The successful IPO of Coinbase (ticker: COIN) marked a watershed moment for the cryptocurrency industry as the first fully regulated crypto company to become a publicly traded U.S. entity. This milestone represents a significant step toward mainstream acceptance for digital assets, which were once dismissed by traditional finance as speculative schemes.
With Coinbase paving the way, industry attention now turns to other major players considering public offerings. Below we analyze five prominent crypto companies that have hinted at or confirmed near-term IPO plans.
Top Contenders for the Next Crypto IPO
1. Kraken
Founded in 2011, Kraken stands as one of America's oldest cryptocurrency exchanges. Key highlights:
- Currently ranks as the 4th largest exchange globally by trading volume (CoinMarketCap data)
- CEO Jesse Powell confirmed potential 2025 IPO plans in a Fox Business interview
- Reportedly seeking funding at a $20 billion valuation (February 2024)
Powell remarked: "We're certainly considering going public next year. Coinbase has been a great pioneer, and we're observing how IPO status affects their operational agility."
👉 Discover how major exchanges are transforming crypto markets
2. Gemini
The Winklevoss twins' brainchild since 2015 offers:
- Regulated exchange serving institutional and retail traders
- Co-founders confirmed IPO discussions in Bloomberg interview
- Strong position in USD-backed stablecoin market
Cameron Winklevoss stated: "We're evaluating market conditions and believe this could be the right strategic move for Gemini at this stage."
3. Apifiny
This innovative liquidity network features:
- Cross-exchange connectivity solving market fragmentation
- CEO Haohan announced 2024 IPO target
- Focus on institutional-grade trading infrastructure
"Going public would accelerate our growth trajectory," Haohan told Finance Magnates regarding their year-end timeline.
4. Bakkt
The ICE-backed platform is transitioning via SPAC merger:
- $2.1 billion valuation through VPC Acquisition deal
- NYSE listing planned
- Comprehensive services including custody and payments
👉 Explore institutional crypto adoption trends
5. BlockFi
This lending pioneer shows strong IPO signals:
- $3.5 billion valuation after March 2024 funding round
- Actively recruited CFO with IPO experience
- CEO Zac Prince targeting late-2024 debut
Crypto IPO Market Outlook
The pipeline reflects growing institutional confidence in digital assets. Key trends:
- Regulatory Clarity - Improved frameworks enabling compliant listings
- Market Maturation - Expanding beyond exchange services to diverse verticals
- Investor Demand - Traditional finance seeking crypto exposure
Frequently Asked Questions
Q: Why are so many crypto companies going public now?
A: Public listings validate business models, provide liquidity for early investors, and enable capital raising for expansion in this competitive sector.
Q: How does a SPAC merger differ from traditional IPO?
A: SPACs (like Bakkt's approach) offer faster timelines and more predictable pricing than conventional underwritten offerings.
Q: What risks do crypto IPOs carry?
A: Volatility exposure, evolving regulations, and technological risks remain considerations, though maturing infrastructure mitigates some concerns.
Q: Can retail investors participate in these IPOs?
A: Typically yes, though allocation priorities often go to institutional investors in traditional IPOs.
Q: How do crypto IPOs impact Bitcoin's price?
A: While correlation isn't automatic, successful listings generally boost mainstream adoption and overall market confidence.
The coming year promises to reshape the financial landscape as these digital asset innovators transition to public markets. Their performance will serve as a crucial indicator of cryptocurrency's evolving role in global finance.