Author: Tim Craig, DL News
Compiled by: Felix, PANews (this article has been edited)
The surging market under the leadership of US President Trump, as well as the advent of the new crypto era, have injected vitality into the strategic planning of crypto companies.
The past few years have not been easy for crypto companies.
First, the US SEC under the leadership of Chairman Gary Gensler has sued many companies.
Companies that have not been involved in legal disputes are facing scrutiny as to whether the crypto assets they issue or trade should be considered securities.
But since Trump took office and Gary resigned, companies including Gemini of the Winklevoss twins and Bullish backed by Peter Thiel have hinted at going public.
Here are some leading crypto companies that are considering or planning IPOs.
Circle
Circle is the company behind the $55 billion stablecoin USDC, which tried to go public in 2022 but failed. It filed an IPO application with the US SEC in January last year.
More than 13 months have passed, and the US SEC is still reviewing Circle's application.
Since submitting the application, Circle CEO Jeremy Allaire has repeatedly stated that the company is committed to going public.
In September last year, Allaire announced that his company would move its headquarters to New York before the planned IPO.
Allaire tweeted, "It's clear we need to plant our flag in the heart of Wall Street, both literally and symbolically."
A Circle spokesperson declined to comment on the company's IPO registration process, but becoming a public company has always been part of its core strategy.
Kraken
Since its larger competitor crypto exchange Coinbase went public in April 2021, the smaller competitor Kraken has been eager to follow suit.
Kraken's then-CEO Jesse Powell said in June of that year that the exchange planned to go public within 18 months.
But Jesse Powell resigned as CEO the following September, and the exchange's IPO plans seemed to have been shelved.
By 2024, Kraken is considering going public again. Sources told Bloomberg in June that the exchange is considering raising $100 million in a pre-IPO funding round. As of January this year, Kraken had only raised about $27 million in initial capital.
Kraken co-CEO Arjun Sethi said, "If we wanted to, we could choose to raise capital or take on debt." "Whether we're a private company or a public company, we can pursue all ways of accessing capital."
Gemini
Like Kraken, the cryptocurrency exchange Gemini, operated by Bitcoin billionaires Cameron and Tyler Winklevoss, hinted at an IPO as early as 2021.
Cameron Winklevoss told Bloomberg at the time, "We're definitely considering it and making sure we have that option."
A year later, due to the collapse of the Terra blockchain, crypto lending platform Celsius, and Sam Bankman-Fried's FTX, the crypto market crashed, and Gemini ultimately shelved the idea.
Reports now suggest the twins are rebooting Gemini's IPO plans.
Anonymous sources told Bloomberg that the cryptocurrency exchange and custodian is negotiating with potential listing advisors on going public.
Ripple
XRP issuer Ripple is another well-known company that may go public under the Trump administration.
In 2022, Ripple CEO Brad Garlinghouse told CNBC that once Ripple resolves its legal dispute with the SEC over whether its sale of XRP tokens constituted an illegal securities offering, Ripple will consider going public.
In 2024, Brad Garlinghouse said the company had explored IPO markets outside the US, but ultimately shelved those plans.
Although Judge Analisa Torres ruled last year that XRP is not a security, the US SEC has appealed the ruling.
Nevertheless, with the long-running legal dispute now in its final stages, Ripple's long-awaited IPO may be just around the corner.
Bullish
CoinDesk owner and cryptocurrency exchange Bullish is another company that has been eyeing an IPO.
In 2021, the company also announced its intention to go public through a SPAC, but shelved those plans.
Rumors about a Bullish IPO have been circulating for years. Now, an anonymous source tells Bloomberg that the exchange is again considering an initial public offering as early as this year.
BitGo
On February 12, Bloomberg reported that US crypto custodian BitGo is considering an initial public offering (IPO) as early as the second half of 2025. An anonymous source familiar with the matter said the California-based company is in talks with potential advisors about going public as early as the second half of this year.
BitGo completed a $100 million funding round in 2023, valuing the company at $1.75 billion. Investors include Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
BitGo provides crypto asset custody, trading, and lending services to over 1,500 institutional clients in more than 50 countries worldwide, and processes around 8% of global Bitcoin transactions.
It's worth noting that several other crypto companies are also expected to go public.
In its 2025 forecast report, asset manager Bitwise said crypto technology company Figure, crypto infrastructure company Anchorage Digital, and blockchain analytics firm Chainalysis are all likely to go public this year.
Additionally, crypto infrastructure provider Fireblocks is also considering an IPO, but the timeline will be longer. In an interview last year, Fireblocks CEO Michael Shaulov said, "We're not in a rush to go public." "From an optionality perspective, it's absolutely something we'll consider. Maybe in the next two to three years."
Related reading: Japanese exchange Coincheck to list on Nasdaq, will the Trump administration "green light" more crypto companies for IPOs?
