In 2025, the crypto industry is gradually moving from the margins to the mainstream, with the U.S. capital market becoming the central stage of this craze. From the 70% surge in share price on the first day of IPO for crypto fintech company Antalpha, triggering a trading halt, to the leading global exchange Coinbase set to join the S&P 500, and the explosive rise in stock price due to the reverse listing of Bitcoin mining company American Bitcoin, a wave of crypto companies is entering 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 have sensed business opportunities and are actively positioning themselves to seize a piece of the pie amid the Trump administration's strong support for the crypto industry. Bitwise's latest forecast adds fuel to this trend, declaring that 2025 will be the 'Year of Crypto IPOs,' with companies like Circle and Kraken poised for action. This wave not only highlights the maturity of the crypto industry but also injects fresh blood into the capital markets.
Crypto companies are flocking to list on U.S. stock markets
Antalpha is a fintech company focused on crypto asset management, trading, and infrastructure services, officially debuting on the NASDAQ Global Market on May 14, with the stock code 'ANTA.' On its first day of listing, Antalpha's stock price soared 70% like a rocket, triggering a trading halt, and ultimately closing at the daily limit. This debut not only excites investors but also symbolizes Antalpha's successful transition from a professional player in the crypto industry to the spotlight of traditional finance.
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Meanwhile, Coinbase, the 'big brother' of crypto exchanges, is also having its moment in the spotlight. Coinbase is about to be included in the S&P 500 index, becoming the first crypto company to achieve this honor. This is not only a recognition of Coinbase but also a milestone acknowledgment of the entire crypto industry's mainstreaming process. The S&P 500 gathers the top companies in the U.S. 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 'catalyst' for the crypto market, attracting more institutional investors and pushing the prices of assets like Bitcoin to new heights. As early as 2021, Coinbase's direct listing was handled by top investment banks like Goldman Sachs and JPMorgan, and now its S&P 500 status has further solidified its position as an industry leader.
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In addition to direct IPOs, reverse mergers have become a 'fast track' for many crypto companies to enter the public market. Among them, the case of American Bitcoin, a Bitcoin mining company backed by Trump’s son, is textbook-worthy. As a subsidiary of mining giant Hut 8, American Bitcoin plans to go public on NASDAQ using the stock code 'ABTC' through a merger with Gryphon Digital Mining. This deal has attracted much attention due to the endorsement from the Trump family, leading to a 330% surge in Gryphon Digital Mining's stock price. Hut 8 CEO Asher Genoot boldly stated that this listing is the 'next big step in low-cost Bitcoin accumulation,' with the goal of creating a 'Bitcoin bank.' This not only showcases the flexibility of reverse mergers but also highlights the influence of political backgrounds in the crypto industry.
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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. Galaxy Digital's business covers trading, investment, and consulting, aiming to provide crypto financial services for institutional and high-net-worth clients. However, its financial report showing a loss of $295 million in the first quarter of 2025 has dampened investor enthusiasm. Nevertheless, the market remains optimistic about its IPO prospects, with investors looking forward to its long-term potential.
Additionally, Amber International went public through a merger, listing on NASDAQ with the stock code 'AMBR,' further enriching the public market landscape for crypto companies. 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 reported IPO plans, potentially achieving them as early as 2025.
Mutual pursuit?
Behind the IPO frenzy is not only the internal driving force of the crypto industry but also the strong entrance of Wall Street giants. For a long time, traditional financial institutions have taken a wait-and-see approach to the crypto market, hindered by high risks and regulatory pressures. However, the rise of the Trump administration has completely changed the rules of the game. Self-proclaimed 'Crypto President' Trump promised to make the U.S. the 'global crypto capital,' quickly signing an executive order on digital assets after taking office and pushing the SEC to establish a crypto task force led by industry advocate Hester Peirce. David Sacks, the White House crypto affairs chief, is even researching the feasibility of creating a national Bitcoin reserve. These policies are like a shot in the arm, clearing obstacles for crypto companies to go public and igniting enthusiasm on Wall Street.
Morgan Stanley is at the forefront of this transformation. According to insiders, this investment bank, which has been low-key in the crypto industry, is actively reaching out to potential clients, eager to handle crypto companies' 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 show its skills in the IPO craze. Bank of America is also not falling behind, with its investment banking executives discussing how to promote digital asset trading and eyeing the hundreds of billions of dollars in fees in this market. CEO Brian Moynihan stated in an interview with CNBC in early 2025 that once regulations are clarified, the bank will 'go all out' in the trading industry.
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Royal Bank of Canada (RBC) is also accelerating its pace. At the end of 2024, RBC assisted crypto mining company Core Scientific in issuing convertible bonds, and its website data shows that since the 2024 U.S. elections, market activities of crypto issuers have surged. Although RBC started later, it is cautiously ramping up its positioning. Furthermore, investment banks like Jefferies Financial Group, Moelis & Co., and Cantor Fitzgerald are also emerging in crypto trading. For example, Jefferies is consulting with JPMorgan for Bullish's potential listing and assisting Figure Technologies in preparing for an IPO. Even HSBC has quietly taken action, with its senior foreign exchange strategist adding the title of 'Head of Digital Asset Research,' indicating that traditional finance's interest in the crypto industry is heating up.
Source: BlockBeats
'Why is it the Year of Crypto IPOs?'
The crypto industry is heading towards maturity. After more than a decade of ups and downs, cryptocurrencies have grown from a 'wild growth' speculative asset to an important part 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 companies. Going public not only earns companies credibility but also brings in more institutional funds to the industry.
Bitwise's latest prediction report boldly claims that 2025 will be the 'Year of Crypto IPOs,' pointing out three major engines driving this trend: active involvement from regulators, support from institutional investors, and strong demand from market investors.
First and foremost, improvements in the regulatory environment are key. In the past, the SEC's strict scrutiny forced many IPO plans to be shelved, and banks were required to pause crypto activities. Typically, companies would publicly file S-1 documents 6 to 8 months after submitting drafts, but the complexity of the crypto industry filled the process with variables. The Trump administration's pro-crypto policies have opened the green light for companies, and the newly established SEC crypto task force is expected to expedite approvals, paving the way for IPOs from companies like Circle, Kraken, Figure, Anchorage, and Chainalysis.
Secondly, funding demand is a core driver. Crypto companies often require huge capital, such as mining companies purchasing expensive ASIC miners, exchanges upgrading technology platforms, and asset management firms developing new products. Going public provides companies with direct financing channels, helping them cope with market fluctuations and accelerate expansion. For instance, American Bitcoin plans to strengthen its mining business through private financing, while Galaxy Digital hopes to alleviate financial pressure through its IPO.
Finally, investor enthusiasm injects strong momentum into the craze. The entry of Wall Street giants indicates that crypto is no longer on the fringe. The strategic shifts of Morgan Stanley and Bank of America, along with the active participation of Goldman Sachs and JPMorgan in trading Coinbase and Bullish, demonstrate the growing confidence of institutions in crypto firms. This support not only provides companies with professional financial services but also attracts more institutional capital into the market. The first-day surge of Antalpha and the 330% price increase of Gryphon Digital Mining showcase the market's enthusiasm for crypto companies. Sol Strategies and Exodus are planning to list 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 significant capital.
Crypto needs to mainstream, but does it really affect coin prices?
In the long run, this IPO frenzy will accelerate the mainstreaming of the crypto industry. Coinbase's status in the S&P 500, Antalpha's successful listing, Wall Street's entry, and Bitwise's prediction of a 'Year of Crypto IPOs' symbolize that crypto assets are integrating 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 barriers for investors through the stock market, enhancing transparency and trust.
At the same time, the craze will intensify industry competition. Exchanges, mining companies, and asset management firms will compete to innovate, offering lower trading fees, more efficient mining technologies, or richer financial products. This competition will benefit consumers and enhance industry competitiveness. The professional management from Wall Street will also drive market standardization.
Globally, the IPO frenzy in the U.S. may trigger a chain reaction, encouraging crypto companies in Canada, Europe, and other regions to follow suit, forming a global crypto capital market. This will drive industry globalization and provide investors with more opportunities.
This IPO craze will profoundly reshape the crypto market, bringing both opportunities and risks. On the positive side, the surge greatly boosts market confidence. Coinbase's S&P 500 status symbolizes industry maturity, likely attracting more traditional investors and driving up cryptocurrency prices. The IPO 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 rebuilding investor trust.
Moreover, the craze 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 incentivize more companies to follow suit, accelerate resource consolidation, and optimize market structure. The involvement of Wall Street investment banks will also enhance transaction professionalism and inject more capital into the industry.
Technological and infrastructure advancements will also benefit from the craze. After obtaining funding, listed companies can invest in technological innovation. For example, Hut 8 is developing efficient mining equipment in collaboration with Bitmain, 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 is a concern. Galaxy Digital reported a loss of $295 million in the first quarter, exposing the vulnerability of crypto companies amid market fluctuations. Overvaluation could create a bubble, and if investor confidence wavers, stock prices may plummet. Secondly, regulatory uncertainty remains. While current policies are lenient, future regulatory changes could impact listed companies, especially under SEC scrutiny. Finally, excessive market speculation may exacerbate volatility. The 330% surge in Gryphon Digital Mining's stock price highlights speculative characteristics, which could lead to market instability.
This article is authorized for reprint from: (BlockBeats)
Original author: Ashley
'The Year of Crypto IPOs is Here! Trump's Son's Mining Company is Going Public, Has the Investment Logic in the Crypto Circle Changed?' This article was first published in 'Crypto City.'