Crypto Exchanges Push for IPOs: Gemini, Kraken, and BitGo Target Public Listings

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has filed for an IPO confidentially. The exchange is reportedly working with Goldman Sachs and Citigroup to complete the process.

A key factor in Gemini’s IPO decision is the US Securities and Exchange Commission (SEC) closing its investigation without enforcement action. The SEC’s decision removed a major regulatory obstacle, clearing the way for Gemini’s potential public debut in 2025.

The Winklevoss twins have also increased their involvement in crypto policy. They attended Trump’s White House Crypto Summit and have financially supported his campaign. Their donations, which exceeded legal limits, resulted in partial refunds.

With Trump’s administration backing crypto regulation changes, Gemini is positioning itself for an IPO in a crypto-friendly market.
Kraken Plans 2026 IPO After SEC Lawsuit Ends

Kraken, another major crypto exchange, is preparing for an IPO in early 2026. The decision follows a shift in crypto regulations under Trump’s administration.

In 2024, Kraken reported $1.5 billion in revenue and $380 million in adjusted earnings. These figures show financial strength, making the exchange a strong candidate for a public listing.

The SEC lawsuit against Kraken was recently dropped, removing a key legal challenge. The exchange previously faced enforcement actions under the Biden administration, delaying its IPO plans. Now, with fewer regulatory barriers, Kraken is moving forward with its public offering.

The SEC lawsuit against Kraken was recently dropped, removing a key legal challenge. The exchange previously faced enforcement actions under the Biden administration, delaying its IPO plans. Now, with fewer regulatory barriers, Kraken is moving forward with its public offering.

BitGo Eyes Public Listing in 2025

BitGo, a major digital asset custodian, is also considering a public listing in the second half of 2025. The company has not disclosed its final decision but is monitoring market conditions and regulatory developments before moving forward.

With Gemini and Kraken advancing toward IPOs, BitGo’s potential entry into the public markets highlights a growing trend among crypto companies. The crypto industry continues to navigate regulatory changes, with IPOs emerging as a path for firms seeking expansion and capital.