The Next Wave: Top Crypto Firms Preparing for IPOs in a New Era

The tides are shifting in the crypto industry, and a new wave of public offerings is on the horizon. With markets rebounding and a more favorable regulatory landscape emerging under the Trump administration, several major crypto firms are reigniting their IPO ambitions.

For years, regulatory uncertainty, particularly under SEC Chair Gary Gensler, kept many crypto companies in limbo. Some faced legal battles, while others struggled with classification issues surrounding their assets. However, with Gensler stepping down and a pro-business sentiment returning to Washington, firms like Circle, Kraken, Ripple, and others are moving closer to the public markets.

Circle: The USDC Giant Moves Closer to Wall Street

Circle, the company behind the $55 billion USDC stablecoin, is determined to go public. After a failed SPAC merger in 2022, Circle filed for an IPO with the SEC in January 2023. More than a year later, the filing remains under review.

CEO Jeremy Allaire has reiterated that going public is a core part of Circle’s strategy. The firm has even relocated its headquarters to New York, signaling its intent to integrate more closely with traditional finance. While the SEC remains tight-lipped, Circle’s IPO appears inevitable as the regulatory environment shifts.

Kraken: A Second Attempt at Going Public?

Kraken, one of the world’s largest crypto exchanges, has long been eyeing an IPO. After Coinbase’s successful listing in 2021, Kraken initially planned to follow suit but shelved the idea due to market downturns and leadership changes.

Now, in 2024, Kraken is revisiting the idea. Reports suggest the exchange attempted to raise $100 million in pre-IPO funding but secured only $27 million by January. Despite the slower-than-expected progress, Kraken’s leadership remains open to various capital-raising options, including an eventual IPO.

Gemini: The Winklevoss Twins Reignite IPO Ambitions

Gemini, founded by Bitcoin billionaires Cameron and Tyler Winklevoss, has flirted with the idea of an IPO since 2021. Market turbulence and the fallout from crypto collapses like Terra and FTX forced the company to delay its plans.

Now, the Winklevoss twins are reportedly engaging with advisers to explore a public listing. While no official announcements have been made, Gemini’s move signals renewed confidence in the broader crypto market’s stability.

Ripple: Waiting for the Right Moment

Ripple’s long-standing legal battle with the SEC over XRP has been a significant roadblock to its IPO aspirations. While a partial legal victory in 2023 confirmed that XRP is not a security, the SEC has appealed the ruling, adding further delays.

Despite this, Ripple CEO Brad Garlinghouse has stated that the company remains open to an IPO once the legal dust settles. With global markets presenting alternative options, Ripple’s public offering may not necessarily happen in the U.S., but its ambitions remain intact.

Bullish: A Quiet Comeback to Public Markets

Bullish, the crypto exchange owned by CoinDesk, initially planned to go public via a SPAC in 2021 but put those plans on hold. Now, sources indicate that Bullish is once again exploring an IPO, working with investment banks Jefferies and JPMorgan on a potential listing.

Who’s Next? Other Firms with IPO Potential

Beyond these major players, several other crypto firms are also positioning themselves for public offerings. According to asset manager Bitwise, firms such as Figure, Anchorage Digital, and Chainalysis are potential IPO candidates for 2025. Meanwhile, Fireblocks, a major crypto infrastructure provider, has indicated that an IPO is on its long-term roadmap, though not within the next couple of years.

BitGalactic’s Take: What This Means for Crypto Investors

From BitGalactic’s perspective, this surge in IPO activity signals a critical turning point for the crypto industry. Unlike the speculative hype of past bull runs, these companies are now pushing for legitimacy by integrating with traditional financial markets. A successful wave of IPOs could bring greater transparency, regulatory clarity, and institutional investment into the crypto space.

However, investors should remain cautious. The regulatory landscape, while improving, is still unpredictable, and public markets are far more scrutinized than the relatively freewheeling world of private crypto firms. As companies like Ripple, Kraken, and Circle move closer to IPOs, their success—or failure—will set a precedent for the future of crypto in mainstream finance.

For savvy investors, these IPOs could present new opportunities, but due diligence is key. Will these firms thrive in the public markets, or will regulatory headwinds and traditional finance skepticism pose challenges? The coming months will reveal whether crypto’s biggest players are truly ready for Wall Street.