Initial Public Offers: Will These 5 Crypto Exchanges Be Next?

Crypto IPO

What’s Up for 2022?

It seems like just yesterday that virtual currencies and crypto-related businesses were just too new age for the average investor. Not so anymore. With institutional participation from top banks and fintech companies leading the way, there’s been a significant gain in confidence. And with Coinbase, North America’s largest exchange by trading volume debuting in April of this year, it’s only a matter of time before other exchanges follow. Which will be the next crypto IPO? Here are five exchanges worth watching.

1. Kraken

If any exchange were expected to follow in Coinbase’s footsteps, it’s Kraken. Around 2014 the two were chosen to provide bitcoin trading market data to the Bloomberg terminal. CEO and co-founder Jesse Powell had suggested the crypto exchange would go public via a direct listing IPO just like Coinbase had done. While San Francisco-based Kraken has only about one third the number of users as Coinbase, it is well regarded for its low fees and high trading limits. However, since Coinbase’s rocky rollout, Powell appears to have reconsidered suggesting he may release the Kraken via a traditional IPO in the second half of 2022.

2. eToro

The exchange’s plans were well made; eToro expected to merge with Betsy Cohen’s FinTech V special purpose acquisition company (SPAC) by the end of September for $10.4 billion, but before the month was out it informed the SEC of a delay. The company is now eyeing a potential public offering in Q4.

3. BlockFi

All the pieces seemed to be falling into place for this NYC-based crypto-lending startup. In September BlockFi hired CFO Tony Lauro to purportedly guide them through the IPO process. And a recent funding round raised $50 million for the company. CEO Zac Prince has suggested the company could go public in Q4, but their eyes may be on legislators to see how they may start regulating cryptocurrencies.

4. Binance

It’s no secret that Binance, the world’s largest crypto exchange, has been dealing with regulatory issues in multiple countries for several months, but along with those compliance efforts, the tech startup has also been reportedly establishing the necessary structures to meet regulatory requirements for a crypto IPO.

CEO Changpeng Zhao let it be known while speaking at the virtual summit REDeFINE TOMORROW 2021 in July. And in November, the company followed up by announcing a pre-IPO funding round expected to close in December or January. Interested parties will need to stay tuned.

5. Gemini

Not to be left behind, Gemini co-founders Cameron and Tyler Winklevoss have suggested their privately-owned crypto platform for buying, selling, and spending about 40+ different cryptocurrencies may also be considering the IPO route. Right now, statements have remained vague with comments from the brothers that they are “open to the idea,” “watching the market,” or “having internal discussions.” And although the company has reportedly exceeded $10 billion in crypto assets under its custody, very little is known publicly about its financial ledger.

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