Cryptocurrency Firms IPO Pipeline Attracts Wall Street

Wall Street’s growing focus on late-stage cryptocurrency firms IPO opportunities could alter established cycles in the digital asset industry, according to recent research from crypto financial services provider Matrixport. More than $200 billion in cryptocurrency firms are reportedly preparing to go public, with projected capital raises between $30 billion and $45 billion.

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Background: Late-Stage Crypto Firms Eye IPOs

Matrixport stated in an X post on Friday that investor attention is moving from early-stage cryptocurrency startups to scalable, IPO-ready companies approved for public markets. The shift is occurring as continued selling by Bitcoin (BTC) miners and early holders has “nearly neutralized ETF and treasury inflows, reducing volatility and dampening Bitcoin’s appeal to risk-seeking investors,” Matrixport reported.

The search for fresh capital has already encouraged several prominent cryptocurrency firms to begin IPO plans. U.S.-based crypto exchange Kraken reportedly secured $500 million in recent funding at a $15 billion valuation, according to sources cited by Fortune on September 25. Meanwhile, crypto custodian BitGo filed on September 19 to list shares on the New York Stock Exchange; BitGo reports $90.3 billion in assets under custody and a substantial customer base.

Market Reaction: Selection Over Speculation

Matrixport’s report suggests that the 2025 crypto market cycle may deviate from past patterns. Industry analysts are predicting that there may not be a broad altcoin surge, but rather that a select group of altcoins—those with institutional investments or exchange-traded fund (ETF) filings—will perform strongly. Despite this, certain market watchers disagree, noting onchain signals indicating early signs of an altcoin season. “While many investors remain myopically focused on Bitcoin, ETH is quietly outperforming in the background as Bitcoin dominance drops toward year lows,” said Nic Puckrin, co-founder of The Coin Bureau, while highlighting that the effect is selective so far.

What’s Next: ETF Decisions and Industry Outlook

Analysts point to a significant pipeline of cryptocurrency ETF filings awaiting approval as another key driver. “Entering paper-backed altseason,” remarked Ki Young Ju, founder and CEO of CryptoQuant, in a Monday X post. The U.S. Securities and Exchange Commission (SEC) is currently considering multiple ETF applications for various tokens, including Litecoin (LTC), Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Cardano (ADA). For instance, the deadline to comment on Canary Capital’s Litecoin ETF was October 2, but the SEC has yet to respond, possibly due to either the U.S. government shutdown or changing listing standards. Decisions for ETF filings from Grayscale, VanEck, WisdomTree, Bitwise, and others for Solana, XRP, and additional tokens are expected throughout October.

As Wall Street’s attention on cryptocurrency firms IPO activity grows, the outcomes of these public offerings and SEC decisions on ETFs may influence the path of the digital asset sector for the coming years. For more insights on crypto market trends, see our cryptocurrency coverage.