IPO boom: Why crypto companies want to go public
Which crypto companies are preparing for an IPO
Leading Wall Street banks predict that 2025 will be the year of IPOs for crypto companies. It seems their forecast is starting to come true, as several major players have already announced plans for public listings.
Large banks are actively working to build relationships with the crypto sector. Financial executives believe that President Donald Trump’s pro-crypto stance will spark a wave of IPOs among crypto firms. Many companies had postponed their plans due to the previous administration’s negative stance, but the landscape has now shifted.
This is why Morgan Stanley is actively seeking potential IPO clients, Bank of America is developing new deal-making strategies for digital asset firms, and Royal Bank of Canada is diversifying its business after its first crypto deal last year.
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This trend shows that major financial players are eager to capitalize on lucrative deals in 2025. With Bitcoin and cryptocurrencies in the spotlight, they are now turning their focus to this industry. But which crypto companies are preparing to go public?
Top 5 crypto companies preparing for IPOs
Circle
Circle, the issuer of the USDC stablecoin, has been attempting to go public for several years. Its first attempt in 2022 via a SPAC merger with Concord Acquisition Corp was unsuccessful, leading to the cancellation of the deal.
In January 2024, Circle filed new IPO documents with the U.S. Securities and Exchange Commission (SEC), though the regulator has yet to approve them.
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Gemini
One of the most recent IPO filings came from the Gemini crypto exchange, owned by the Winklevoss twins. To facilitate the process, the company partnered with Goldman Sachs and Citigroup.
However, Gemini has not officially announced the IPO, as the filings were submitted confidentially. Still, it’s clear that the company aims to strengthen its presence in traditional finance.
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Kraken
Since Coinbase became the first major U.S. crypto exchange to go public in 2021, its competitor Kraken has been eager to follow.
Kraken’s leadership has repeatedly expressed intentions to go public, setting various timelines. According to their latest announcement, the IPO is expected in Q1 2026. The move is designed to boost trust among customers, partners, and investors.
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Ripple
Ripple, a veteran in the crypto space, has also expressed IPO ambitions. The company’s XRP token has recently gained strength, and Ripple had initially planned to go public in 2022. However, a prolonged legal battle with the SEC delayed those plans.
Now, the case is nearing its final stage. According to attorney John Deaton, Ripple could become a publicly traded company by late 2025 or early 2026, depending on the lawsuit’s outcome.
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Bullish Global
The Bullish Global exchange, backed by billionaire Peter Thiel, could also launch an IPO in 2025. The company has been eyeing this move since 2021, but it seems now is the right moment.
Reports suggest that Bullish Global is working with Jefferies Financial Group Inc. to prepare for the IPO, though details are still being finalized.
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And this is just a small portion of the companies currently filing or preparing to file for IPOs.
Why are crypto companies pursuing IPOs?
Many crypto firms have lined up IPOs for 2025 and beyond. The primary drivers behind this trend include shifts in U.S. political and economic policies and growing interest from traditional financial institutions in digital assets.
Some of the key companies preparing for IPOs include Circle, Gemini, Kraken, Ripple, and Bullish Global. Their primary goals are to attract new investments, enhance trust among clients and partners, and expand their presence in traditional financial markets.
However, IPO listings come with both opportunities and challenges: Going public opens access to a larger investor base, enhances transparency, and boosts credibility. Increased regulatory scrutiny, complex reporting requirements, and the risk of market volatility.
Despite the risks, current conditions favor crypto IPOs. Donald Trump’s administration is actively supporting the crypto industry and has already promised to make the U.S. a Bitcoin superpower.U.S. banks have been officially allowed to custody cryptocurrencies, signaling a major shift in financial regulations.
More regulatory changes in favor of crypto firms are expected, creating an environment where going public becomes an attractive option. The 2025 IPO wave might just be the beginning of a new era for crypto companies. With increasing institutional interest and government support, more firms will likely follow suit, making this a defining moment for the industry.
