- Crypto firms are becoming more like traditional financial companies with structured governance and audited financials.
- Circle raised $1.1 billion during its public debut, while Gemini and Bullish also filed for U.S. listings.
- Regulatory clarity and improved market sentiment have encouraged crypto companies to pursue IPOs.
- Companies offering infrastructure, fintech services, and stablecoins are expected to lead this wave of public listings.
- Asia is seeing increased crypto activity, with strategies focused on using Bitcoin as a hedge against currency depreciation.
Major digital asset companies are moving closer to traditional financial models, focusing on structured governance, verified financial statements, and scalable revenues. On June 5, Circle exceeded expectations by raising $1.1 billion during its first day of trading on the U.S. public market. In the following days, Gemini and Bullish—two major crypto exchanges—confidentially filed for U.S. listings.
MEXC Chief Operating Officer Tracy Jin said the sector is now prepared for initial public offerings (IPOs), stating, “We are now IPO-ready.” Jin pointed to improved market sentiment, citing the increased capital flowing into spot Bitcoin and Ether exchange-traded funds (ETFs) in the U.S. as a key driver. This environment has increased valuations and created wealth for early investors, encouraging more companies to seek IPOs.
Jin emphasized that regulatory developments such as MiCA (Markets in Crypto-Assets Regulation) in Europe and U.S. ETF approvals are fundamental to this trend. According to Jin, “For years, the ambiguity in jurisdictions like the United States made public market investors wary.” She added that new regulations have provided enough stability for Wall Street to consider crypto companies seriously.
The industry’s progress is also evident in the growth of business models beyond trading, such as custody, staking, and blockchain analytics. Jin expects infrastructure and fintech-affiliated firms to stand out, as they offer clear and defensible revenue streams. She noted, “Companies with clear, defensible business models that look more like tech or fintech than a pure bet on token prices will be the most successful.” Stablecoin issuers are among those expected to play a leading role in new public offerings.
In Asia, crypto adoption is rising. Jin cited Japan’s Metaplanet as an example, using a Bitcoin treasury approach to address currency depreciation. She also mentioned the potential for crypto-linked financial products, such as convertible notes—financial tools that offer yield and price upside. Jin predicted, “I fully expect to see a wave of structured products from major banks like Goldman Sachs and JP Morgan.” These moves could help larger institutions become more comfortable with the asset class over time.
While widespread adoption by institutions remains limited, Jin described these structured products as a possible starting point, gradually building familiarity within mainstream finance.
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