Wall Street Bets on IPO-Ready Crypto Firms as the Next Big Crypto Play

Meta description: Wall Street shifts focus from early-stage bets to IPO-ready crypto firms, with over $200B in crypto companies eyeing IPOs that could raise $30B-$45B.

Wall Street’s growing appetite for late-stage crypto firms could reshape the current crypto market cycle, market observers say. A new Matrixport assessment shows more than $200 billion in crypto companies are lining up initial public offerings, potentially raising $30 billion to $45 billion in fresh capital.

IPO-focused wave gains momentum
– Institutional investors are reportedly prioritizing scalable, IPO-ready companies positioned for public markets rather than early-stage bets. Matrixport notes that the pull toward publicly traded crypto firms could extend the bull market even as other parts of the sector face headwinds.

Crypto-market dynamics and IPOs in focus
– Bitcoin miners continue to sell, and early adopters have reduced ETF and treasury inflows. Yet Wall Street remains keen on new capital inflows, with the prospect of up to $226 billion in crypto IPOs in the pipeline and the potential to raise $30–$45 billion.

High-profile IPOs in the pipeline
– The period’s IPO chatter includes Kraken, which reportedly secured about $500 million in funding at a roughly $15 billion valuation. BitGo has also filed to list its common stock on the New York Stock Exchange, with about $90.3 billion in assets under custody and over 1.1 million users.

Altcoins vs. Bitcoin narrative remains nuanced
– Some analysts say on-chain activity hints at a nascent altcoin season after a period of Bitcoin dominance retreat. Nic Puckrin of The Coin Bureau cautions that while BTC still dominates attention, ETH has been quietly outperforming. Others point to the ETF filing pipeline as a potential catalyst for broader altcoin activity, with multiple Solana (SOL), Litecoin (LTC), XRP, Dogecoin (DOGE), and Cardano (ADA) ETF decisions looming in October.

Regulatory watch and timing
– The SEC’s decisions on pending crypto ETF filings could shape the pace of any altseason. Filing deadlines and listing standards are under review, with several ETFs awaiting verdicts through October, influencing whether new capital flows into altcoins materialize.

Outlook
– While the 2025 cycle may diverge from 2021’s peak, investors are watching for the balance between IPO-driven liquidity and sector volatility. If IPOs prove scalable and well-timed, they could offer a steadier pathway for capital into the crypto space while the market awaits clearer regulatory direction.