By 2025, the crypto industry is gradually moving from the fringes to the mainstream, with the U.S. capital markets becoming the central stage of this surge. From the listing day of the crypto fintech company Antalpha where the stock price surged 70% triggering a circuit breaker, to the imminent ascent of the global leading exchange Coinbase to the S&P 500, and to the frenzy caused by American Bitcoin, a Bitcoin mining company, going public through a SPAC merger, a wave of crypto companies landing on Nasdaq through IPOs or SPAC mergers has ignited investors' enthusiasm.

At the same time, Wall Street giants such as Morgan Stanley, Bank of America, and Royal Bank of Canada have sensed the opportunity and are making strategic moves, attempting to seize a piece of the pie amidst the Trump administration's strong support for the crypto industry. The latest forecast by crypto asset management company Bitwise has further fueled this surge, claiming that 2025 will be the "Year of Crypto IPOs," with companies like Circle, Kraken, and others gearing up. This wave not only showcases the maturity of the crypto industry but also injects fresh blood into the capital markets.

Avalanche of Crypto Companies Going Public on U.S. Stock Markets

Antalpha is a fintech company focused on crypto asset management, trading, and infrastructure services, and it made its debut on the Nasdaq Global Market on May 14 with the stock ticker "ANTA." On its first day of trading, Antalpha's stock price skyrocketed by 70%, triggering a circuit breaker and ultimately closing at the daily limit-up. This debut has not only excited investors but also marked Antalpha's successful transition from a player in the crypto field to the spotlight of traditional finance.

Simultaneously, Coinbase, the big brother of crypto exchanges, also had its moment in the sun. Coinbase is set to be included in the S&P 500 index, becoming the first crypto company to receive this honor. This is not only a recognition of Coinbase but also a milestone acknowledgment of the mainstreaming process of the entire crypto industry. The S&P 500 gathers the top companies in the U.S. economy, and Coinbase's inclusion signifies the acceptance of crypto assets by the traditional financial system. Market analysis firm QCP Capital excitedly predicts that this event could be a new "ignition point" for the crypto market, attracting more institutional investors to enter and driving asset prices like Bitcoin to new highs. As early as 2021, Coinbase's direct listing was handled by top-tier banks such as Goldman Sachs and JPMorgan. Now, its S&P 500 status further solidifies its position as an industry leader.

In addition to traditional IPOs, reverse mergers have become a "fast lane" for many crypto companies to access the public market. Among them, the case of Donald Trump's son's Bitcoin mining company American Bitcoin is considered textbook material. As a subsidiary of mining giant Hut 8, American Bitcoin plans to go public on Nasdaq under the stock symbol "ABTC" through a merger with Gryphon Digital Mining. This transaction, endorsed by the Trump family, attracted significant attention, causing Gryphon Digital Mining's stock price to surge by 330%. 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 demonstrates the flexibility of reverse mergers but also highlights the influence of political connections in the crypto industry.

Another player, Galaxy Digital, is also making its mark. This crypto asset management company is planning to go public on Nasdaq on May 16 and is currently awaiting final approval from its shareholders. Galaxy Digital's business spans trading, investing, and advising, aiming to provide crypto financial services to institutions and high-net-worth clients. However, its first-quarter 2025 loss of $295 million in USD reported a setback. Nevertheless, the market remains optimistic about its prospects for going public, with investors eagerly anticipating its long-term potential.

Furthermore, Amber International went public through a merger, debuting on Nasdaq under the stock symbol "AMBR," further enriching the public market landscape of crypto companies. Companies such as Gemini (the crypto platform backed by the Winklevoss twins), Bullish (an exchange endorsed by Peter Thiel), Circle Internet Financial, and Kraken have also hinted at IPO plans, with the earliest possible listings expected by 2025.

Bidirectional Rush?

Behind the wave of IPOs, there is not only the inherent drive of the crypto industry, but also the strong entry of Wall Street giants. For a long time, traditional financial institutions have maintained a cautious attitude towards the crypto market, with high risk and regulatory pressure holding them back. However, the Trump administration's arrival completely changed the rules of the game. Trump, who called himself the "Crypto President," promised to make the United States the "global capital of crypto," quickly signed executive orders on digital assets upon taking office, and pushed for the SEC to establish a crypto task force led by industry advocate Hester Peirce. White House Crypto Czar David Sacks is even researching the feasibility of creating a national Bitcoin reserve. These policies, like a shot in the arm, have cleared obstacles for crypto companies to go public and have also ignited Wall Street's enthusiasm.

Morgan Stanley is at the forefront of this transformation. According to insiders, this investment bank, which was previously low-key in the crypto field, is actively reaching out to potential clients, eager to lead the IPOs of crypto companies. 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 and preparing to show its prowess in the IPO frenzy. Bank of America is similarly unwilling to fall behind, with its investment banking executives actively discussing how to drive the digital asset trading business and target a slice of this market's tens of billions of dollars in fees. CEO Brian Moynihan declared in an early 2025 CNBC interview that once regulations are clarified, the bank will go "all in" in the trading arena.

Royal Bank of Canada (RBC) is also moving full throttle. At the end of 2024, RBC assisted crypto mining company Core Scientific in issuing convertible bonds. According to its official website data, the market activity of crypto issuers has surged since the 2024 U.S. election. Although RBC started late, it is cautiously accelerating its layout. In addition, investment banks such as Jefferies Financial Group, Moelis & Co., and Cantor Fitzgerald are also emerging in crypto trading. For example, Jefferies is advising on the potential listing of Bullish in partnership with JPMorgan and is assisting Figure Technologies in preparing for an IPO. Even HSBC Bank has quietly taken action, with its senior FX strategist adding the title of "Head of Digital Asset Research," indicating that traditional finance's interest in the crypto field is heating up across the board.

Why is it the "Crypto IPO Grand Year"?

The crypto industry is moving towards maturity. After more than a decade of ups and downs, cryptocurrency has evolved from a "wild growth" speculative asset to an important player in the global financial system. The inclusion of Coinbase in the S&P 500 and the successful listings of Antalpha 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 forecast boldly claims that 2025 will be the "year of crypto IPOs" and points out three major drivers behind this trend: active involvement of regulatory agencies, support from institutional investors, and strong demand from market investors.

Firstly, the improvement of the regulatory environment is key. In the past, the SEC's stringent scrutiny forced many IPO plans to be put on hold, and banks were required to pause crypto activities. Typically, companies would publicly file an S-1 document 6 to 8 months after submitting a draft, but the complexity of the crypto industry makes the process highly variable. The pro-crypto policies of the Trump administration have given the green light to companies, and the SEC's newly formed crypto task force is expected to expedite approvals, paving the way for IPOs by companies like Circle, Kraken, Figure, Anchorage, and Chainalysis.

Secondly, funding needs are a core driver. Crypto companies often require massive capital, such as mining companies purchasing expensive ASIC miners, exchanges upgrading their technology platforms, and asset management firms developing new products. Going public provides these companies with a direct funding channel to help them navigate market fluctuations and accelerate their expansion. For example, the American Bitcoin Plan aims to expand its mining business through private financing, while Galaxy Digital hopes to use listing to relieve financial pressure.

Lastly, investor enthusiasm has injected strong momentum into the craze. The entry of Wall Street giants indicates that crypto is no longer on the fringes as before. Strategic shifts by Morgan Stanley and Bank of America, the active participation of Goldman Sachs and JPMorgan in trades involving Coinbase and Bullish, all demonstrate the growing confidence of institutions in crypto companies. This support not only provides companies with professional financial services but also attracts more institutional funds into the market. The first-day price limit increase of Antalpha and the stock price surge of Gryphon Digital Mining showcase the market's enthusiasm for crypto companies. Sol Strategies and Exodus plan to list on the Nasdaq and NYSE American markets, further fueling investor enthusiasm. Bitwise points out that more crypto company listings will attract retail investors to participate in the industry through the stock market, without the need to directly hold crypto assets, rebuilding trust and unlocking significant capital.

The Mainstreaming of Crypto: Does It Really Affect Coin Prices?

In the long run, this IPO frenzy will accelerate the mainstreaming of the crypto industry. Coinbase's S&P 500 status, Antalpha's successful IPO, Wall Street's entry, and Bitwise's prediction of the "crypto IPO year" signal that crypto assets are integrating into traditional 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 public listings will lower the entry barrier for investors through the stock market, enhancing transparency and trust.

At the same time, the frenzy will intensify industry competition. Exchanges, mining companies, and asset management firms will innovate to launch lower trading fees, more efficient mining technologies, or more diverse financial products. This competition will benefit consumers and enhance industry competitiveness. The professional management from Wall Street will also drive market standardization.

On a global scale, the IPO frenzy in the United States may trigger a chain reaction, inspiring crypto companies in Canada, Europe, and other regions to follow suit, forming a global crypto capital market. This will drive industry globalization, providing investors with more opportunities.

This IPO frenzy will profoundly reshape the crypto market, bringing both opportunities and risks. From a positive perspective, the frenzy has greatly boosted market confidence. Coinbase's S&P 500 status signals industry maturity, potentially attracting more traditional investors, driving up crypto asset prices. The IPO plans of Antalpha, Amber International, Gemini, and other companies demonstrate the attractiveness of crypto companies in the public market. Bitwise emphasizes that the public market will compel companies to disclose more financial data, enhance transparency, and reshape investor trust.

Furthermore, the frenzy will drive industry consolidation. Reverse mergers provide a shortcut for small and medium-sized enterprises to enter the public market, reducing the IPO threshold. For example, American Bitcoin quickly achieved its listing goal through a merger. This model may inspire more companies to emulate, accelerate resource integration, and optimize market structure. The participation of Wall Street investment banks will also enhance trading professionalism, injecting more capital into the industry.

Advancements in technology and infrastructure will also benefit from the frenzy. Once listed, companies can invest in technological innovation. For example, Hut 8 collaborates with Bitmain to develop efficient mining equipment, Coinbase upgrades its trading platform, and Galaxy Digital may introduce new financial products. These initiatives will drive technological progress in the industry, enhancing user experience.

However, risks should not be overlooked. Firstly, financial volatility is a concern. Galaxy Digital's $295 million loss in the first quarter exposed the vulnerability of crypto companies to market fluctuations. Overvaluation could create a bubble, and once investor confidence wavers, stock prices could plummet. Secondly, regulatory uncertainty still exists. Despite current lenient policies, future regulatory changes could impact public companies, especially under SEC scrutiny. Finally, market speculation overheating may exacerbate volatility. Gryphon Digital Mining's stock price surged by 330%, highlighting speculative nature that could lead to market instability.

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