Author: Tim Craig, DL News
Translation: Felix, PANews (This article has been edited)
The market has been soaring under President Trump's leadership, and the arrival of a new era in cryptocurrency has injected vitality into the strategies of crypto companies.
In recent years, crypto companies have faced tough times.
First, the U.S. Securities and Exchange Commission (SEC), under Chairman Gary Gensler, has sued many companies.
Those companies not embroiled in legal disputes face scrutiny over whether the crypto assets they issue or offer for trading should be considered securities.
However, since Trump took office and Gensler resigned, companies including the Winklevoss twins' Gemini and Peter Thiel-backed Bullish have hinted at plans to go public.
Here are some leading crypto companies that are considering an IPO or are in the process of doing so.
Circle
Circle is the company behind the $55 billion stablecoin USDC, which attempted to go public in 2022 but was unsuccessful. It submitted an IPO application to the U.S. SEC in January last year.
Now, more than 13 months later, the U.S. SEC is still reviewing Circle's application.
Since submitting the application, Circle CEO Jeremy Allaire has repeatedly stated that the company is committed to going public.
In September last year, Allaire announced that his company would relocate its headquarters to New York before the planned IPO.
Allaire tweeted: "It’s clear that we need to plant our flag in the heart of Wall Street, both literally and symbolically."
A Circle spokesperson declined to comment on the company's IPO registration process, but becoming a public company has always been a core part of its strategy.
Kraken
Since its rival crypto exchange Coinbase went public in April 2021, the smaller competitor Kraken has been eager to follow suit.
At that time, Kraken's CEO Jesse Powell stated in June that the exchange planned to go public within 18 months.
However, Jesse Powell resigned as CEO the following September, and the exchange's IPO plans seemed to have been shelved.
By 2024, Kraken is once again considering going public. Sources told Bloomberg in June that the exchange is considering raising $100 million through a pre-IPO funding round. As of January this year, Kraken had only raised about $27 million in initial capital.
Kraken co-CEO Arjun Sethi stated, "If we want, we can choose to raise funds or take on debt." "Whether we are a private company or a public company, we can take all avenues to acquire capital."
Gemini
Like Kraken, the cryptocurrency exchange Gemini, run by Bitcoin billionaires Cameron and Tyler Winklevoss, hinted at an IPO as early as 2021.
Cameron Winklevoss told Bloomberg at the time, "We are definitely considering this and making sure we have that option."
A year later, due to the collapse of the Terra blockchain, crypto lending firm Celsius, and Sam Bankman-Fried's FTX, the cryptocurrency market plummeted, and Gemini ultimately shelved the idea.
Reportedly, the twins are now restarting Gemini's IPO plans.
Anonymous sources told Bloomberg that the cryptocurrency exchange and custodian are negotiating with potential listing advisors regarding the IPO.
Ripple
XRP issuer Ripple is another well-known company that may go public under the Trump administration.
In 2022, Ripple CEO Brad Garlinghouse told CNBC that once Ripple resolves its legal dispute with the SEC over whether its XRP token sales constitute illegal securities offerings, Ripple would consider going public.
In 2024, Brad Garlinghouse stated that the company had explored markets outside the U.S. for an IPO but ultimately shelved that plan.
Although Judge Analisa Torres ruled last year that XRP is not a security, the U.S. SEC has appealed that ruling.
Nevertheless, as the protracted legal dispute is now in its final stages, Ripple's long-awaited IPO may be just around the corner.
Bullish
CoinDesk owner and cryptocurrency exchange Bullish is another company that has been eyeing an IPO.
In 2021, the company announced its intention to go public via a SPAC but shelved those plans.
For years, rumors about Bullish's IPO have not surfaced. Now, an anonymous source told Bloomberg that the exchange is once again considering going public as early as this year.
BitGo
On February 12, Bloomberg reported that U.S. crypto custodian BitGo is considering going public as early as the second half of 2025. An anonymous insider stated that the California-based company is negotiating with potential advisors regarding a possible listing in the second half of this year.
BitGo completed a $100 million funding round in 2023, achieving a valuation of $1.75 billion, with investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners.
BitGo provides crypto asset custody, trading, lending, and other services to over 1,500 institutional clients in more than 50 countries and handles about 8% of the global Bitcoin trading volume.
It is worth mentioning that several other crypto companies are also expected to go public.
Asset management firm Bitwise stated in its 2025 forecast report that crypto technology company Figure, crypto infrastructure company Anchorage Digital, and blockchain analytics company Chainalysis are all potential candidates for going public this year.
Additionally, crypto infrastructure provider Fireblocks is also considering going public, but the timeline will be longer. Fireblocks CEO Michael Shaulov stated in an interview last year, "We are not in a hurry to go public." "From an optionality perspective, this is definitely something we would consider. Maybe in two or three years."
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