The landmark public listing of Coinbase (ticker: COIN) marked a turning point for the digital asset industry. As the first fully regulated cryptocurrency exchange to go public in the United States, its debut on the Nasdaq not only validated the legitimacy of crypto businesses but also opened the floodgates for others to follow.
Once dismissed as a speculative bubble or even a scam by traditional finance, cryptocurrencies are now gaining broader institutional acceptance—and Coinbase’s IPO played a pivotal role in that shift. With one major player already listed, the natural question arises: Who will be the next crypto company to go public?
Several prominent players have signaled their intentions, whether through executive comments, funding rounds, or strategic moves toward regulatory compliance. Below, we explore the most likely candidates poised for an IPO in the near future.
Kraken: A Major Contender
Founded in 2011, Kraken is one of the longest-standing U.S.-based cryptocurrency exchanges. Known for its strong security practices and deep liquidity, Kraken ranks as the fourth-largest exchange globally by trading volume, according to CoinMarketCap.
In a recent interview with Fox Business, CEO Jesse Powell addressed speculation about a potential IPO. When asked if Kraken might go public next year, Powell responded:
“Certainly. We’re glad Coinbase has been the guinea pig in this space. We’ll be watching closely how going public impacts their agility and operational flexibility.”
This statement suggests that while Kraken is seriously considering an IPO, it’s taking a measured approach—learning from Coinbase’s experience before making its own move.
Earlier this year, reports surfaced that Kraken was in talks with major investors including Fidelity, Tribe Capital, and General Atlantic, aiming to raise capital at a staggering $20 billion valuation. Such interest from institutional heavyweights further strengthens its position as a top IPO candidate.
👉 Discover how leading crypto platforms are preparing for public markets
Gemini: Twin Ambitions for Public Listing
Founded in 2013 by twin brothers Cameron and Tyler Winklevoss, Gemini has built a reputation as a compliant, user-friendly exchange focused on security and regulatory adherence.
In an interview with Bloomberg earlier this year, Cameron confirmed that going public is actively under consideration:
“We are certainly thinking about it and believe it could be a great option for us. We’re monitoring the market closely and having internal discussions to determine the right timing. We’re open to it.”
With Coinbase having paved the way, Gemini appears increasingly likely to pursue an IPO. The exchange has expanded aggressively into new financial products, including interest accounts, NFT marketplaces, and custody solutions—all of which enhance its appeal to public market investors.
Moreover, Gemini’s consistent emphasis on transparency and regulation aligns well with the expectations of public shareholders and SEC oversight.
Apifiny: Bridging Liquidity for Growth
While less well-known than Kraken or Gemini, Apifiny is positioning itself as a key infrastructure player in the crypto ecosystem. It operates a digital asset trading network that connects multiple exchanges to aggregate liquidity—effectively solving one of the industry’s biggest challenges: fragmented markets.
In an interview with Finance Magnates, Apifiny CEO Haohan Wang revealed the company’s ambitions:
“We are considering going public to accelerate our growth trajectory and plan to complete the process by the end of this year.”
An IPO would provide Apifiny with the capital needed to scale its cross-exchange matching engine and expand into new regions. Given the growing demand for seamless liquidity across platforms, Apifiny’s model could attract significant investor interest.
Bakkt: Merging into Public Markets
Unlike traditional IPOs, Bakkt—a subsidiary of Intercontinental Exchange (ICE), the parent company of the NYSE—is taking the SPAC (Special Purpose Acquisition Company) route to go public.
In January, Bakkt announced a merger agreement with VPC Acquisition Holdings, a blank-check company. The deal values Bakkt at $2.1 billion and will see the combined entity listed on the New York Stock Exchange under the name Bakkt Holdings, Inc.
Bakkt offers a comprehensive suite of crypto services:
- Institutional custody
- Futures and options trading
- Consumer wallet and rewards platform
- Merchant payment solutions
Its backing by ICE gives it unparalleled credibility in traditional finance circles. While the exact listing date remains unconfirmed, Bakkt’s SPAC merger puts it firmly on the path to becoming a publicly traded company.
BlockFi: Betting Big on Public Debut
BlockFi has emerged as a leader in the crypto lending space, offering interest-bearing accounts and loans backed by digital assets. In March, it raised $350 million in a Series D round at a $3 billion valuation—a clear signal of investor confidence.
Back in July 2020, BlockFi posted a job listing for a Chief Financial Officer with explicit responsibilities tied to an IPO:
“Guide and deploy the finance team through late-stage investments, acquisitions, and IPO.”
CEO Zac Prince told The Block that an IPO could happen as early as late 2021. Though delays due to regulatory scrutiny have likely pushed timelines back, BlockFi remains committed to long-term transparency and scalability—key prerequisites for any public listing.
With increasing pressure on crypto firms to demonstrate sound financial governance, BlockFi’s focus on building a robust compliance framework positions it well for future public market entry.
👉 Learn how crypto innovation is reshaping financial markets
FAQ: Your Questions Answered
Q: Why is Coinbase’s IPO so significant for the crypto industry?
A: Coinbase was the first major U.S.-regulated crypto exchange to list on a major stock exchange (Nasdaq). Its success proved that crypto businesses can operate transparently and profitably within existing financial frameworks, boosting investor confidence across the sector.
Q: What are the benefits of a crypto company going public?
A: Public listing provides access to large-scale capital, enhances brand credibility, increases transparency, and allows early employees and investors to liquidate shares. It also subjects companies to stricter governance standards, which builds trust with users and regulators.
Q: Are SPAC mergers common among crypto firms?
A: Yes—especially recently. SPACs offer a faster, more predictable alternative to traditional IPOs. Companies like Bakkt and SoFi have used this route to enter public markets without undergoing the lengthy underwriting process.
Q: Will more crypto exchanges follow suit in 2025?
A: Very likely. With growing mainstream adoption and clearer regulatory pathways emerging, exchanges like Kraken, Gemini, and others are well-positioned to pursue IPOs if market conditions remain favorable.
Q: How do IPOs affect everyday crypto users?
A: While not directly impacting trading or wallet functionality, public listings often lead to improved platform stability, better customer support, and expanded product offerings—all funded by new capital injections.
Q: Is investing in newly public crypto companies risky?
A: As with any investment, there are risks. Crypto firms face volatility in both digital asset prices and regulatory environments. However, public reporting requirements provide greater visibility into financial health compared to private entities.
Final Thoughts
The era of crypto IPOs has officially begun. With Coinbase leading the charge, companies like Kraken, Gemini, Apifiny, Bakkt, and BlockFi are all advancing toward public listings through various paths—whether via traditional IPOs or SPAC mergers.
These developments reflect maturation within the industry: stronger compliance, institutional-grade infrastructure, and long-term strategic planning. For investors and users alike, this trend signals increased stability and legitimacy in the digital asset space.
As more players prepare for the spotlight of public markets, one thing is clear—the bridge between traditional finance and cryptocurrency is no longer theoretical. It’s being built—one IPO at a time.