional IPOs difficult. However, their corporate arms or development foundations may pursue listings in the future.

Q: Are these IPOs safe investments?
A: As with any public offering, investors should conduct due diligence. Increased regulation improves transparency but doesn’t eliminate market risk.

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Conclusion: The Dawn of Institutional Crypto

The listing of Amber International represents more than just one company’s success—it symbolizes a turning point for the entire crypto industry. With over ten major players lining up for IPOs, 2025 is shaping up to be the true "Crypto IPO Year."

Centralized exchanges and CeFi platforms are leading this charge, leveraging regulatory progress and institutional demand to enter mainstream finance. As transparency increases and product offerings mature, digital assets are becoming an integral part of global capital markets.

For investors, innovators, and financial institutions alike, the convergence of crypto and traditional finance is no longer speculative—it’s underway.

Core Keywords: crypto IPO, Amber Group, Nasdaq listing, CeFi, tokenized real-world assets, institutional crypto, SPAC merger, Gemini IPO