$200B pipeline of crypto IPOs could reshape the next market cycle
Wall Street’s focus on crypto may be shifting from speculative altcoins to late-stage, IPO-ready firms, according to new research from crypto financial services company Matrixport. The firm reported that more than $200 billion worth of cryptocurrency companies are preparing to go public, potentially raising between $30 billion and $45 billion in fresh capital.
Matrixport explained that traditional altcoin speculation has been dampened by ongoing Bitcoin miner selling, which has nearly offset inflows from ETFs and treasuries. As a result, investor appetite is moving toward scalable firms positioned for public markets rather than early-stage projects.
“Wall Street has every incentive to extend the bull market, with up to $226 billion in crypto IPOs waiting in the pipeline,” Matrixport said in a recent analysis.
Major crypto firms preparing IPOs
Several high-profile companies are already moving forward. Kraken reportedly secured $500 million in funding at a $15 billion valuation in late September, a step toward a U.S. IPO. Meanwhile, crypto custodian BitGo filed to list its stock on the New York Stock Exchange on Sept. 19, reporting over $90.3 billion in assets under custody and more than 1.1 million users.
These moves highlight a broader trend: capital is flowing into regulated, institutional-grade firms, signaling a different kind of crypto growth cycle compared to the altcoin-driven rallies of past years.
Altseason 2025: selective, not broad
Despite IPO momentum, debate continues around the possibility of an altcoin season. Analysts note that Ethereum has begun quietly outperforming Bitcoin as Bitcoin dominance nears yearly lows.
“Historically, these have been the signals of a reversal into altcoins,” said Nic Puckrin, analyst and co-founder of Coin Bureau, though he emphasized that gains so far have been highly selective.
Matrixport echoed that sentiment, predicting a “paper-backed altseason” — where only coins tied to institutional products like exchange-traded funds (ETFs) may see significant inflows.
ETF decisions ahead
The Securities and Exchange Commission (SEC) faces multiple deadlines this month on crypto ETF applications. These include Solana ETF filings from Grayscale, VanEck, 21Shares and Bitwise by Oct. 10, and XRP ETF proposals from Grayscale, WisdomTree, Bitwise and CoinShares between Oct. 19 and 24.
With IPO-ready firms raising billions and ETFs poised to expand institutional exposure, Wall Street’s next crypto play may rely less on speculative tokens and more on regulated, revenue-generating companies — reshaping how the next cycle unfolds.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.