Crypto IPO Wave Builds as Gemini, Kraken, and BitGo Plan Listings

• Many crypto exchanges are considering going public via IPO.
• Gemini, Kraken, and BitGo are in the spotlight, aligning with Trump’s pro-crypto stance.

Discussions about launching a crypto Initial Public Offering (IPO) are gaining traction, fueled by President Donald Trump’s pro-crypto stance. America’s leading exchanges, Gemini, Kraken, and BitGo, have all shown interest in launching an IPO.

Gemini, Kraken, and BitGo Plan IPO Listings

In a recent update we covered, the Gemini crypto exchange founded by the Winklevoss twins, Tyler and Cameron, has revealed IPO listing intentions. The founders said the firm could launch one as early as this year and noted that it is in discussions with potential advisers.

According to a recent Bloomberg report, the exchange has moved forward with its plans, confidentially filing an IPO. Undisclosed sources privy to the matter said Gemini is collaborating with financial giants Goldman Sachs and Citigroup for the IPO listing.

Gemini’s IPO filing comes shortly after overcoming a major regulatory hurdle. As detailed in our last news piece, the US Securities and Exchange Commission (SEC) recently closed its investigation into Gemini after 699 days. 

The SEC told Gemini it is opting not to take enforcement action against the crypto exchange. This decision comes after almost two years of investigation and over nine months after Gemini received a Wells notice.

Following Gemini’s lead, the Kraken exchange has also revealed plans for a public offering, anticipated to take place in early 2026. The exchange recently revealed its financial highlights for 2024, which included sales of $1.5 billion and adjusted earnings of $380 million.

Like Gemini, the US SEC has also abandoned its action against Kraken, reversing its previous stance. The regulator filed a lawsuit against Kraken in November 2023, accusing the exchange of operating an unregistered securities platform, broker, dealer, and clearing agency. With the case settled, the company sees an opportunity to enter the public markets.

Surprisingly, Gemini and Kraken are not alone in the IPO trend. BitGo, a major crypto custodian, is also reportedly exploring a public listing in the second half of 2025.

Trump’s Pro-crypto Administration Offers the Crypto Market Hope

The rising interest in IPO listings comes amid what the market sees as a friendlier regulatory environment under President Trump. The President has repeatedly pledged support for the crypto industry, recently following through with his promise for a strategic crypto reserve. Gemini, Kraken, and BitGo are set to take advantage of this favorable climate.

Meanwhile, the Winklevoss twins were major financial backers of Donald Trump’s presidential campaign. During Trump’s campaign, they donated Bitcoin (BTC) beyond the allowed limit, which resulted in a partial reimbursement.

Kraken Co-CEO Arjun Sethi also attended the recent White House Crypto Summit, indicating that the company agrees with the administration’s crypto-friendly policies.

The IPO climate for crypto firms appears increasingly favorable, considering Trump’s administration’s support of the blockchain industry. Ark Invest’s CEO Cathie Wood had forecasted that crypto firms like Kraken and Circle would pursue IPOs under a Trump administration.