2025 is the year of digital assets, and two of the most important cryptocurrency exchanges are gearing up for listing on the stock exchange. To date, Coinbase is the only platform listed in the United States on Nasdaq. In the case of the exchange founded in 2012 by Brian Armstrong, the listing took place in 2021 without going through an IPO, the initial public offering. Armstrong opted for a direct listing, surpassing the initial market capitalization of $100 billion. Coinbase’s listing marked a historic moment in the cryptocurrency sector.
Today, we talk about the “Coinbase Effect”, which is what happens when any digital currency is listed on Coinbase: in the immediate aftermath, its price increases on average by 50% thanks to a surge of new buyers and increased liquidity. Listings on new exchanges listed on the stock exchange could represent a normalization of the entire sector, along with a significant aggregation of resources to fund additional activities and services.
In this article:
- Cryptocurrency exchanges moving towards listing on the stock exchange
- Along with Gemini, another platform
- The other three exchanges with IPOs on the horizon
Cryptocurrency exchanges moving towards listing on the stock exchange
The main platform working on an IPO is Gemini, one of the earliest exchanges founded in 2014 by Cameron and Tyler Winklevoss, the twins famous for suing Mark Zuckerberg (and winning) for intellectual property theft regarding the creation of Facebook. Bloomberg reveals that the two, present at the first cryptocurrency summit hosted at the White House by U.S. President Donald Trump, have confidentially submitted a listing application to the SEC.
According to reports, Gemini has appointed investment banking giants Goldman Sachs and Citigroup to handle the potential IPO. The move comes after a long SEC investigation into the exchange, which was closed by the U.S. federal agency without taking action. Gemini has also settled a separate CFTC (Commodity Futures Trading Commission) lawsuit with a $5 million agreement: the platform was found guilty of violating the CEA (Commodity Exchange Act) and making false statements to the Commission.
Along with Gemini, another platform
Founded in 2011, officially known as Payward Inc. and one of the first exchanges to be listed on Bloomberg Terminal, Kraken is considering going public, but this time by 2026. Bloomberg cites anonymous sources, stating that the decision has not yet been made public and plans could still change in the future. In this case as well, the SEC is involved, having agreed to withdraw the case against Kraken, with no admission of wrongdoing or payment of penalties.
“We will pursue public markets when it makes sense for our customers, partners, and shareholders,” a spokesman for the platform explained to Bloomberg. The IPO timing is expected in the first quarter of 2026, but could change depending on Jesse Powell’s company strategies and the regulatory framework favorable to cryptocurrencies developing under the presidency of Donald Trump, who has entrusted a task force led by Hester Peirce to review the regulations.
The other three exchanges with IPOs on the horizon
In the context of a general withdrawal of legal disputes by the SEC, the example of Gemini and Kraken (all to be confirmed, of course) could be followed by three other cryptocurrency exchanges: Blockchain.com, Bullish, and Circle. Launched in 2011 by Benjamin Reeves, Nicolas Cary, and Peter Smith, Blockchain.com has just appointed Justin Evans, former head of Goldman Sachs’ crypto investment banking unit, as CFO. Evans is the man who advised Coinbase on the direct listing in 2021.
After postponing the stock market debut in 2021 through a SPAC, Bullish is considering launching its IPO by the end of 2025. This is why the parent company of CoinDesk (the leading online magazine in the sector) has partnered with Jefferies Financial Group: the possible listing is in sight, delayed several times awaiting developments in a more informed, mature, and normalized market.
As for Circle, the idea of an IPO dates back to early 2024: the issuer of USDC (the second largest stablecoin by market capitalization) submitted a confidential offer at the time. “We are in a financially strong position and have managed to build a very solid business, at the moment we do not need any further funding,” said CEO Jeremy Allaire in an interview with Bloomberg. Also at stake is the significant relocation of headquarters from Boston to New York, in the heart of Wall Street.
Since Trump returned to the White House for his second term and Gary Gensler resigned as SEC chairman, the promise of a new era for the cryptocurrency world has ignited all exchanges. Not only in the United States: the surge in markets and the implementation of MiCA (Markets in Crypto-Assets Regulation), the EU regulation on crypto asset markets, are also influencing European exchanges. In this sense, it is expected that several platforms will soon consider going public.
