2025: The Crypto IPO Boom Has Begun | Opinion
The global stock market has long been a playground for companies at the forefront of innovation and technology. However, there is a significant gap – pioneers in the digital asset space have yet to dominate the traditional financial stage. That is about to change.
In 2025, the wave of crypto companies going public (IPO) is stronger than ever, marking a major turning point in the journey of integration between digital and traditional finance.
From a legal no-go zone to an institutional hotbed
Previously, there were numerous barriers for crypto companies to go public. Issues such as regulatory uncertainty, cautious stance from the US Securities and Exchange Commission (SEC), and institutional investor reluctance have all but shut the door on IPOs for the industry.
Even a major company like Coinbase had to take a detour, conducting a direct listing instead of a traditional IPO in 2021 to avoid regulatory hurdles. And for a long time after that, no major company followed suit.
But by 2025, everything has changed. We are witnessing a completely new environment – more open, clearer, and promising for crypto companies.
Institutional investors have entered the game
The key to a successful IPO has always been the trust of institutional investors. And now, the “big guys” in the asset management industry such as BlackRock, Fidelity, and ARK Invest have officially entered the crypto market. They not only build financial products related to cryptocurrencies, but also invest directly in companies in the industry.
Along with that, the SEC's approval of Bitcoin and Ethereum spot ETFs in 2024 has opened a legal path for digital assets to reach mainstream investors. No longer a "techie's game", crypto has now officially entered the global financial flow.
New legal framework - the driving force for IPOs
After years of tightening, the legal framework is becoming more transparent. With Gary Gensler stepping down as SEC Chairman and Paul Atkins - a crypto-friendly figure - taking over, the supervisory policies have softened significantly.
The SEC has dismissed many major lawsuits this year, including those related to Coinbase, Robinhood and Ripple. The US Department of Justice has also retreated from its proactive prosecution strategy, handing the role of coordinating policy to specialized regulatory agencies.
Not only that, the SEC Crypto Task Force has been established to create clear rules, creating a stable legal environment for crypto companies to boldly conduct IPOs without having to struggle in the legal gray area.
Circle, Kraken, Ripple – opening the new wave
Stablecoin issuer Circle has officially filed for an IPO. Kraken – one of the oldest exchanges – is also said to be preparing for a similar move. Ripple, after overcoming a series of legal troubles, is now expected to become the next "unicorn" to go public.
This is just the tip of the iceberg. Behind the scenes, dozens of companies in the fields of staking, cryptocurrency wallets, mining, blockchain infrastructure... are also quietly preparing for their public debut.
IPOs – A Step to Shape the Future of Crypto
The IPO move is not only a financial step, but also a declaration of maturity for crypto companies. They understand that, to be trusted and invested by the public, they must demonstrate transparency, compliance and sustainability – core values of traditional capital markets.
And as crypto companies begin to list en masse, public investors will have the opportunity for the first time to participate more deeply in the Web3 economy, blockchain and decentralized finance (DeFi) through familiar investment vehicles such as stocks.
Conclusion: A pivotal year for the crypto industry
If 2017–2021 was the era of ICOs, DeFi and NFTs, then 2025 will be the era of crypto IPOs – an inevitable evolution.
With the support of institutional investors, clearer regulatory frameworks and the push from the market itself, the wave of crypto IPOs will not stop at a few names. The global stock market is preparing to welcome a new class of businesses – leaders in the world of digital assets.
We are living in a historical moment – where the line between traditional finance and decentralized finance is gradually blurring.
