Kraken Plans IPO, Gemini Files for IPO

Investors in the public market might soon have access to Kraken and Gemini , according to recent reports.

Payward Inc., the parent company of Kraken, is preparing for an initial public offering (IPO) in 2026.

"We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves and we're going to continue to prioritize going forward," a Kraken spokesperson said . "We'll pursue public markets as it makes sense for our clients, our partners and shareholders."

The announcement comes a few days after the US Securities and Exchange Commission ( SEC ) officially closed its civil lawsuit against Kraken accusing the exchange of operating as an unregistered securities exchange.

"The SEC’s decision to dismiss its lawsuit against us (and many others) is more than just a legal victory — it’s a turning point for the future of crypto in the U.S. It ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path toward a stable, forward-thinking regulatory regime," the exchange stated at the time.

The dismissal, which is with prejudice—meaning it cannot be refiled—comes without penalties or admissions of wrongdoing from Kraken.

Meanwhile, Cameron and Tyler Winklevoss-founded crypto firm, Gemini, has confidentially filed for an IPO. Gemini is reportedly working with Goldman Sachs and Citigroup and while no final decision has been made, a public listing could happen as soon as this year.

The move comes one month after Gemini was reported to have begun discussions with potential advisors regarding a public listing. Gemini's consideration comes amid enthusiasm in the crypto industry following Donald Trump's election. Ahead of the US election, Tyler Winklevoss was staunchly against Democrat candidate Kamala Harris and her "crypto reset" campaign.

"The Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto "reset" is a scam," he said back in August.

Since Trump's inauguration, the twins have expressed support for the President's new initiatives. Cameron Winklevoss praised Trump's Elon Musk-led Department of Government Efficiency (DOGE) and its potential to address inflation and inequality.

"The importance of DOGE goes well beyond reigning in absurd government spending," he wrote on X. "It will lead to a decline in inflation which is a silent tax on all Americans that confiscates wealth and is also regressive, impacting low-income folks the most."