Bitcoin’s “IPO Moment” Signals a New Era of Institutional Confidence
Bitwise CIO Matt Hougan believes Bitcoin has entered its “IPO moment” — a phase where the world’s leading cryptocurrency transitions from a speculative asset to a mature, institutional-grade investment.
In a recent note to clients, Hougan said Bitcoin’s sideways trading throughout 2025 isn’t a sign of weakness but evidence of growing stability and structural transformation. Drawing on insights from Wall Street veteran Jordi Visser, he compared Bitcoin’s current stage to the period following major tech IPOs such as Facebook or Google — when early investors took profits and institutional buyers gradually moved in.
According to Hougan, this “silent IPO” is a healthy phase that reflects the redistribution of Bitcoin ownership from risk-taking pioneers to long-term holders such as ETFs, corporate treasuries, and sovereign wealth funds. The shift has made the Bitcoin market more resilient, capable of absorbing large sales without major price disruptions.
He added that as volatility continues to decline, Bitcoin is becoming safer for larger allocations, marking the end of the traditional 1% portfolio rule. “Lower volatility makes it safer to hold more,” Hougan wrote, noting that a 5% baseline allocation is becoming increasingly common among professional investors.
“Bitcoin is going through its IPO moment,” he concluded. “If history is any guide, we should celebrate by buying more.”
