Key Highlights
- Gemini’s Confidential IPO Filing: Gemini, led by the Winklevoss twins, confidentially filed for an IPO by March 8, 2025, partnering with Goldman Sachs and Citigroup, capitalizing on a cleared SEC probe and Trump’s pro-crypto stance, positioning it as a pioneer in the 2025 crypto IPO wave.
- Kraken’s $1.5 Billion Revenue Fuels 2026 Plans: Kraken, with a record $1.5 billion in 2024 revenue and $42.8 billion in assets, is targeting an early 2026 IPO, leveraging its 2.6 million funded accounts and a dropped SEC lawsuit.
- BitGo Aims for Late 2025 Listing: BitGo, a $1.75 billion-valued custodian managing 8% of global BTC transactions, plans a 2025 IPO, bolstered by its full-service platform and institutional trust, riding Trump’s Strategic Bitcoin Reserve momentum from March 7.
The cryptocurrency industry is poised for a transformative leap into mainstream finance, with major players Gemini, Kraken, and BitGo targeting initial public offerings (IPOs) in 2025 and 2026. This wave of crypto IPOs, fueled by a pro-crypto shift under President Donald Trump’s administration, marks a pivotal moment for digital assets, promising to bridge the gap between blockchain innovation and traditional markets. As regulatory hurdles ease and investor confidence surges, these firms are capitalizing on a favorable climate to pursue public listings, potentially reshaping the Web3 landscape.
Gemini Leads the Charge with Confidential Filing
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has taken a significant step toward going public by confidentially filing for an IPO, according to a Bloomberg report cited by bitcoinethereumnews.com on March 8, 2025. The New York-based firm, known for its regulatory compliance and custody services, is collaborating with heavyweight banks Goldman Sachs and Citigroup to orchestrate the offering. While no final decision has been cemented, Gemini’s move reflects a strategic response to the closure of a U.S. Securities and Exchange Commission (SEC) investigation in 2024, which ended without enforcement action—a green light for its public ambitions.
Founded in 2014, Gemini has weathered crypto’s ups and downs, from the 2022 FTX collapse that halted its Earn program withdrawals to a $50 million settlement with New York regulators. The Winklevoss twins, vocal advocates for Bitcoin and blockchain, have also aligned with Trump’s pro-crypto stance, donating $1 million to his 2024 campaign despite partial refunds for exceeding legal limits. Their attendance at the White House Crypto Summit on March 7, 2025, underscores their influence as the administration embraces digital assets. Gemini’s IPO could tap into a bullish market eager for regulated crypto exposure.
Kraken Sets Sights on 2026 with Robust Financials
Kraken, one of the oldest and most established crypto exchanges, is gearing up for an IPO in early 2026, bolstered by a stellar 2024 performance that saw revenues soar to $1.5 billion—more than doubling from $671 million the previous year. Co-CEO Arjun Sethi highlighted the firm’s 2.6 million funded accounts and $42.8 billion in assets under management, positioning Kraken as a formidable candidate for a public debut. “We’re exploring strategic paths to accelerate crypto adoption,” Sethi said, hinting at quarterly reports as a prelude to turning on “the lights” for an IPO.
Kraken’s trajectory shifted dramatically after the SEC dropped a lawsuit against it in 2024, removing a key regulatory barrier. The San Francisco-based exchange, founded in 2011, has long prioritized security and compliance, processing billions in trading volume annually. Its IPO plans align with Trump’s regulatory thaw, with the administration’s March 7 executive order establishing a Strategic Bitcoin Reserve signaling a crypto-friendly era.
BitGo Joins the IPO Wave with 2025 Ambitions
BitGo, a Palo Alto-based crypto custodian, is eyeing a public listing in the second half of 2025, joining Gemini and Kraken in this unprecedented wave. Valued at $1.75 billion after a $100 million Series C raise in 2023, BitGo serves over 1,500 institutional clients across 50 countries, processing about 8% of global Bitcoin transactions by value. The firm’s potential IPO, still under deliberation with investment bank advisors, follows a failed 2022 acquisition by Galaxy Digital and a rebound fueled by institutional demand.
BitGo’s offerings extend beyond custody to include trading, lending, and a new over-the-counter (OTC) desk launched in February 2025. Managing Director Matt Ballensweig emphasized its “full-service” platform, integrating spot and derivatives trading with insured custody—a competitive edge over rivals like Coinbase.
A Pro-Crypto Climate Fuels the Surge
The catalyst for this IPO wave lies in Trump’s pivot from calling Bitcoin a “scam” in 2021 to championing it as a strategic asset in 2025. His March 2 Truth Social post announcing a reserve—including Bitcoin, Ethereum, XRP, Solana, and Cardano—ignited a market rally, with XRP jumping 33% and Solana 22%. The White House Crypto Summit on March 7, chaired by crypto czar David Sacks, and the March 6 executive order halting sales of $17 billion in seized BTC, cemented this shift. Treasury Secretary Scott Bessent’s call to “bring crypto onshore” on CNBC further bolstered confidence.
This regulatory thaw contrasts sharply with the Biden era’s SEC crackdowns, which stalled earlier IPO attempts by Gemini and Kraken amid the 2022 bear market triggered by Terra, Celsius, and FTX collapses. Now, with the SEC under new leadership and Trump’s pro-crypto Congress—backed by 48% of 2024 election corporate donations from crypto firms—the window for public listings has reopened. Ark Invest’s December 2024 prediction of a crypto IPO boom, is proving prescient, with firms like Circle and Bullish also in the mix.
Market Implications and Challenges Ahead
If successful, Gemini, Kraken, and BitGo would follow Coinbase’s 2021 IPO, which peaked at a $100 billion valuation, as the second, third, and fourth U.S. crypto exchanges or custodians to go public. Bitcoin’s $1.84 trillion market cap and a total crypto market of $2.78 trillion, offer a robust backdrop. Gemini could leverage its regulatory pedigree, Kraken its financial strength, and BitGo its institutional trust—potentially driving stock surges akin to Coinbase’s 40% rise post-Trump’s November 2024 win.
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