1. Institutional Maturity: Companies like Coinbase, Iris Energy, and Core Scientific are proving that crypto-native firms can generate revenue, grow user bases, and survive regulatory scrutiny. This is attracting long-term institutional capital.
2. ETF Momentum & Regulatory Clarity: The approval of Bitcoin and Ethereum ETFs has helped legitimize the industry in the eyes of traditional investors, who now see IPOs as another gateway to gain exposure.
3. Strong Financials: Some firms show real cash flow and growth. For example, Marathon Digital and Riot Platforms have become some of the largest Bitcoin miners globally, riding the BTC price cycles strategically.$
