Global cryptocurrency companies are seriously considering listing on the US stock market, signaling a renewed push for institutionalization within the blockchain industry. This suggests that the cryptocurrency initial public offering (IPO) market, which had been quiet since the Coinbase listing in 2021, is entering a period of resumption.
Circle, the issuer of the stablecoin USDC, is preparing for an IPO with the goal of listing on a US stock exchange. Circle has previously publicly mentioned the possibility of a listing on several occasions and is reportedly reviewing the listing process in light of evolving regulatory conditions in the US. The company is expanding its influence in the global payment and financial infrastructure markets through its stablecoin business, centered around USDC.
Gemini, a cryptocurrency exchange, is also one of the major companies considering a US stock market listing. Founded by the Winklevoss twins, Gemini has emphasized regulatory compliance and a strategy focused on institutional investors, and the possibility of an IPO has been repeatedly discussed. However, no listing date or specific schedule has been officially confirmed.
Kraken is the company showing the most concrete steps toward preparing for an IPO. Kraken has raised a large amount of capital while still unlisted, achieved a valuation, and has reportedly filed IPO documents with the U.S. Securities and Exchange Commission (SEC). The company has selected Goldman Sachs and Morgan Stanley as lead underwriters, keeping the possibility of an IPO open.
Kraken's co-CEOs have stated publicly, "We have secured sufficient capital even while remaining private, so there's no need to rush into an IPO." This is interpreted as a sign that while listing is an option for their growth strategy, they will comprehensively consider market conditions and the regulatory environment.
Industry insiders believe that the IPO preparations by major cryptocurrency companies like Circle, Gemini, and Kraken, coupled with easing regulatory uncertainty, could serve as an opportunity to expand their reach with institutional financial markets. In particular, some analysts believe Kraken's corporate value assessment could serve as a reference point for assessing the value of potential IPO candidates, such as domestic exchanges Bithumb and Dunamu.
