The successful public listing of Coinbase (ticker: COIN) marked a pivotal moment in the evolution of the digital asset industry. As the first fully regulated cryptocurrency company to go public in the United States, its IPO signaled a major step toward mainstream financial legitimacy. Once dismissed as speculative or even fraudulent by traditional finance, cryptocurrencies are now gaining institutional credibility — and Coinbase led the charge.
With this landmark event behind us, a natural question arises: Who’s next in line for a public debut? Several major players in the crypto space have either hinted at or openly discussed their intentions to pursue an IPO in the near future. In this article, we’ll explore the most likely candidates, their strategic positioning, and what their potential listings could mean for the broader market.
Kraken: A Strong Contender on the IPO Radar
Founded in 2011, Kraken is one of the longest-standing U.S.-based cryptocurrency exchanges. Known for its robust security protocols and compliance-first approach, Kraken ranks among the top global platforms by trading volume — currently holding the fourth position according to CoinMarketCap data.
Kraken CEO Jesse Powell recently confirmed growing interest in going public. In an interview with Fox Business, he stated:
“Certainly. We’re watching what happens with Coinbase as a pioneer. It’s valuable to see how going public impacts their agility and operations before we make our move.”
This cautious optimism suggests Kraken is preparing for an IPO, possibly as early as next year. The company is already in advanced discussions with major financial institutions like Fidelity, Tribe Capital, and General Atlantic, reportedly seeking funding at a $20 billion valuation — a strong signal of investor confidence.
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Gemini: Twin Visionaries Eyeing Wall Street
Founded by brothers Cameron and Tyler Winklevoss in 2013, Gemini has built a reputation as a trusted, compliant exchange focused on security and regulatory adherence. The platform launched in 2015 and has since expanded into custody solutions, interest accounts, and even its own stablecoin (GUSD).
In a recent Bloomberg interview, Cameron Winklevoss shared that the company is actively considering an IPO:
“We are looking at it. We believe it could be a great path forward. We’re monitoring market conditions and having internal discussions about timing. We’re open to it.”
With Coinbase having paved the way, Gemini appears well-positioned for a similar journey. Its strong regulatory track record and growing product suite make it an attractive candidate for public investors seeking exposure to crypto infrastructure.
Apifiny: Bridging Liquidity with Public Ambitions
Apifiny is not a traditional exchange but rather a digital asset trading network that aggregates liquidity across multiple platforms. By connecting exchanges, institutions, and market makers, Apifiny enhances price discovery and reduces slippage — solving one of crypto’s persistent challenges.
In a statement to Finance Magnates, Apifiny CEO Haohan Xu revealed:
“We are considering an IPO to accelerate our growth and plan to complete the process by the end of this year.”
If successful, Apifiny’s listing would highlight investor appetite not just for exchanges, but for critical backend infrastructure enabling efficient crypto markets.
Bakkt: The Institutional-Grade Crypto Platform Going Public via SPAC
Bakkt, launched by Intercontinental Exchange (ICE), the parent company of the NYSE, has taken a different route to public markets — through a merger with VPC Acquisition Holdings, a special purpose acquisition company (SPAC). This deal values Bakkt at $2.1 billion and will see the combined entity listed on the New York Stock Exchange under the new name Bakkt Holdings.
Bakkt offers a comprehensive suite of services including:
- A regulated futures exchange
- A digital wallet
- Merchant payment solutions
- Institutional custody
While the exact timeline for its official listing remains unclear, Bakkt’s backing by major financial players underscores growing institutional confidence in crypto-native businesses.
BlockFi: Leading the DeFi-Inspired Lending Charge
BlockFi has emerged as a key player in the crypto lending space, offering interest-bearing accounts and loans backed by digital assets. In March, it raised $350 million at a $3 billion valuation — a clear vote of confidence from venture capital firms.
Back in July 2020, BlockFi posted a job listing for a Chief Financial Officer with explicit responsibilities related to “late-stage investments, acquisitions, and IPOs.” CEO Zac Prince later told The Block that an IPO could happen as early as late 2021.
Although regulatory scrutiny around yield products has increased, BlockFi’s strong user base and product innovation keep it firmly in the IPO conversation.
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Frequently Asked Questions (FAQ)
Q: Why is Coinbase’s IPO significant for the crypto industry?
A: Coinbase was the first fully regulated U.S.-based cryptocurrency company to go public. Its IPO brought legitimacy to the sector, opened doors for institutional investment, and demonstrated that crypto businesses can meet rigorous financial reporting standards.
Q: Is Kraken definitely going public in 2025?
A: While Kraken has expressed strong interest in an IPO and may list as early as 2025, no official date has been confirmed. The company is closely observing Coinbase’s post-IPO performance before making final decisions.
Q: How does a SPAC merger differ from a traditional IPO?
A: A SPAC (Special Purpose Acquisition Company) merger allows a private company to go public faster and with less regulatory complexity than a traditional IPO. Bakkt used this route to accelerate its entry into public markets.
Q: Can non-U.S. investors participate in these IPOs?
A: Yes, once listed on U.S. exchanges like Nasdaq or NYSE, these stocks are generally accessible to international investors through global brokerage platforms.
Q: What risks do crypto IPOs face?
A: Regulatory uncertainty, market volatility, and evolving compliance requirements pose challenges. Additionally, going public may limit operational agility due to increased disclosure and shareholder expectations.
Q: Will more crypto startups pursue IPOs after 2025?
A: Absolutely. As market infrastructure matures and regulatory clarity improves, more digital asset firms — especially those focused on custody, trading, and blockchain infrastructure — are expected to follow suit.
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Final Outlook: The Road to Mainstream Adoption
The Coinbase IPO wasn’t just a corporate milestone — it was a cultural shift. It proved that crypto-native companies can thrive under public scrutiny and attract traditional capital. Now, Kraken, Gemini, Bakkt, BlockFi, and Apifiny are all positioning themselves for similar transitions.
As these firms move closer to public listings, they bring greater transparency, accountability, and accessibility to the digital asset ecosystem. For investors, this opens new avenues to gain exposure to blockchain innovation without directly holding volatile cryptocurrencies.
While each company takes a different path — direct listing, SPAC merger, or traditional IPO — they share a common goal: building sustainable, scalable businesses within the global financial system.
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The era of crypto going public has only just begun. With increasing institutional adoption and regulatory frameworks taking shape, 2025 could mark the start of a new chapter — one where digital asset leaders stand alongside tech giants on major stock exchanges worldwide.