- Cryptocurrency companies are once more indicating their desire to become publicly traded.
- The new wave of crypto excitement anticipated by President Donald Trump may be influencing this movement.
The flourishing market and the dedication to a new phase of cryptocurrency under President Trump have ignited strategic initiatives among crypto enterprises.
In recent years, they have encountered various obstacles.
At first, the Securities and Exchange Commission, led by Chairman Gary Gensler, initiated legal actions against multiple firms.
Those not caught in legal issues have been examined regarding whether their issued or exchanged crypto assets ought to be categorized as securities.
However, since Trump assumed office and Gensler stepped down, firms like Gemini, established by the Winklevoss twins, and Bullish, supported by Peter Thiel, have suggested intentions to pursue public listings.
Below are some notable cryptocurrency firms contemplating initial public offerings. Why does a16z find it challenging to allocate its substantial crypto fund even after three years?
Circle
Circle is the organization behind the $55 billion UDSC stablecoin and recently submitted an IPO application to the SEC last January after a failed attempt to go public in 2022.
More than 13 months later, the SEC continues to evaluate Circle’s request.
Circle CEO Jeremy Allaire has consistently affirmed the company’s commitment to going public since the filing.
In September, Allaire revealed that the firm would move its headquarters to New York in preparation for the anticipated IPO.
Allaire stated on the X platform, “We must position ourselves in the core of Wall Street, both literally and metaphorically.”
A representative for Circle opted not to comment on the IPO registration process but informed DL News that transitioning to a publicly traded entity has always been a fundamental aspect of its strategy.
Kraken
Following its competitor Coinbase’s successful public listing in April 2021, the smaller exchange Kraken has been keen to replicate that success.
Jesse Powell, who held the position of CEO at Kraken during that period, disclosed in June that the exchange aimed to become publicly traded within 18 months. Nevertheless, Powell resigned from his role in September of the subsequent year, and the plans for the IPO of the exchange seemed to be postponed. As 2024 drew near, Kraken reconsidered the option of an IPO. As reported by Bloomberg, the exchange contemplated generating $100 million through a pre-IPO funding initiative. By January, Kraken had only succeeded in securing approximately $27 million in initial funding. “We possess the adaptability to select between acquiring funds or incurring debt if we choose,” remarked Kraken’s co-CEO, Arjun Sethi. “Regardless of being private or public, all avenues for capital acquisition are feasible for us.” Kraken did not provide feedback on inquiries regarding the IPO intentions.
Gemini
In a manner similar to Kraken, the cryptocurrency platform Gemini, overseen by Bitcoin billionaires Cameron and Tyler Winklevoss, also suggested aspirations for an IPO in 2021. “We are indeed contemplating this and ensuring we have that option,” Cameron Winklevoss informed Bloomberg at that time. Ultimately, a year later, as the cryptocurrency market encountered a substantial decline due to the failures of the Terra blockchain, crypto lending company Celsius, and Sam Bankman-Fried’s FTX, Gemini discarded the notion. Presently, the Winklevoss twins are reportedly revitalizing the IPO ambitions for Gemini. The cryptocurrency exchange and custodian are in discussions with potential advisors concerning the listing, Bloomberg reported on Thursday, citing unnamed sources. Gemini did not reply to this inquiry.
Ripple
Ripple, the cryptocurrency payment firm and issuer of XRP, is also among the prominent companies that contemplated going public during the Trump administration. In 2022, CEO Brad Garlinghouse mentioned in an interview with CNBC that Ripple would consider an IPO following the resolution of its legal dispute with the U.S. Securities and Exchange Commission (SEC) regarding whether its XRP token sales were deemed illegal securities offerings.
In 2024, Garlinghouse disclosed that his firm had contemplated an initial public offering (IPO) in markets beyond the United States but ultimately opted to postpone that initiative. Despite Judge Analisa Torres determining last year that XRP is not categorized as a security, the U.S. Securities and Exchange Commission (SEC) has contested that ruling. Nevertheless, as the protracted legal dispute approaches its resolution, Ripple’s long-anticipated IPO may soon become a reality. A spokesperson from Ripple chose not to provide any comments on the issue.
Bullish, another enterprise looking at an IPO, is also the proprietor of CoinDesk and a cryptocurrency trading platform. In 2021, the organization revealed intentions to go public via a special purpose acquisition company (SPAC), but those aspirations have been put on hold for several years. Currently, sources have informed Bloomberg that the exchange is reevaluating an IPO within this year. The company is collaborating with Jefferies and JPMorgan to investigate possible listing alternatives. Bullish has not addressed this inquiry.
Numerous Whats Fueling the Rise in XRP, LINK, BONK, Jasmy, and Other Altcoins? cryptocurrency firms are also regarded as potential candidates for going public. In its 2025 outlook, asset management company Bitwise emphasized crypto technology firm Figure, crypto infrastructure provider Anchorage Digital, and blockchain analytics company Chainalysis as strong possibilities for an IPO this year. Furthermore, crypto infrastructure provider Fireblocks is also contemplating going public, but on a more extended timeline. CEO Michael Shaulov mentioned in a discussion with CoinDesk last year, “We don’t have an immediate necessity. This is certainly an option we will evaluate, possibly in two to three years.”
Tim Craig serves as a DeFi journalist for DL News based in Edinburgh. If you possess any insights, please reach out to [email protected].
