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Cryptocurrencies are no longer managed from 'garages': Tracy Jin of MEXC on the IPO boom
Tracy Jin of MEXC says that regulatory clarity and market maturity support a new era of cryptocurrency IPOs, with Circle and Gemini leading the charge.
Cryptocurrencies are no longer managed from 'garages': Tracy Jin of MEXC on the IPO boom
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The previously scattered world of digital assets has evolved into a sector characterized by organized governance, audited finance, and scalable revenue models.
Exchanges that started as weekend experiments have now become more like traditional financial institutions, complete with compliance teams, investor relations departments, and long-term capital strategies. Tracy Jin, the Chief Operating Officer of MEXC, stated to Cointelegraph: "We are now ready for the IPO."
On June 5, Circle, the issuer of the USDC stablecoin, raised $1.1 billion in its debut, exceeding expectations and achieving a record gain of 167% on its first trading day.
USD to dollar
0.9995 USD
On June 6, the Gemini exchange, founded by Cameron and Tyler Winklevoss, filed a confidential application for its U.S. listing, followed by a similar application from Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, on June 10.
Source: Chad Stiengraber
Jin said: "The improvement in market sentiment is the foundation for a successful launch," referring to the flow of capital into Bitcoin and Ethereum ETFs in the U.S. as a catalyst. The bullish market environment has driven valuations up, creating a positive impact for early investors and opening the door for the IPO.
Bitcoin
104,571 USD
Ethereum
2,510 USD
Related: Tether CEO dismisses IPO, says the $515 billion valuation is "a bit bearish"
Regulatory clarity enhances the IPO buzz
However, sentiment alone does not drive this trend. According to Jin, the long-awaited regulatory clarity plays a pivotal role. Frameworks like the "Crypto Asset Markets Regulation" (MiCA) in Europe and approvals for U.S. ETFs have helped mitigate cryptocurrency risks for institutional investors.
She noted that "the ambiguity in jurisdictions like the United States has concerned public market investors for years." While the new rules may not be comprehensive, they provide enough structure to legitimize listings in the eyes of Wall Street.
The COO of MEXC believes the sector itself has matured significantly. Jin stated: "Cryptocurrencies are no longer an emerging sector managed from a garage." With audited financial data, established governance, and sustainable revenues from custody, storage, and trading services, cryptocurrency companies are now "ready for IPO."
As for the types of companies that will dominate this new IPO stage, Jin expects that infrastructure and fintech companies will lead this trend. Blockchain analytics, storage services, and secure custody providers will be among the top competitors, alongside stablecoin issuers.
She said: "This momentum is sustainable, but it will be selective. Companies with clear, defensible business models, resembling technology or fintech more than a bet on cryptocurrency prices, will be the most successful."
Related: The debut of Circle on the New York Stock Exchange marks the beginning of the cryptocurrency IPO season: Are Kraken, Gemini, and Bullish next?
Asia is next to see a surge in cryptocurrencies
Asia may become a hub of activity. Jin pointed to Metaplanet's Bitcoin treasury management strategy as a sign of growing regional adoption. She said: "The MicroStrategy story is no longer exclusive to that," noting that concerns about currency depreciation in Japan have made Bitcoin an attractive hedge.
She sees a promising future for financial engineering related to cryptocurrencies. The use of a "strategic" convertible bond to provide yield with a potential for price appreciation has set a precedent in this field. Jin stated: "I strongly expect to see a wave of structured products from major banks like Goldman Sachs and JPMorgan."
Source: Strategy
This does not mean that institutions are ready to collectively hold cryptocurrencies on their balance sheets, but it is a step in that direction. Jin sees these tools as "a model for mainstream adoption" that starts as a specialized tool and gradually gains institutional confidence in this asset class.
