Crypto Giants BitGo and Gemini Eye IPOs to Win Wall Street Trust

Crypto Firms Eye Public Listings to Gain Wall Street's Trust

At the recent Consensus Hong Kong 2025 conference, industry leaders discussed the importance of initial public offerings (IPOs) for cryptocurrency companies to enhance transparency and credibility. Amidst speculation about their own public listings, BitGo and Gemini are exploring IPOs to engage with traditional financial institutions and gain Wall Street's trust.

BitGo CEO Mike Belsche believes that public listings are essential for crypto companies to create trust in digital assets and interact with Wall Street. He cited the failure of FTX as an example of the risks associated with private crypto entities. Belsche and Bullish CEO Tom Farley agreed that being listed on a well-respected public market allows investors to see a firm's commitment to transparency and provides reassurance to investors.

Beyond discussions on public offerings, executives also commented on the changing regulatory landscape for digital assets under the current administration. Belsche is optimistic about the prospect of pro-crypto appointments at the SEC and the Commodity Futures Trading Commission, suggesting that regulatory changes could bring meaningful improvements for the industry.

BitGo recently launched a global over-the-counter trading desk for digital assets, integrating multiple liquidity sources and providing access to spot and derivatives trading across more than 250 digital assets. The expansion comes at a time when there is a surge in institutional crypto OTC trading, which saw a 106% increase in 2024. Matt Ballensweig, BitGo's managing director, shared that the new desk allows clients to execute trades across various markets while keeping their assets secure in qualified custody until settlement.

Reports suggest that BitGo has been in discussions with investment banks about a potential public listing in the second half of 2025. If the company moves forward with an IPO, it could join other major crypto firms eyeing the public equity markets. Bitwise predicted in December that at least five crypto unicorns would go public in 2025, including stablecoin issuer Circle, crypto exchanges Kraken and Figure, crypto bank Anchorage Digital, and blockchain analytics firm Chainalysis.

The founders of crypto exchange Gemini, Tyler and Cameron Winklevoss, revealed earlier this month that they are reportedly considering an initial public offering as early as this year. Gemini initially explored a public listing in 2021 and