One of the biggest crypto news stories this week was the upcoming Bullish IPO in which the Peter Thiel-backed company will go public in a deal valuing it at over $4 billion.
The Bullish crypto company IPO comes after the recent success of Circle, which runs USDC. Circle went public in an $8 billion deal and was then valued at over $66 billion a few weeks later.
Other companies offering crypto services have gone public this year. For example, WeBull, the Chinese Robinhood competitor, surged shortly after its IPO and then pulled back after that. It is now valued at over $7.19 billion.
eToro, the stock, crypto, and commodities trading platform, went public and is now valued at nearly $5 billion. Here are some of the other top crypto companies that may go public after the Bullish IPO.
Kraken to go Public After the Bullish IPO
The most likely company to go public after the Bullish IPO is Kraken, the second-biggest crypto exchange after Coinbase. It has already filed with the SEC to go public, although the process may take time.
The company is currently raising $500 million from investors at a $15 billion valuation. This means that it may have sufficient cash to delay its IPO, possibly until the fourth quarter or 2025. The Kraken IPO comes a few months after it acquired NinjaTrader in a $1.5 billion deal.
BitGo
BitGo is another crypto company that will launch its IPO this year. Unlike Kraken, BitGo is not a mainstream brand primarily because it offers its products to companies.
Its primary solution is the custody business, where it secures cryptocurrencies for institutions. The company also offers prime services, staking, and stablecoin custody. BitGo is planning to go public at a deal that values it at over $1.5 billion. That valuation will be lower than what it attracted in its most recent fundraising, which valued it at $1.7 billion.
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Grayscale
Grayscale, one of the biggest crypto asset managers, is another company that will go public this year. It has already filed its papers with the SEC, and Barry Silbert, its founder, has returned as its chairman.
Grayscale has over $33 billion in assets, most of which are tied to Bitcoin and Ethereum ETFs. The challenge, however, is that its flagship funds have suffered substantial outflows because of their higher fees. GBTC has shed over $23 billion and now has $20 billion in assets, while ETHE has shed $4.35 billion.
Gemini
Gemini is another crypto company set to go public this year. The company, which Cameron and Tyler Winklevoss launched, has already filed to go public.
Gemini is the third-biggest crypto exchange in the US. It was valued at over $7.1 billion in its last fundraising round in 2021, suggesting that its valuation could be in the range of $10 billion.
The main challenge facing Gemini and Kraken is that their revenues are mostly based on transactions. This makes them more vulnerable to foreign competitors like OKX and Bybit. While Coinbase makes money from transactions, it has diversified its revenue from subscriptions and services.
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