Kraken, Gemini, and Bullish Exchanges
Stablecoin Issuers Also Join the Race to Go Public
Under the Donald Trump administration, the regulatory environment for cryptocurrencies has become more favorable, prompting many related companies to pursue public listings.
According to Bloomberg News on the 8th (local time), cryptocurrency exchange Kraken is planning to go public as early as the first quarter of next year. However, sources stated, "This decision has not yet been announced, and plans may change."
Kraken is currently one of the top 10 cryptocurrency exchanges worldwide by trading volume. Its 2024 revenue is expected to reach $1.5 billion (2.1 trillion KRW), more than doubling compared to the previous year, with adjusted profits of $380 million.
Kraken had aimed for a public listing for several years, but this was delayed due to a series of regulatory actions during the Joe Biden administration. The company was also sued twice by the U.S. Securities and Exchange Commission (SEC). However, the situation changed with the Trump administration. President Trump fulfilled his initial pledge to support the cryptocurrency industry, leading to a relaxation of regulatory conditions.
In fact, of the two lawsuits filed by the SEC against Kraken, one was settled, and the other was dropped by the SEC, ending the case. Kraken's co-CEO Arjun Sethi was also among the 24 industry leaders who attended the 'Digital Asset Summit' hosted by President Trump on the 7th.
Kraken is not the only cryptocurrency company pursuing a public listing. Gemini, a cryptocurrency exchange founded by the Winklevoss twins, is also planning to go public this year. Gemini is reported to have started discussions with advisors regarding the listing. Although smaller in scale than Coinbase, the largest U.S. cryptocurrency exchange, Gemini is well-known in the industry. The co-founders were sued by the U.S. Commodity Futures Trading Commission (CFTC) but reached a settlement in January by paying hundreds of thousands of dollars in fines.
Other companies reportedly pursuing public listings include Bullish Global, a cryptocurrency exchange supported by Peter Thiel, a major Republican donor and PayPal founder; Circle, a stablecoin issuer; and BitGo, a digital asset custody provider.
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