Crypto trading firm FalconX has confidentially filed a draft S-1 registration statement with the Securities and Exchange Commission (SEC), the initial step toward a potential public listing, according to a person with knowledge of the matter.

FalconX has hired Wall Street heavyweight Cantor and other bankers to advise on its initial public offering (IPO), the person said, who spoke on condition of anonymity as the matter is private.

The California-based company’s IPO is not expected to happen until the end of the year, given market conditions, the person added. CoinDesk previously reported that Cantor was among the firms pitching FalconX for its potential listing.

Both FalconX and Cantor declined to comment.

FalconX is a brokerage and…