In 2025, the crypto industry is gradually moving from the fringes to the mainstream, with the US capital market becoming the central stage for this wave. From Antalpha's stock price soaring 70% on its first day of trading and triggering a circuit breaker, to the global leading exchange Coinbase set to enter the S&P 500, and the Bitcoin mining company American Bitcoin's reverse merger leading to a stock price surge, a wave of crypto firms is landing on Nasdaq through initial public offerings (IPOs) or reverse mergers, igniting investor enthusiasm.
At the same time, Wall Street giants like Morgan Stanley, Bank of America, and Royal Bank of Canada are sensing opportunities and making moves, attempting to get a piece of the pie amid the Trump administration's strong support for the crypto industry. Bitwise's latest forecast adds fuel to this wave, claiming that 2025 will be the 'Crypto IPO Year', with companies like Circle and Kraken poised for action. This wave not only showcases the maturity of the crypto industry but also injects fresh blood into the capital market.
Crypto firms are clustering to go public in US stock markets.
Antalpha is a fintech company focused on crypto asset management, trading, and infrastructure services, which officially debuted on the Nasdaq Global Market on May 14, under the ticker 'ANTA'. On its first day of trading, Antalpha's stock price skyrocketed 70%, triggering a circuit breaker, and ultimately closed at the daily limit. This debut not only excites investors but also marks Antalpha's successful transition from a specialized player in the crypto field to the spotlight of traditional finance.
At the same time, Coinbase, the 'big brother' of crypto exchanges, is also experiencing a moment of glory. Coinbase is set to be included in the S&P 500 index, becoming the first crypto firm to receive this honor. This is not only an affirmation of Coinbase but also a milestone recognition of the mainstreaming process of the entire crypto industry. The S&P 500 gathers top companies in the US economy, and Coinbase's inclusion signifies that crypto assets are being accepted by the traditional financial system. Market analysis firm QCP Capital excitedly predicts that this event could become a new 'trigger point' for the crypto market, attracting more institutional investors and pushing the prices of assets like Bitcoin to new highs. As early as 2021, Coinbase's direct listing was handled by top investment banks such as Goldman Sachs and JPMorgan, and now its position in the S&P 500 further solidifies its status as an industry leader.
In addition to direct IPOs, reverse mergers have become a 'fast track' for many crypto firms to open the door to the public market. Among them, the case of American Bitcoin, a Bitcoin mining company owned by Trump’s son, is textbook-level. As a subsidiary of mining giant Hut 8, American Bitcoin plans to go public on Nasdaq under the ticker 'ABTC' through a merger with Gryphon Digital Mining. This transaction has attracted attention due to the Trump family's backing, and upon announcement, Gryphon Digital Mining's stock price surged 330%. Hut 8 CEO Asher Genoot boldly declared that this listing is 'the next big step in low-cost Bitcoin accumulation', aiming to create a 'Bitcoin bank'. This not only showcases the flexibility of reverse mergers but also highlights the influence of political backgrounds in the crypto industry.
Another player, Galaxy Digital, is also not to be outdone. This crypto asset management company plans to go public on Nasdaq on May 16 and is currently awaiting final approval from its shareholders' meeting. Galaxy Digital's business encompasses trading, investment, and consulting, dedicated to providing crypto financial services for institutions and high-net-worth clients. However, its financial report showing a loss of $295 million in the first quarter of 2025 poured cold water on investors. Nevertheless, the market remains optimistic about its IPO prospects, with investors full of expectations for its long-term potential.
Additionally, Amber International has gone public through a merger, landing on Nasdaq under the ticker 'AMBR', further enriching the public market landscape for crypto firms. Companies like Gemini (the crypto platform backed by the Winklevoss twins), Bullish (the exchange endorsed by Peter Thiel), Circle Internet Financial, and Kraken have also been reported to have IPO plans, with the earliest potentially realized in 2025.
A two-way rush?
Behind the wave of listings, there is not only the endogenous power of the crypto industry but also the strong entry of Wall Street giants. For a long time, traditional financial institutions have taken a wait-and-see attitude toward the crypto market, with high risks and regulatory pressures holding them back. However, the rise of the Trump administration completely changed the rules of the game. The self-proclaimed 'crypto president' Trump promised to make the US the 'global crypto capital', quickly signing executive orders on digital assets and promoting the SEC to form a crypto task force led by industry advocate Hester Peirce. The White House's cryptocurrency affairs chief David Sacks even explored the feasibility of creating a national Bitcoin reserve. These policies acted as a shot in the arm, clearing obstacles for crypto firms to go public and igniting enthusiasm on Wall Street.
Morgan Stanley is a pioneer of this transformation. According to insiders, this previously low-key investment bank in the crypto field is actively reaching out to potential clients, eager to handle crypto firms' IPOs. In 2024, Morgan Stanley assisted Coinbase in issuing convertible bonds and was hired by IREN to explore monetization opportunities in the AI data market. Now, it is gearing up to showcase its capabilities in the IPO wave.
Royal Bank of Canada (RBC) is also racing ahead. By the end of 2024, RBC assisted the crypto mining company Core Scientific in issuing convertible bonds. Its official website shows that market activity among crypto issuers has surged since the 2024 US elections. Although RBC started later, it is cautiously accelerating its layout. Additionally, investment banks like Jefferies Financial Group, Moelis & Co., and Cantor Fitzgerald are also emerging in crypto trading. For instance, Jefferies is advising JPMorgan on Bullish's potential listing and assisting Figure Technologies in preparing for an IPO. Even HSBC has quietly taken action, as its senior foreign exchange strategist has added the title of 'Head of Digital Asset Research', indicating a growing interest from traditional finance in the crypto space.
'Why is it a big year for crypto IPOs?'
The crypto industry is maturing. After more than a decade of ups and downs, cryptocurrencies have evolved from 'wild growth' speculative assets to important components of the global financial system. Coinbase's inclusion in the S&P 500 and Antalpha's successful listing indicate a significant increase in traditional finance's acceptance of crypto firms. Going public not only earns companies credibility but also brings in more institutional funds for the industry.
Bitwise's latest forecast boldly claims that 2025 will be the 'Crypto IPO Year' and identifies three major engines driving this trend: active participation from regulators, support from institutional investors, and strong demand from market investors.
First, the improvement of the regulatory environment is key. In the past, the SEC’s strict scrutiny forced many IPO plans to be shelved, and banks were instructed to pause crypto activities. Typically, companies publicize their S-1 filings 6 to 8 months after submitting drafts, but the complexity of the crypto industry makes the process full of variables. The pro-crypto policies of the Trump administration opened the green light for firms, and the SEC's newly formed crypto task force is expected to accelerate approvals, paving the way for IPOs of companies like Circle, Kraken, Figure, Anchorage, and Chainalysis.
Secondly, financing demand is the core driving force. Crypto firms often require huge capital, such as mining companies purchasing expensive ASIC miners, exchanges upgrading technical platforms, and asset management firms developing new products. Going public provides companies with a direct financing channel to cope with market fluctuations and accelerate expansion. For example, American Bitcoin plans to strengthen its mining business through private financing, while Galaxy Digital hopes to ease financial pressure through its listing.
Finally, investor enthusiasm has injected strong momentum into this wave. The entry of Wall Street giants indicates that crypto is no longer on the fringes. The strategic shifts of Morgan Stanley and Bank of America, along with Goldman Sachs and JPMorgan's active participation in Coinbase and Bullish trades, reflect the increasing confidence of institutions in crypto firms. This support not only provides companies with professional financial services but also attracts more institutional funds into the market. Antalpha's first-day limit up and Gryphon Digital Mining's stock price surge showcase the market's demand for crypto firms. Sol Strategies and Exodus are respectively planning to go public on Nasdaq and the New York Stock Exchange, further igniting investor enthusiasm. Bitwise points out that more crypto companies going public will attract retail investors to participate in the industry through the stock market without needing to directly hold crypto assets, which will rebuild trust and unleash vast capital.
Crypto needs to go mainstream, but does it really affect coin prices?
In the long run, this wave of listings will accelerate the mainstreaming of the cryptocurrency industry. Coinbase's position in the S&P 500, Antalpha's successful listing, Wall Street's entry, and Bitwise's prediction of a 'Crypto IPO Year' mark the integration of crypto assets into traditional investment portfolios, shedding the 'speculative' label. As more companies go public, the industry will attract more institutional and retail funds, further expanding the market size. Bitwise points out that listed companies will lower the entry barrier for investors through the stock market, enhancing transparency and trust.
Simultaneously, the wave will intensify competition within the industry. Exchanges, mining companies, and asset management firms will compete to innovate, offering lower trading fees, more efficient mining technologies, or a broader range of financial products. This competition will benefit consumers and enhance industry competitiveness. The professional management from Wall Street will also promote market normalization.
Globally, the listing wave in the US may trigger a ripple effect, encouraging crypto firms in Canada, Europe, and other regions to follow suit, forming a global crypto capital market. This will promote industry globalization and provide investors with more opportunities.
This wave of listings will profoundly reshape the crypto market, bringing opportunities as well as risks. On the positive side, the wave has greatly boosted market confidence. Coinbase's position in the S&P 500 signifies industry maturity and may attract more traditional investors, driving up crypto asset prices. The listing plans of companies like Antalpha, Amber International, and Gemini demonstrate the appeal of crypto firms in the public market. Bitwise emphasizes that the public market will force companies to disclose more financial data, enhancing transparency and reshaping investor trust.
Moreover, the wave will drive industry consolidation. Reverse mergers provide a shortcut for small and medium-sized enterprises to enter the public market, lowering the IPO threshold. For example, American Bitcoin quickly achieved its listing goal through a merger. This model may encourage more companies to follow suit, accelerating resource integration and optimizing market structure. The participation of Wall Street investment banks will also enhance transaction professionalism and inject more capital into the industry.
Advancements in technology and infrastructure will also benefit from this wave. Once listed, companies can invest in technological innovations. For example, Hut 8 is collaborating with Bitmain to develop efficient mining equipment, Coinbase is upgrading its trading platform, and Galaxy Digital may launch new financial products. These initiatives will drive technological progress in the industry and enhance user experience.
However, risks cannot be ignored. First, financial volatility poses a hidden concern. Galaxy Digital reported a loss of $295 million in the first quarter, exposing the vulnerability of crypto firms amid market fluctuations. High valuations may create bubbles, and if investor confidence wavers, stock prices could plummet. Second, regulatory uncertainty still exists. Although current policies are lenient, future regulatory changes may impact listed companies, especially under the SEC's scrutiny. Finally, excessive market speculation may exacerbate volatility. Gryphon Digital Mining's stock price surge of 330% underscores the speculative nature, which may lead to market instability.
