In 2025, the crypto industry is gradually moving from the margins to the mainstream, with the US capital market becoming the central stage of this trend. From the crypto fintech company Antalpha's stock price soaring 70% on its first day of listing and triggering a circuit breaker, to the global leading crypto exchange Coinbase about to join the S&P 500, and the Bitcoin mining enterprise American Bitcoin going public through a reverse merger and causing a stock price surge, a wave of crypto companies are entering Nasdaq through IPOs or reverse mergers, igniting investor enthusiasm.
Meanwhile, Wall Street giants like Morgan Stanley, Bank of America, and Royal Bank of Canada have sensed an opportunity and are positioning themselves, trying to get a piece of the pie against the backdrop of the Trump administration's strong support for the crypto industry. The latest prediction by crypto asset management company Bitwise further fueled this trend, declaring 2025 as the "Crypto IPO Year," with companies like Circle and Kraken preparing to make their move. This wave not only demonstrates the maturity of the crypto industry but also injects new blood into the capital market.
Crypto Enterprises Cluster Listing on US Stocks
Antalpha, a fintech company focusing on crypto asset management, trading, and infrastructure services, officially debuted on the Nasdaq Global Market on May 14 with the stock code "ANTA". On its first day of listing, Antalpha's stock price rocketed 70%, triggering a circuit breaker and ultimately closing at the daily limit. This debut not only excited investors but also marked Antalpha's successful transition from a crypto specialist to the spotlight of traditional finance>
At the same time, Coinbase, the "big brother" of crypto exchanges, is also experiencing its moment of glory. Coinbase is about to be included in the S&P 500, becoming the first crypto enterprise to receive this honor. This is not only a recognition of Coinbase but also a milestone acknowledgment of the mainstreaming process of the crypto industry. The S&P 500 brings together the top enterprises of the US economy, and Coinbase's inclusion means that crypto assets are being accepted by the traditional financial system. Market analysis firm QCP excitedly predicts that this event could become a new "trigger point" for the crypto market, attracting more institutional investors and potentially pushing Bitcoin and other asset prices to new highs. As early as 2021, Coinbase's direct listing was handled by top investment banks like Goldman Sachs and JPMorgan Chase, and now its S&P 500 status further solidifies its industry leadership.
>direct IPOs merhave become become a ""fast track" for many crypto enterprises to the public market. The case of American Bitcoin,,, backed by Trump's son, is a textbook example. As a of giant Hut 8, Bitcoin plans to list on Nasdaq through a merger with Gryphon Digital Mining under the stock code "ABTC". This transaction gained attention due to the Trump of family's endorsement, and the news caused Gryphon Digital Mining's stock price to surge 330%. Not only Does this demonstrate the flexibility of reverse mergers, the but also highlights the influence of political backgrounds in the crypto industry.Additionally, addition Amber International has entered the Nasdaq through a merger, with the stock code "AMBR", further enriching the public market landscape of crypto enterprises.. companies.ini the crypto platform supported by theInk), Bullish (exchange endorsed by Peter Th), Internet Financial and krrumored to have IPO plans, potentially as early as 2025.
A Two-Way Convergence?
Behind this listing boom are not only the internal driving forces of the crypto industry but also the strong entry of Wall Street giants. Traditionally, financial institutions have maintained a wait-and-see attitude towards the crypto market, deterred by high risks and regulatoryations. However, the Trump changed game. Self-proclaimed "Crypto President" Trump promised to make the US the "Global Crypto Capital", quickly signing digital asset executive orders and promoting the SEC to establish a crypto task force led by industry advocate Hester Peirce. The White House's crypto affairs director, David Sacks, is even exploring the feasibility of creating a national Bitcoin reserve. These policies acted like a booster shot, clearing obstacles for crypto enterprise enterprise listingsings and igniting Wall Street's enthusiasm.
The translation continues in the same manner for the rest of the text)First, the improvement of the regulatory environment is crucial. In the past, the SEC's strict review forced many IPO plans to be shelved, and banks were required to suspend crypto activities. Typically, companies would publicly file S-1 documents 6 to 8 months after submitting a draft, but the complexity of the crypto industry makes the process unpredictable. The Trump administration's pro-crypto policies opened the green light for businesses, and the newly established SEC crypto task force is expected to accelerate approvals, paving the way for IPOs of companies like Circle, Kraken, Figure, Anchorage, and Chainalysis.
Second, financing needs are the core driving force. Crypto enterprises often require massive capital, such as mining companies purchasing expensive ASIC mining machines, exchanges upgrading technical platforms, and asset management companies developing new products. Going public provides direct financing channels for businesses, helping them cope with market fluctuations and accelerate expansion. For example, American Bitcoin plans to grow its mining business through private financing, while Galaxy Digital hopes to alleviate financial pressure through listing.
Finally, investor enthusiasm has injected strong momentum into the trend. The entry of Wall Street giants indicates that crypto is no longer on the margins. The strategic shifts of Morgan Stanley and Bank of America, and the active involvement of Goldman Sachs and JPMorgan Chase in Coinbase and Bullish transactions, all show increasing institutional confidence in crypto enterprises. This support not only provides professional financial services for businesses but also attracts more institutional funds into the market. Antalpha's first-day limit up and Gryphon Digital Mining's stock price surge demonstrate the market's pursuit of crypto companies. Sol Strategies and Exodus plan to list on Nasdaq and NYSE American markets, 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 directly holding crypto assets, which will rebuild trust and release massive capital.
Will Crypto Become Mainstream, but Does It Really Affect Coin Prices?
In the long run, this IPO boom will accelerate the mainstreaming of the crypto industry. Coinbase's S&P 500 status, Antalpha's successful listing, Wall Street's entry, and Bitwise's "Crypto IPO Year" prediction mark crypto assets 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 market size. Bitwise notes that listed companies will lower investor entry barriers through the stock market, enhancing transparency and trust.
Simultaneously, the boom will intensify industry competition. Exchanges, mining companies, and asset management firms will compete to innovate, offering lower transaction fees, more efficient mining technologies, or richer financial products. This competition will benefit consumers and enhance industry competitiveness. Wall Street's professional management will also drive market standardization.
Globally, the U.S. IPO boom may trigger a chain reaction, encouraging crypto enterprises in Canada, Europe, and other regions to emulate, forming a global crypto capital market. This will promote industry globalization and provide more opportunities for investors.
This IPO boom will profoundly reshape the crypto market, bringing both opportunities and risks. Positively, the boom greatly boosts market confidence. Coinbase's S&P 500 status marks industry maturity and may attract more traditional investors, potentially driving crypto asset prices up. Listing plans of Antalpha, Amber International, Gemini, and other enterprises prove the attractiveness of crypto companies in public markets. Bitwise emphasizes that public markets will force companies to disclose more financial data, enhancing transparency and rebuilding investor trust.
Moreover, the boom will drive industry consolidation. Reverse mergers provide a shortcut for small and medium-sized enterprises to enter public markets, lowering IPO thresholds. For example, American Bitcoin quickly achieved listing through a merger. This model may inspire more enterprises to follow suit, accelerating resource integration and optimizing market structure. Wall Street investment banks' involvement will also enhance transaction professionalism and inject more capital into the industry.
Technological and infrastructure advancements will also benefit from the boom. Listed enterprises can invest in technological innovation after obtaining funds. For instance, Hut 8 collaborates with Bitmain to develop efficient mining equipment, Coinbase upgrades trading platforms, and Galaxy Digital may launch new financial products. These initiatives will drive industry technological progress and improve user experience.
However, risks cannot be ignored. First, financial volatility is a concern. Galaxy Digital's first-quarter loss of $295 million exposes the fragility of crypto enterprises in market fluctuations. High valuations may create bubbles, and stock prices could plummet if investor confidence wavers. Second, regulatory uncertainty persists. Despite current policy leniency, future regulatory changes may impact listed enterprises, especially under SEC scrutiny. Lastly, excessive market speculation may exacerbate volatility. Gryphon Digital Mining's 330% stock price surge highlights speculative characteristics, potentially causing market instability.
