The successful Nasdaq debut of Coinbase on April 14 marked a pivotal moment in the evolution of the digital asset industry. Priced at $250 per share, Coinbase closed its first trading day at $328 — a 31% surge — and quickly climbed to a market capitalization exceeding $85 billion. For context, that places it ahead of Uber and within striking distance of tech giants like Facebook. As the U.S.’s largest cryptocurrency exchange, Coinbase has not only validated the institutional viability of crypto platforms but also paved the way for others to follow.
With the global crypto market cap surpassing $2.28 trillion (as reported by Coingecko), investor appetite is stronger than ever. The bull run isn't just about Bitcoin or Ethereum — it's about the broader ecosystem maturing. And one of the clearest signs of that maturity? More crypto-native companies preparing for public listings.
This article explores the most promising cryptocurrency firms eyeing or already advancing toward上市 (going public), from major exchanges to NFT-focused investment vehicles.
Kraken: A Direct Listing in the Works?
Kraken, another U.S.-based crypto exchange powerhouse, is reportedly gearing up for a public listing with an estimated valuation of $20 billion. CEO Jesse Powell recently confirmed in a CNBC interview that the company is actively considering a direct listing, mirroring Coinbase’s path rather than pursuing a traditional IPO.
Why the hesitation? Powell admitted they’re watching how Coinbase performs in the public markets before making a final decision. That cautious approach makes sense — direct listings lack underwriting support and require strong investor confidence.
Still, Kraken has solid fundamentals:
- Record trading volume in Q1 2021
- A fourfold increase in new user registrations since late 2020
- Regulatory compliance across multiple jurisdictions
eToro: Going Public via SPAC Merger
In March, Israeli fintech platform eToro announced plans to go public through a merger with SoftTech Acquisition Corp, a special purpose acquisition company (SPAC) backed by SoftBank and financial veteran Betsy Cohen. The deal values eToro at around $10 billion and is expected to close in Q3 2021.
eToro isn’t new to regulation or innovation:
- One of Europe’s first regulated Bitcoin brokers (since 2013)
- Holds a FINRA “broker-dealer” license in the U.S., enabling commission-free crypto offerings
- Competes directly with Robinhood in the zero-commission trading space
By choosing a SPAC route, eToro accelerates its timeline to market while retaining approximately 90% ownership for existing shareholders — a major incentive for early backers.
BlockFi: Building Momentum Toward an IPO
Rumors about BlockFi going public have circulated since mid-2020 — and for good reason. The crypto lending platform posted a job listing for a CFO with explicit responsibilities: "guiding the finance team through late-stage investments, acquisitions, and/or IPO preparation."
That wasn’t just corporate jargon. CEO Zac Prince hinted at a potential public launch as early as late 2021, especially after securing **$350 million in funding** at a $3 billion valuation in March.
BlockFi’s business model centers on offering interest-bearing accounts and loans backed by crypto collateral — services that appeal to both retail and institutional clients amid low-interest-rate environments.
As regulatory clarity improves, BlockFi’s path to becoming a publicly traded financial technology firm looks increasingly viable.
NFT Investments: The First Public NFT-Focused Fund
Few had heard of NFT Investments PLC before April 2021 — but now, it’s making history. On April 13, the London-based firm successfully listed on the Aquis Stock Exchange Growth Market, raising £35 million ($48 million) through an IPO.
As the world’s first publicly traded investment vehicle dedicated solely to non-fungible tokens (NFTs), NFT Investments is co-founded by Argo Blockchain PLC (ARB.L), another listed crypto miner.
Demand was so high that the company raised its target share price due to “overwhelming investor interest.” Their strategy? Acquire high-value NFTs across art, gaming, and collectibles — think digital equivalents of rare paintings or championship rings.
With NFT sales surpassing $2 billion in Q1 2021 alone, this move signals growing institutional interest in digital ownership and decentralized creativity.
Bakkt: ICE-Backed Digital Asset Exchange Set for NYSE
Bakkt, the digital asset platform backed by Intercontinental Exchange (ICE), parent company of the NYSE, is set to go public via a SPAC merger with VPC Impact Acquisition Holdings. The deal values Bakkt at approximately $2.1 billion and is expected to close in Q2 2021.
Once finalized, Bakkt Holdings Inc. will trade on the New York Stock Exchange. This marks a significant milestone: a regulated futures exchange operator expanding into spot crypto trading and custody services.
Despite slower-than-expected growth since launch, ICE has invested nearly $300 million into Bakkt. A successful listing would offer early investors a clear exit while boosting confidence in enterprise-grade crypto infrastructure.
Bakkt’s focus on institutional adoption — including partnerships with Starbucks and Microsoft — positions it as a bridge between traditional finance and blockchain innovation.
Bitmain: Reviving IPO Hopes After Leadership Truce
The road to上市 has been anything but smooth for Bitmain, the world’s leading manufacturer of Bitcoin mining hardware.
Years of internal conflict between co-founders Jihan Wu and Micree Zhan culminated in legal battles and stalled IPO plans. But in January 2025, Wu issued a public letter announcing reconciliation with Zhan and stepping down as CEO and chairman — clearing the way for renewed public listing efforts.
Wu emphasized that Bitmain would streamline its business model to improve transparency and efficiency — key requirements for any public market entrant.
While no specific timeline has been given, industry insiders believe Bitmain may target listings in Hong Kong or the U.S., depending on regulatory alignment.
Other Potential Crypto IPO Candidates
Beyond the confirmed contenders, several other major players are generating strong speculation:
Gemini
Founded by Cameron and Tyler Winklevoss, Gemini remains tight-lipped about IPO plans. However, its strong regulatory stance, growing custody solutions, and recent expansion into DeFi suggest long-term ambitions aligned with public markets.
Binance
Despite being the largest crypto exchange by trading volume, Binance CEO Changpeng Zhao has ruled out an IPO — at least for now. “We’re not considering going public,” he stated plainly. “We have enough cash to grow independently.”
Still, regulatory pressures across Europe, Asia, and North America could eventually push even Binance toward greater transparency — possibly opening doors to future structuring changes.
Blockchain.com & Dapper Labs
Both are strong dark horses:
- Blockchain.com, a veteran crypto wallet and data provider, has raised substantial capital and expanded its institutional services.
- Dapper Labs, creator of NBA Top Shot and CryptoKitties, raised $305 million from high-profile investors, including Michael Jordan and Andre Iguodala — signaling strong brand appeal ahead of a potential listing.
👉 Stay ahead of the next wave of crypto innovation — from DeFi to NFTs and beyond.
Frequently Asked Questions (FAQ)
Q: Why are so many crypto companies going public now?
A: Increased institutional adoption, improved regulatory clarity, and massive user growth have created favorable conditions. Coinbase’s success proved that crypto businesses can thrive as public companies.
Q: What’s the difference between an IPO and a SPAC merger?
A: An IPO involves underwriters and a traditional roadshow to sell shares. A SPAC merger allows faster access to public markets by merging with a shell company already listed on an exchange.
Q: Is Kraken definitely going public?
A: Not yet confirmed. Kraken is evaluating options and closely monitoring Coinbase’s performance before deciding whether to proceed with a direct listing.
Q: Can NFT companies sustain long-term value after going public?
A: While speculative now, NFTs represent ownership in digital art, gaming assets, and virtual real estate — sectors projected to grow significantly. Companies like NFT Investments are betting on long-term demand.
Q: Will Binance ever go public?
A: Currently unlikely. Binance leadership has stated they have no IPO plans due to sufficient internal funding. However, regulatory shifts may influence future decisions.
Q: How do crypto IPOs affect average investors?
A: Public listings increase transparency and accessibility. Instead of buying tokens on exchanges, investors can own equity in these companies through stock markets — blending traditional finance with blockchain innovation.
👉 Explore how blockchain innovation is reshaping finance — and how you can get involved today.
The era of crypto going mainstream has arrived. From exchanges like Kraken and eToro to niche players like NFT Investments and infrastructure giants like Bakkt, the pipeline of public-ready blockchain firms is growing rapidly. While challenges remain — particularly around regulation and market volatility — the momentum is undeniable.
As more companies transition from private startups to publicly traded entities, investors gain new ways to participate in the digital economy — not just through crypto assets, but through equity in the platforms powering this revolution.