Which crypto companies are considering IPOs after Trump took office?

Reprinted from panewslab

02/13/2025·3M

Author: Tim Craig , DL News

Compiled by: Felix, PANews (this article has been deleted and modified)

The soaring market under US President Trump and the advent of a new era of crypto has injected vitality into the strategy of crypto companies.

Crypto companies have not had a good time in the past few years.

First, the U.S. SEC led by Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC) has sued many companies.

Companies not involved in legal disputes face scrutiny on whether the crypto assets they issue or provide transactions should be considered securities.

But since Trump entered the White House and Gary resigned, companies including Winklevoss twins Gemini and Peter Thiel-backed Bullish have all hinted at going public.

Here are some of the top crypto companies that are considering an IPO.

Circle

Circle is the company behind the $55 billion stablecoin UDSC, which tried to go public in 2022 but failed to do so. IPO application was submitted to the US SEC in January last year.

More than 13 months have passed, and the US SEC is still reviewing Circle's application.

Since submitting the application, Circle CEO Jeremy Allaire has repeatedly stated that the company is committed to going public.

Last September, Allaire announced that his company would move its headquarters to New York ahead of a planned IPO.

"It's obvious that we need to put our flag in the heart of Wall Street, both literally and symbolically," Allaire tweeted.

A Circle spokesperson declined to comment on the company’s IPO registration process, but becoming a public company has been part of its core strategy.

Kraken

Since rival crypto exchange Coinbase conducted its initial public offering in April 2021, smaller rival Kraken has been eager to follow suit.

Kraken's then-CEO Jesse Powell said in June that year that the exchange planned to go public within 18 months.

But Jesse Powell resigned as CEO in September of the following year, and the exchange's IPO plan also seemed to have been declared dead.

By 2024, Kraken is considering going public again. Sources told Bloomberg in June that the exchange was considering raising $100 million through a pre-IPO financing round. As of January this year, Kraken has raised only about $27 million in initial capital.

“If we like, we can choose to raise funds or borrow”, said Arjun Sethi, co-CEO of Kraken. “Whether we are a private company or a public company, we can take all the ways to acquire capital.”

Gemini

Like Kraken, Gemini, a cryptocurrency exchange run by Bitcoin billionaires Cameron and Tyler Winklevoss, hinted back in 2021.

"We're definitely thinking about this and making sure we have this option," Cameron Winklevoss told Bloomberg at the time.

A year later, Gemini finally put the idea on the shelves after the cryptocurrency market plummeted due to the collapse of Terra blockchain, crypto lenders Celsius and Sam Bankman-Fried’s FTX.

The twins are now reportedly restarting Gemini's IPO plan.

The cryptocurrency exchange and custodian are negotiating with potential listing consultants on the listing, an anonymous source told Bloomberg.

Ripple

XRP publisher Ripple is another well-known company that may be listed under the Trump administration.

In 2022, Ripple CEO Brad Garlinghouse told CNBC that Ripple will consider listing once a legal dispute with the SEC over whether the sale of its XRP token is an illegal securities offering ends.

In 2024, Brad Garlinghouse said the company had explored markets outside the U.S. for an IPO, but ultimately put the plan on hold.

Although Judge Analisa Torres ruled last year that XRP was not a securities, the U.S. SEC has appealed the ruling.

Still, with the protracted legal dispute now entering its final stages, Ripple's long-awaited IPO may be just around the corner.

Bullish

CoinDesk owner and cryptocurrency exchange Bullish is another company that has been paying attention to IPOs.

In 2021, the company also announced its intention to go public through SPAC, but put those plans on hold.

Rumors about Bullish IPO have not been heard for years. Now, an anonymous source told Bloomberg that the exchange is once again considering an initial public offering as early as this year.

BitGo

Bloomberg reported on February 12 that US crypto custody company BitGo is considering an initial public offering (IPO) as early as the second half of 2025. An anonymous person said the California-based company is in talks with potential consultants about listing as early as the second half of this year.

BitGo completed a US$100 million financing in 2023 with a valuation of US$1.75 billion. Investors include Goldman Sachs, DRW Holdings, Redpoint Ventures and Valor Equity Partners.

BitGo provides crypto asset custody, transaction, lending and other services to more than 1,500 institutional clients in more than 50 countries around the world, and processes about 8% of the global Bitcoin transaction volume.

It is worth mentioning that there are several other crypto companies that are expected to go public.

In its 2025 forecast report, asset management company Bitwise said that crypto technology company Figure, crypto infrastructure company Anchorage Digital and blockchain analytics company Chainalysis are all likely to go public this year.

In addition, crypto infrastructure provider Fireblocks is also considering going public, but it will take longer. "We are not in a hurry to go public," Fireblocks CEO Michael Shaulov said in an interview last year. "From an optional point of view, this is definitely something we'll consider. Maybe in two or three years."