The direct listing of Coinbase (COIN) was a monumental moment for the crypto industry. It marked the first fully regulated and US-based crypto company to become a publicly-traded company in the United States.
The event helped to further legitimize an industry which was once thought to be a scam by the mainstream finance world. The Coinbase listing was a milestone for the cryptocurrency industry, but who's next? The following companies have hinted or even publicly stated that they intend to becoming publicly traded in the near future.
Kraken is a US-based cryptocurrency exchange founded in 2011. The company has many similarities to Coinbase and is the fourth largest exchange in the world by trading volume, according to CoinMarketCap.
Kraken's CEO, Jesse Powell, has recently made public comments during a fox business interview about an IPO sometime in the company's future. Powell was clear that Kraken likely intends to go public sometime in 2021.
"For sure. It is kind of nice to have Coinbase out there being the guinea pig for this, and we'll see how it affects their business and their ability to move quickly," he said when asked if he thought Kraken would go public in the next year.
In February it was reported that Kraken was in talks with Fidelity, Tribe Capital and General Atlantic and was seeking funding at a valuation of $20 billion.
Another cryptocurrency exchange based in the US, Gemini, was founded by Cameron and Tyler Winklevoss. The exchange was announced in June of 2013 and later went live in October of 2015.
In a mid-January interview with Bloomberg, the twin brothers had comments on Gemini potentially going public in the near future.
"We are definitely considering it and making sure that we have that option. We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it," said Cameron.
Cameron's thoughts on a Gemini IPO seemed relatively positive, and now that Coinbase has lead the way, Gemini’s IPO could be on the horizon.
Apifiny, a digital asset trading network that connects various exchanges to pool liquidity, also announced its intention to go public by the end of the year.
In an interview with Finance Magnates, the company announced that it would consider going public to accelerate its growth further.
"We’re considering going public to help accelerate our growth even further. We’re executing the plan and aiming to finish the process by the end of this year," said a company spokesperson.
In January, the Intercontinental Exchange-owned Bakkt announced that it would merge with a blank-check firm called VPC Impact Acquisition Holdings.
Bakkt offers various crypto-related products, including a wallet, exchange, a crypto payments system and custodial services, among other things.
The merger with the special purpose acquisition company gave the platform a value of $2.1 billion. The combined company will be renamed Bakkt Holdings, Inc. and will list on the New York Stock Exchange. It is still unclear when the company will officially go public.
BlockFi, a company specializing in the lending and borrowing of digital assets, raised $350 million in March, giving the company a $3 billion evaluation.
In July of 2020, the company posted a job listing for a new CFO. The posting asked for someone that could "guide and position the finance team for late-stage investment, acquisition, and/or IPO."
BlockFi's CEO, Zac Prince, told The Block that the company could go public as early as the second half of 2021.