It has been confirmed that Coinbase is the first crypto exchange to open for public trading, but it is unlikely that it will be the last. There are about five crypto firms that are planning to tread that same path. The crypto firms, as confirmed, include NFT investments, eToro, Bakkt, Kraken, BlockFi. They have all hinted that there lies in the near future a possibility of going public.
eToro, a brokerage app launched in Israel, announced its intention of going public like Coinbase in March. This may be all thanks to the recent merger worth $10 billion of the firm.
As a result of this, there was a merger between the company and SPAC – Special-Purpose Acquisition Company supported by a banking entrepreneur, Betsy Cohen, and SoftBank called FinTech Acquisition Corp. After the event, the stockholders of eToro will currently retain about 90% of the ownership of the company. The last phase of this merger would be completed in the 3rd quarter of this year.
eToro is one of the first (if not the first) regulated brokerage firms across Europe after creating a BTC offer in 2013. It acquired its brokerage license from FINRA, the American regulator, which allows them to enter the United States market.
Kraken is another crypto exchange that is aiming at going public. From speculations, it seems likely that it will be the next exchange to go public after Coinbase. Just like Coinbase, Kraken is an exchange founded in the U.S. and currently has about a $20 billion valuation, according to reports.
Kraken also, like Coinbase, enjoyed a remarkable record of trading volumes in Q1 2021, and the number of users joining the platform since Q2 2020 has been four times.
It is since July 2020 that the rumor of BlockFi going public has been trending. About that time, there was a job opening for the post of Chief Financial Officer with the description as a person that would lead the finance team of the firm to the late stage of acquisitions, investments, and IPOs.
The information that Bakkt would be going public was revealed early this year. Owned by the ICE (Intercontinental Exchange), Bakkt launched its market and operations last year after series of delays. There has been an increase in the company’s valuation, and this would mean higher returns for the shareholders who in total invested about $300 million in the exchange.
Other Candidates of IPO include Gemini, Binance, NFT investments, and others.