Kraken & Gemini Gearing Up for IPO

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Good Morning.

Happy Monday friends, although I can’t say the same thing to crypto Twitter. Somehow (well we all know why), the vibes are extremely bad almost as if we’re nearing the bottom of the bear market. Maybe it’s because altcoins are down -80% whereas BTC is still significantly higher than last cycle’s bottom.

In Today's Email:

• What Matters: Kraken & Gemini IPO 👀 

• Product: Arkham’s Influencers Tagging 🔎 

• Charts: Saylor’s $100T BTC Strategy💰️, XRP Founder’s $150M Hack 💸 

You read and share. We listen and improve. Send us feedback at [email protected].

TOGETHER WITH

Aptos: Bitwise Files S-1 for Aptos’s $APT ETF

Bitwise has officially filed with the SEC to launch Aptos’s $APT ETF, signaling growing institutional interest in the high-performance Layer 1 blockchain built with the Move programming language. 

This comes after last week’s hint when Bitwise registered a Delaware trust entity for the proposed Aptos ETF.

With the S-1 filing now submitted, Bitwise must also file a 19b-4, which would kickstart the SEC’s approval timeline. 

If greenlit, this ETF could mark a major step for Aptos adoption, bringing greater liquidity and accessibility to APT investors. 

WHAT MATTERS

Kraken & Gemini Gearing Up for IPO

State of play: Kraken and Gemini are both gearing up for potential US IPOs, joining a wave of crypto firms looking to enter public markets under a more pro-crypto regulatory environment.

• Kraken, which generated $1.5B in revenue in 2024, is considering an IPO as early as Q1 2026 after previously exploring a $100M pre-IPO funding round.

• The move follows the SEC dropping its lawsuit against the exchange on March 3.

• Meanwhile, Gemini, founded by the Winklevoss twins, has confidentially filed for an IPO with Goldman Sachs and Citigroup advising on the process.

• This comes after the SEC ended its investigation into the firm without taking action, and Gemini settled a $5M lawsuit with the CFTC in January.

What’s next: Other firms, including Circle, Bullish, and Blockchain.com, are also exploring public listings, showing renewed and growing institutional interest in crypto as a mainstream financial sector.

For builders and investors: There’s practically zero career risk to pursue a profession in crypto these days, and these IPO filings only further legitimize that.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Arkham’s New Crypto Influencers Tagging System

Arkham has introduced a new tagging system to track the crypto transactions of high-profile figures with over 100,000 followers on its platform.

• It currently includes 950 addresses and identifies "Key Opinion Leaders" (KOLs) in the crypto space, allowing users to monitor their wallet activity.

• Notable figures on the list include Vitalik Buterin, Justin Sun, Changpeng Zhao, Andre Cronje, and even US President Donald Trump.

• The feature aims to increase transparency in the crypto space, though it also raises potential concerns over privacy and security for those being tracked.

Other cool products:

• yaySTONE, a liquid restaking token for $STONE.

• Polyfarm, an RWA Investment platform on Polyfarm.

• 8lends, a crowdlending platform that combines RWAs & Web3.

• Yamfore, a non-custodial lending and borrowing protocol on Cardano.

• Defactor, an RWA tokenization, lending ,and staking tools & infrastructure.

CHARTS OF THE WEEK

Michael Saylor’s $100T Bitcoin Strategy

State of play: Michael Saylor presented a bold $100T crypto strategy at the White House Crypto Summit, arguing that the US must embrace Bitcoin and create a clear regulatory framework to unlock massive economic value.

• He categorized digital assets into tokens, securities, currencies, and commodities, positioning Bitcoin as a key wealth preservation asset.

• Saylor proposed that the US should acquire 5%-25% of the total Bitcoin supply by 2035.

• He estimates it could generate between $16 and $81T by 2045 to help reduce national debt.

• His plan also calls for ending restrictive tax policies, allowing major banks to custody and trade Bitcoin, and eliminating barriers to crypto industry growth.

• With the Trump administration taking a pro-crypto stance, Saylor's vision aligns with the broader push for a more favorable regulatory environment.

Our take: Saylor is basically asking for the government to buy his bags.

Ripple’s Chris Larsen Lost $150M in XRP Due to Hack

State of play: Ripple co-founder Chris Larsen likely lost $150M worth of XRP (283M XRP) in early 2024 after storing his private keys in LastPass, a password manager that was hacked in 2022, according to blockchain investigator ZachXBT.

• While Larsen previously admitted to "unauthorized access" to his personal XRP accounts, he had not disclosed how the breach occurred.

• A March 6 court filing revealed that a San Francisco resident (believed to be Larsen) reported unauthorized transfers worth $150M on January 30, 2024.

• The filing references an unnamed password manager, aligning with past reports that attackers linked to the LastPass breach had stolen millions in crypto.

• This follows a string of crypto thefts linked to LastPass, including $5.36M stolen in 2023, $6.2M in February 2024, and $4.4M in October 2023.

Our Take: Opsec folks — always implement best practices.

QUICK BITES

• South Korea considers adding BTC to reserves.

• Coinbase plans to hire 1,000 more US employees.

• Trump wants to sign the stablecoin bill by August.

• Arkham adds a tag for X users with over 100,000 followers.

• Kraken gears up for IPO as soon as the first quarter of 2026.

• US Department of Housing considers crypto and blockchain usage.

• El Salvador continues accumulating bitcoin and now holds 6,111 BTC.

• Utah scraps Bitcoin reserve provision before advancing state’s crypto bill.

• Gemini has confidentially filed for an IPO with Goldman Sachs and Citigroup.

NOTEWORTHY READS & MEME

• EV3 Sal’s read on DePIN capital structure.

• Degen Spartan’s read on fortress of solitude.

• Kay Capital’s read on lessons learned from family.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.