Exciting Crypto IPO Season Begins: Are Kraken, Gemini, and Bullish Next?

The world of cryptocurrency is buzzing with excitement. Following Circle’s impressive debut on the NYSE, the long-anticipated crypto IPO season appears to be officially underway. This surge in public offerings from crypto-native companies signals a major shift, bridging the gap between digital assets and traditional equity markets. For anyone following the crypto space, this moment is significant, highlighting growing maturity and investor confidence in the industry.

Circle’s Explosive Debut: Kicking Off the Crypto IPO Wave

Since the start of 2025, the pace of crypto company IPOs has accelerated. While firms like eToro and Galaxy Digital made their Nasdaq debuts earlier, it was USDC issuer Circle’s wildly successful IPO on June 5 that truly signaled the start of a full-blown crypto IPO season. Trading under the ticker CRCL, Circle’s stock saw remarkable gains, soaring nearly 290% shortly after its listing. This performance demonstrates strong investor appetite for well-established, compliant crypto firms with clear revenue models. The success of the Circle IPO has clearly sent a message: public markets are ready for crypto exposure, provided companies meet certain standards.

New Filings Signal Momentum: What’s Next for Gemini IPO and Bullish?

The momentum from Circle’s listing was swift. Within days, two more prominent New York-based crypto companies made moves toward a crypto public offering. On June 6, the Gemini crypto exchange, founded by Cameron and Tyler Winklevoss, announced a confidential filing of a draft registration statement (Form S-1) with the SEC for a proposed IPO. While details on share count and pricing remain private, this filing indicates a clear intent to go public. Shortly after, on June 11, the Financial Times reported that the Peter Thiel-backed crypto exchange Bullish also submitted confidential IPO paperwork to the SEC. Bullish had previously explored a public listing via SPAC, which was abandoned in 2022. The renewed push from both Gemini and Bullish suggests favorable market conditions, including increasing regulatory clarity in the US and growing institutional acceptance of crypto assets.

Who’s in the Running? Speculation Mounts for Kraken IPO and Others

Beyond Gemini and Bullish, speculation is high regarding which other crypto firms might be next in line for a crypto public offering. One name frequently mentioned is Kraken, a major US-based exchange. Reports suggest Kraken could be preparing for an IPO potentially as early as 2026. Its last private valuation in 2019 stood at $4 billion. Another strong candidate is BitGo, a regulated US custodian, which was reportedly targeting an IPO as early as this year based on February reports. BitGo’s last valuation in August 2023 was $1.75 billion.

Several other notable crypto companies are also considered potential IPO candidates:

• Consensys: A US-based developer behind MetaMask and Ethereum tools, valued around $7 billion.
• Ledger: The French hardware wallet manufacturer, valued at $1.4 billion in 2023, with strong global recognition.
• Fireblocks: An institutional custody infrastructure firm based in New York, valued at $8 billion in 2022.
• Chainalysis: A New York-based blockchain analytics firm serving institutions, valued at $8.6 billion in 2022.

While a confirmed timeline for a Kraken IPO or listings from these other firms is not set, their size, market position, and past funding rounds make them strong contenders for future public offerings.

Beyond Circle: Will Future Crypto IPOs Deliver Similar Returns?

Circle has undoubtedly set a high bar with its post-IPO performance. However, it’s important to consider the difference in business models. Circle’s core operation, managing reserves for the USDC stablecoin, is conceptually closer to traditional finance models like money market funds. This familiarity likely contributed to investor comfort and the stock’s performance. Firms like exchanges (Gemini, Kraken, Bullish), infrastructure providers (BitGo, Consensys, Fireblocks), and analytics companies (Chainalysis) have business models more directly tied to the growth and volatility of the broader crypto ecosystem. Their performance on public markets might differ from Circle’s. For example, earlier 2025 listings from eToro and Galaxy Digital saw more modest gains (43-46%) on their first trading day compared to Circle’s initial surge.

Understanding the Broader Crypto Public Offering Landscape

Regardless of whether upcoming listings match Circle’s specific returns, the increasing number of crypto companies pursuing a crypto public offering holds immense symbolic value. It signifies the continued integration of the crypto industry into mainstream financial markets. Companies like MicroStrategy, Riot Platforms, and Marathon Digital have already become proxy crypto plays in traditional markets by holding significant Bitcoin or focusing on mining. Now, crypto-native businesses are joining them on public exchanges. With Coinbase in the S&P 500 and MicroStrategy in the Nasdaq 100, major equity indexes now reflect crypto exposure. This trend confirms that the industry, once seen as niche and volatile, is producing mature companies ready for public scrutiny and investment.

Conclusion: Crypto’s Maturation on Public Markets

The success of the Circle IPO and the subsequent filings from Gemini and Bullish signal a significant phase for the cryptocurrency industry. While the performance of future listings like a potential Kraken IPO remains to be seen, the simple fact that these companies are entering public markets is a powerful indicator of maturation and acceptance. This season of crypto public offerings is not just about individual stock performance; it’s a testament to the industry’s growing legitimacy and its increasing presence in the global financial landscape.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.