Coinbase's successful Nasdaq debut on April 14 marked a historic moment for the crypto industry, closing at $328 (31% above its reference price) with a market cap exceeding $85 billion. As the cryptocurrency market capitalization surpasses $2 trillion, analysts anticipate more crypto firms will follow Coinbase's path to public listings. Below are the top contenders:
1. Kraken
This US-based exchange is preparing for a potential 2022 direct listing, targeting a $20 billion valuation. CEO Jesse Powell noted record Q1 2021 trading volumes and 4x user growth since late 2020 but emphasized a "wait-and-see" approach regarding Coinbase's market performance.
2. eToro
The Israeli trading platform announced a $10 billion SPAC merger with SoftTech Acquisition Corp (backed by SoftBank) in March 2021, with completion expected in Q3. eToro holds regulatory licenses in Europe and the US, positioning it against Robinhood.
3. BlockFi
The crypto lending service hinted at a late 2021 IPO after raising $350 million at a $3 billion valuation in March. Its CFO job posting explicitly mentioned IPO preparation responsibilities.
4. NFT Investments
The London-listed firm raised £35 million on April 13 via IPO, becoming the first publicly traded NFT-focused investment company. Co-founded by Argo Blockchain (LSE: ARB), it revised share prices upward due to strong investor demand.
5. Bakkt
ICE's crypto derivatives platform plans a $2.1 billion SPAC merger with VPC Impact Acquisition Holdings (NYSE) in Q2 2021. Despite $300 million invested, Bakkt has underperformed expectations since its 2020 launch.
6. Bitmain
After co-founder Jihan Wu's January 2021 resignation, the mining hardware giant streamlined operations to facilitate its revived IPO plans.
Other Potential Candidates:
- Gemini: Rumored but unconfirmed IPO interest from the Winklevoss twins' exchange.
- Binance: CEO Changpeng Zhao denied IPO plans despite the exchange's market dominance, citing sufficient capital for organic growth.
- Blockchain.com/Dapper Labs: The crypto service provider and NBA Top Shot developer (recent $305M raise) are speculative candidates.
👉 Discover how top exchanges compare for your trading needs
FAQs
Q: Why did Coinbase choose a direct listing?
A: To avoid traditional IPO lock-up periods, allowing immediate employee share sales.
Q: What advantages do SPAC mergers offer crypto firms?
A: Faster timelines (~3–6 months) and fewer regulatory hurdles than conventional IPOs.
Q: How does Bitmain's restructuring impact its IPO?
A: Simplified business models typically attract higher valuations from public market investors.