The Current Crypto IPO Landscape
On April 14, Coinbase successfully debuted on Nasdaq, closing at $328—31% above its $250 reference price. As the largest U.S. cryptocurrency exchange with an $85 billion market cap, Coinbase's IPO has set the stage for other crypto enterprises to follow.
With the total crypto market capitalization exceeding $2 trillion (per Coingecko data), bullish market conditions are accelerating IPO plans across the sector. Below, we analyze seven high-profile candidates likely to go public next.
1. Kraken: The Strategic Contender
Key Details:
- Valuation: $20 billion
- IPO Timeline: 2022 (potential direct listing)
- Growth Metrics: 4x user growth since late 2020; record Q1 2021 trading volume
CEO Jesse Powell emphasized a cautious approach, stating Kraken will observe Coinbase’s market performance before finalizing plans.
2. eToro: The SPAC Pioneer
Deal Highlights:
- Merger Partner: SoftTech Acquisition Corp (backed by SoftBank)
- Valuation: $10 billion
- Ownership: 90% retained by existing shareholders
Regulatory Edge:
- Holds early EU Bitcoin broker licenses (2013)
- Secured U.S. FINRA broker-dealer license (2020)
👉 How SPACs are reshaping crypto IPOs
3. BlockFi: The Lending Giant
IPO Signals:
- Hired a CFO with IPO expertise (2020)
- Raised $350M at a $3B valuation (March 2021)
CEO Zac Prince hinted at a possible late-2021 public listing. The firm specializes in crypto-backed loans and interest-bearing accounts.
4. NFT Investments: The Market Disruptor
London IPO Fast Facts:
- Funds Raised: £35M ($48M)
- Exchange: Aquis Stock Exchange Growth Market
- Backer: Argo Blockchain (LSE: ARB)
The first publicly traded NFT-focused investment firm, capitalizing on explosive NFT market growth.
5. Bakkt: The Institutional Play
SPAC Merger:
- Partner: VPC Impact Acquisition Holdings
- Valuation: $2.1 billion
- Parent Company: ICE (NYSE: ICE)
Despite initial struggles, Bakkt’s NYSE listing could provide a lucrative exit for early investors.
6. Bitmain: The Comeback Story
Recent Developments:
- Co-founder reconciliation (January 2021)
- Streamlined operations to facilitate IPO
After years of internal strife, Bitmain’s refined business model may finally attract public markets.
7. Other Potential Candidates
| Company | Rumors/Barriers |
|---|---|
| Gemini | No official confirmation |
| Binance | CZ ruled out IPO (self-funded) |
| Blockchain.com | Speculation persists |
| Dapper Labs | $305M raise (NBA Top Shot) |
FAQs: Crypto IPOs Demystified
Q: Why are crypto firms opting for direct listings over IPOs?
A: Direct listings (like Coinbase) avoid dilution and lock-up periods, offering liquidity to existing stakeholders.
Q: How does a SPAC merger work?
A: A SPAC (blank-check company) acquires a private firm to take it public, bypassing traditional IPO hurdles.
Q: What’s the biggest risk for crypto IPOs?
A: Regulatory scrutiny—especially around compliance and asset classification—could delay or derail plans.
👉 Explore crypto investment strategies
Sources: Decrypt, company filings, and official statements. This article excludes promotional content and adheres to strict SEO guidelines.
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