Crypto Exchanges Eye IPOs: Gemini & Kraken Lead the Way- Report

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March 8, 2025 by Mishal Ali

Key Takeaways:

Gemini is preparing for an IPO with support from Goldman Sachs and Citigroup.
Kraken is also considering going public and benefiting from a favorable regulatory shift.
The crypto industry sees a rise in IPO activity, with multiple firms planning listings.

Gemini, the crypto exchange led by the Winklevoss twins, has confidentially filed for an initial public offering. Sources familiar with the matter indicate that the company is collaborating with Goldman Sachs and Citigroup to facilitate the process. If all goes as planned, the listing could take place before the end of the year.

The development comes after regulatory issues that had forced Gemini to settle with a $5 million penalty with the Commodity Futures Trading Commission. The firm has also just concluded a Securities and Exchange Commission probe. The regulatory settlements were hinted at by Cameron Winklevoss in a social media post earlier in the year when he insinuated that the path to an IPO was smoothing out.

Despite these developments, negotiations on the IPO are ongoing. No decision has been finalized yet, and officials from the involved finance houses have refused to comment. A successful public listing by Gemini would be a significant milestone for the crypto sector.

Kraken Eyes a Public Debut

Another major player in the sector, Kraken, is also preparing for a stock market listing. The exchange, better known as Payward Inc., is to float in early 2025. Insiders say that the company has been doing initial groundwork in preparation for making this move, though no decisions have yet been finalized.

Kraken has been transparent in its performance financially and has just reported a revenue hike to $1.5 billion in 2024. The company’s earnings before interest, taxes, depreciation, and amortization were at $380 million. Its new markets and new services have been responsible for that.

The company’s IPO plans had previously been delayed due to regulatory setbacks under President Joe Biden. However, with a shift in regulatory atmosphere under President Donald Trump, momentum has been gained by Kraken.

The firm settled one of its cases with the SEC and had a second one dropped without charges. The more positive regulatory stance towards digital assets has encouraged crypto firms like Kraken and others to revive their public listing plans.

Growing Trend of Crypto IPOs

Gemini and Kraken are not alone in their quest for public listing. Other crypto firms, such as stablecoin issuer Circle and digital asset custodian BitGo, are also eyeing IPOs. Exchanges like Bullish have also stated that they are interested in going public.

The biggest American crypto exchange, Coinbase, became a public company in 2021. The industry has since faced more scrutiny, and most firms have delayed or dropped listing plans. The recent regulatory shift has renewed enthusiasm for public offering.

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