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The cybersecurity company has "no definitive plans" for an IPO despite last month’s conflicting reports.
CertiK CEO Ronghui Gu (CertiK)
What to know:
- Despite receiving inquiries following CEO Ronghui Gu’s comments at Davos, the firm has no definitive plans for a public listing — Gu clarified that media reports were overstated, emphasizing that valuation metrics for web3-native companies remain unclear.
- Gu pointed out that mismanagement of private keys, deepfake impersonations, and oracle manipulation are emerging threats that surpass conventional smart contract vulnerabilities.
CertiK CEO Ronghui Gu informed CoinDesk that the security firm lacks a specific IPO timeline, but the company’s actions in response to last year’s Huione-related criticism and its swift advancement into institutional products have established it as a plausible candidate for a multi-billion-dollar public offering.
When CertiK performed an audit on what was later identified as a stablecoin project associated with the illicit marketplace Huione, the firm encountered substantial online backlash. Gu characterized the incident as a wake-up call instead of a reputational disaster. CertiK publicly stated that it had audited code provided by a U.S.-registered client, subsequently donating the fee to charity.
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"What we do is we enhance our existing KYC process,” he stated to CoinDesk. "We also collaborate with external capacity providers to minimize risk.” Regarding monitoring post-audit usage, he added: “After we issue a report, we will closely observe how this report is utilized.”
CertiK is expanding its enterprise services while maintaining protocol audits as its primary revenue source. “Our current business remains and I would assert it will continue to be the main revenue stream,” Gu noted, but emphasized that these services need to be “elevated to an institutional standard.”
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In January, Gu sparked a conversation at Davos by mentioning that his firm was contemplating an IPO, claims he now considers exaggerated despite strong interest from investors.
"We raised over $240 million and I can confirm we have more than that amount in our bank,” while acknowledging investor interest. “We have already received numerous inquiries,” he mentioned, pointing out that media coverage sometimes misinterpreted his comments from Davos: “I clearly stated that we do not have a definitive plan. There’s no specific timeline yet, but…many have indeed reached out to us.”
On the topic of valuation and the IPO discussion, he adopted a cautious tone: “People still don’t know how to assess the valuation of a web3-native company,” he remarked. He confirmed that CertiK’s investor lineup includes prominent names such as Sequoia, Goldman Sachs, and Coinbase, and hinted at selective additions: “We’re planning to bring on one or two more strategic investors.”
The times are changing
When questioned regarding the most prevalent attack vectors in the crypto market, Gu contended that the risk landscape has evolved beyond smart-contract exploits.
“Operational risk has become more significant,” he noted, referencing issues like private-key mismanagement, deepfakes, and oracle manipulation. Regarding AI-driven impersonations, he was straightforward: “Deep fake is challenging…we are still investigating how to address it.”
He added that CertiK can assist institutions but stressed the importance of collaboration: “We need to work closely with our clients to help them assess their internal policies or solutions regarding key management.”
For Gu, the reforms following the Huione incident are both about repairing reputation and strategically preparing for institutional clients.
“These institutions seek institutional-grade auditing — formal verification that can confirm there are no bugs,” he stated, highlighting demand from major banks across various jurisdictions.
