The successful public listing of Coinbase (ticker: COIN) marked a pivotal moment for the cryptocurrency industry — it was the first fully regulated crypto-native company to go public on a major U.S. stock exchange. This landmark event not only validated the legitimacy of digital assets in traditional finance but also opened the floodgates for other major players in the space to consider their own paths to becoming publicly traded.
After years of skepticism from mainstream financial institutions, the Coinbase IPO helped cement cryptocurrency as a legitimate asset class. With increased regulatory clarity and growing institutional adoption, several prominent crypto firms are now positioning themselves for potential initial public offerings (IPOs). In this article, we’ll explore the most likely candidates to follow in Coinbase’s footsteps.
Key Players Eyeing the Public Markets
As investor confidence in blockchain and digital assets continues to rise, multiple crypto platforms have signaled intentions to go public. Here are the top contenders actively preparing or considering an IPO.
Kraken: A Major Exchange on the Brink
Founded in 2011, Kraken is one of the oldest and most respected cryptocurrency exchanges in the United States. Known for its strong security protocols and compliance focus, Kraken ranks among the top global exchanges by trading volume.
In a recent interview with Fox Business, CEO Jesse Powell confirmed that an IPO is under serious consideration.
“Of course. We’re watching closely what happens with Coinbase as pioneers in this space. Their experience will inform our own decisions about timing and strategy.”
This statement suggests Kraken is taking a measured approach, learning from Coinbase’s public debut before making its own move. The company has also been in talks with major investors like Fidelity, Tribe Capital, and General Atlantic, reportedly seeking funding at a $20 billion valuation — a clear sign of institutional interest and preparation for future growth.
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Gemini: The Winklevoss Twins’ Public Ambitions
Launched in 2015 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 Winklevoss revealed that going public is actively being evaluated.
“We’re definitely thinking about it. It’s something we believe could be beneficial for the company. We’re monitoring market conditions and having internal discussions to determine the right timing.”
With Coinbase already paving the way, Gemini appears well-positioned for a potential listing. Its strong regulatory track record and expanding suite of products — including interest accounts, NFT marketplaces, and custody solutions — make it an attractive candidate for public investors.
Apifiny: Bridging Liquidity Across Exchanges
Apifiny operates as a digital asset trading network that connects multiple exchanges to aggregate liquidity — essentially creating a unified marketplace for crypto assets.
CEO Haohan Xu recently stated that the company is targeting a public listing by the end of the year.
“We are considering going public to accelerate our growth trajectory and plan to complete this process before year-end.”
While Apifiny may not be as widely recognized as Kraken or Gemini, its infrastructure-focused model addresses a critical pain point in the fragmented crypto ecosystem: liquidity fragmentation. As cross-exchange interoperability becomes increasingly important, Apifiny’s role could gain greater visibility ahead of any public offering.
Bakkt: Merging with SPAC to Enter Public Markets
Unlike traditional IPOs, Bakkt, the digital asset platform backed by Intercontinental Exchange (ICE), chose a faster route to becoming publicly traded — merging with a special purpose acquisition company (SPAC), VPC Acquisition Holdings.
This merger valued Bakkt at $2.1 billion and resulted in the newly named Bakkt Holdings, Inc., set to list on the New York Stock Exchange. The platform offers a comprehensive suite of services, including:
- Bitcoin futures trading
- Custody solutions
- A consumer wallet app
- Crypto rewards and payment integrations
Although the exact timeline for full public trading remains unclear, Bakkt’s SPAC deal reflects a growing trend among crypto firms seeking quicker access to capital markets without the lengthy traditional IPO process.
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BlockFi: Leading the DeFi Lending Charge
BlockFi has emerged as a leader in the crypto lending space, offering interest-bearing accounts and loans secured by digital assets. In March, it raised $350 million at a $3 billion valuation — signaling strong investor confidence.
Back in July 2020, BlockFi posted a job listing for a Chief Financial Officer with explicit responsibilities tied to IPO readiness:
“Guide and deploy finance team through late-stage investments, acquisitions, and IPO.”
Zac Prince, CEO of BlockFi, told The Block that the company could go public as early as late 2021. Given its rapid user growth and expanding product line — including a Visa debit card linked to crypto balances — BlockFi is clearly building infrastructure suitable for public scrutiny.
Frequently Asked Questions (FAQ)
Q: Why is Coinbase’s IPO significant for the crypto industry?
A: Coinbase’s IPO was groundbreaking because it was the first direct listing of a fully regulated U.S.-based cryptocurrency exchange. It brought institutional credibility to digital assets and demonstrated that crypto businesses can meet SEC reporting standards.
Q: What are the benefits of a crypto company going public?
A: Public listings provide access to large pools of capital, increase brand trust, enhance transparency, and allow early investors and employees to liquidate shares. For users, it often means greater platform stability and long-term viability.
Q: Are all these companies using traditional IPOs?
A: Not necessarily. While some may pursue traditional IPOs, others like Bakkt are opting for SPAC mergers — a faster alternative that allows them to become publicly traded without an underwritten offering.
Q: How might regulation affect upcoming crypto IPOs?
A: Regulatory compliance is crucial. Companies like Kraken, Gemini, and BlockFi emphasize adherence to U.S. laws, which strengthens their case for public listing. Any regulatory misstep could delay or derail IPO plans.
Q: Will more crypto startups go public in 2025?
A: Yes. With Coinbase proving the model works and increasing institutional demand for exposure to crypto, more mature platforms are expected to pursue public listings in 2025 — especially those with strong revenue models and compliance frameworks.
Q: Can retail investors participate in these IPOs?
A: Once listed, shares become available through standard brokerage accounts. However, pre-IPO investments are typically limited to accredited investors during private funding rounds.
Final Thoughts: The Road Ahead for Crypto IPOs
The era of crypto companies entering public markets has only just begun. Coinbase’s success has lowered barriers and provided a blueprint for others to follow. With Kraken, Gemini, Apifiny, Bakkt, and BlockFi all signaling intentions to go public, we’re likely to see a wave of new listings over the next few years.
These developments signal broader acceptance of blockchain technology within traditional finance. As more platforms embrace transparency, compliance, and scalability, investor confidence will continue to grow — fueling further innovation across decentralized finance (DeFi), custody solutions, and digital payments.
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Core Keywords: cryptocurrency, IPO, Coinbase, Kraken, Gemini, BlockFi, digital assets, public listing