Crypto Exchanges Gemini and Kraken Surge Toward IPOs Amid Regulatory Green Light
1min read The cryptocurrency industry is experiencing a surge in interest from public markets, driven by a more favorable regulatory environment and strategic policy shifts. This wave of interest is expected to bring multiple Initial Public Offerings (IPOs) from major players in the crypto space.
Gemini, the cryptocurrency exchange founded by billionaire twins Cameron and Tyler Winklevoss, has reportedly filed for an IPO confidentially and could go public as early as this year. This move comes after the Securities and Exchange Commission (SEC) closed its investigation into Gemini without pursuing enforcement action, clearing a major regulatory hurdle for the firm. Gemini's decision to go public coincides with its co-founders' increasing political engagement, including their attendance at a White House Crypto Summit, reflecting their growing influence in the crypto policy space. The brothers were also notable financial supporters of a presidential campaign, donating Bitcoin beyond the legal limit, resulting in a partial refund.
Following Gemini’s lead, Kraken, another prominent cryptocurrency exchange, is also positioning itself for a public offering, reportedly slated for early 2026. This interest comes amid what it sees as a friendlier regulatory environment. Kraken recently disclosed financial highlights for 2024, revealing revenue of $1.5 billion and adjusted earnings of $380 million. Like Gemini, the SEC also dropped its lawsuit against Kraken, reversing its previous stance and signaling a broader shift in crypto enforcement. Kraken Co-CEO Arjun Sethi also attended the White House Crypto Summit, signaling the company’s alignment with the administration’s crypto-friendly policies.
BitGo, a major digital asset custodian, is also reportedly exploring a public listing in the second half of 2025. This trend indicates a growing confidence among crypto firms in the public market's receptiveness to their offerings, driven by a more supportive regulatory climate and strategic policy shifts.