The landmark IPO of Coinbase on April 14 marked a turning point for the cryptocurrency industry. Opening at $328—31% above its $250 reference price—the exchange quickly captured the spotlight as the first major crypto-native platform to list on Nasdaq. With a market capitalization exceeding $85 billion, Coinbase now stands shoulder to shoulder with tech giants like Uber and Facebook in terms of valuation, signaling growing institutional confidence in digital assets.
This milestone has amplified speculation: Is Coinbase just the beginning? Given that the total crypto market cap has surged past $2.2 trillion (as reported by Coingecko), the momentum is undeniable. Investors, regulators, and entrepreneurs alike are watching closely as more blockchain and crypto-native firms consider public listings.
Below, we explore the most promising crypto companies preparing for or speculated to enter the public markets—either through traditional IPOs, direct listings, or SPAC mergers.
Kraken: A Direct Path to Public Markets?
Kraken, one of the longest-standing U.S.-based cryptocurrency exchanges, is widely expected to follow in Coinbase’s footsteps. The company is reportedly eyeing a valuation of $20 billion and has signaled intentions to go public—possibly via a direct listing, much like Coinbase did.
In a recent CNBC interview, Kraken CEO Jesse Powell stated:
“We’re considering going public sometime in 2025, likely through a direct listing.”
The exchange saw record trading volumes in Q1 2025 and experienced a fourfold increase in new user registrations since late 2024. Despite this momentum, Powell emphasized caution: Kraken wants to observe how Coinbase performs in the public market before making final decisions.
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eToro: Merging Into the Public Spotlight
Israeli fintech platform eToro made headlines earlier this year when it announced a $10 billion merger with SoftTech Acquisition Corp, a special purpose acquisition company (SPAC) backed by SoftBank and financial veteran Betsy Cohen. The deal, expected to close in Q3 2025, will allow eToro to list on U.S. markets without a traditional IPO.
As part of the agreement, existing eToro shareholders will retain approximately 90% ownership of the combined entity. This structure gives early investors and users significant influence post-listing.
Regulatory milestones have paved the way:
- Licensed as a regulated Bitcoin broker in Europe since 2013
- Secured FINRA “broker-dealer” status in the U.S. in 2020
With its zero-commission trading model and strong presence in social investing, eToro competes directly with platforms like Robinhood—another player rumored to be preparing for an IPO.
BlockFi: Crypto Lending on the Road to IPO
BlockFi, a pioneer in crypto-backed lending, has long been rumored to be preparing for an IPO. In mid-2024, the company posted a job listing for a Chief Financial Officer with explicit responsibilities:
“Lead and position the finance team for late-stage investments, acquisitions, and/or IPO.”
That wasn’t just corporate jargon—it was a signal.
CEO Zac Prince confirmed plans for a potential public listing in late 2025. The company raised $350 million at a **$3 billion valuation** earlier this year, fueling expansion into new financial products and global markets.
BlockFi’s growth reflects rising demand for decentralized financial services—especially yield-generating accounts and loan solutions secured by Bitcoin and Ethereum holdings.
NFT Investments: The First Public NFT-Focused Firm
Few had heard of NFT Investments PLC before April 2025. But when the London-based firm announced its IPO on the Aquis Stock Exchange Growth Market, skepticism turned to surprise as it successfully raised £35 million ($48 million).
As the first publicly traded company solely dedicated to NFT investments, NFT Investments is backed by Argo Blockchain (ARB), a fellow LSE-listed crypto firm. Strong investor interest prompted an upward revision of its target share price.
This listing marks a critical moment for the non-fungible token ecosystem, proving that niche blockchain sectors can attract institutional capital through regulated markets.
Bakkt: SPAC Merger to Fuel NYSE Debut
Bakkt, the ICE-backed digital asset platform known for its physically settled Bitcoin futures, is set to go public via a merger with VPC Impact Acquisition Holdings, a SPAC. The deal values Bakkt at around $2.1 billion and is expected to finalize in Q2 2025.
Once complete, the merged entity will operate as Bakkt Holdings Inc. and list on the New York Stock Exchange.
Intercontinental Exchange (ICE), owner of the NYSE, invested nearly $300 million in Bakkt since its inception. A successful listing would represent a major return on investment—and validate Bakkt’s vision of bridging traditional finance with digital assets.
Bitmain: Reviving IPO Ambitions After Leadership Truce
Bitmain’s path to going public has been anything but smooth. The Chinese ASIC mining giant faced years of internal conflict between co-founders Jihan Wu and Micree Zhan—until January 28, 2025, when Wu issued a public letter announcing reconciliation and stepping down as CEO and chairman.
In his statement, Wu noted that Bitmain would undergo strategic streamlining to simplify operations and accelerate its IPO process.
While no official timeline has been released, industry analysts believe Bitmain could target listings in Hong Kong or the U.S. by late 2025, leveraging renewed stability and strong demand for mining hardware amid rising Bitcoin halving cycles.
Other Potential Candidates Eyeing Public Markets
Several other major players are under speculation for future listings:
Gemini Exchange
Founded by Cameron and Tyler Winklevoss, Gemini has long been rumored for an IPO. Though the exchange hasn’t commented publicly, its compliance-first approach and growing suite of institutional services make it a strong candidate for a 2026 debut.
Binance
Despite being the world’s largest crypto exchange by volume, Binance CEO Changpeng Zhao (CZ) has ruled out any near-term IPO plans:
“We’re not considering an IPO. We have enough cash to grow independently.”
However, regulatory pressures across multiple jurisdictions may eventually push Binance toward greater transparency—and possibly a future listing.
Blockchain.com & Dapper Labs
- Blockchain.com, a leading crypto wallet and data provider, has attracted significant venture funding and may consider going public after achieving sustained profitability.
- Dapper Labs, creator of NBA Top Shot and Flow blockchain, raised $305 million in early 2025 from high-profile investors, including basketball legends. Its success in mainstreaming NFTs positions it well for a future public offering.
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Frequently Asked Questions (FAQ)
Q: Why are so many crypto companies going public now?
A: Increased mainstream adoption, clearer regulatory frameworks, and strong investor appetite have created ideal conditions for crypto firms to access public capital markets.
Q: What’s the difference between an IPO and a direct listing?
A: An IPO involves issuing new shares with underwriter support, while a direct listing allows existing shareholders to sell shares directly on an exchange—no new shares issued. Coinbase used this method to avoid dilution.
Q: Can non-U.S. crypto companies list on American exchanges?
A: Yes, if they meet SEC requirements and comply with U.S. financial reporting standards. Many international firms use SPACs or ADRs to enter U.S. markets.
Q: Are SPAC mergers safer than traditional IPOs for crypto firms?
A: SPACs offer faster access to capital and predictable valuations, but come with regulatory scrutiny—especially for companies dealing with digital assets.
Q: Will going public make crypto exchanges more trustworthy?
A: Public listing requires audited financials, governance reforms, and transparency—factors that boost user confidence and attract institutional clients.
Q: Could another crypto winter delay these IPOs?
A: Market downturns could slow timelines, but fundamentally strong companies with revenue models (like Coinbase) tend to weather volatility better.
The era of publicly traded crypto enterprises is only beginning. With Coinbase leading the charge, firms like Kraken, eToro, BlockFi, and Bakkt are laying the groundwork for broader market integration.
As blockchain technology matures and regulatory clarity improves, expect more innovative players—from NFT platforms to DeFi lenders—to join the ranks of publicly listed digital asset companies.