Wall Street is increasingly targeting IPO-ready cryptocurrency firms, with over $200 billion worth of companies preparing for initial public offerings, according to a report from Matrixport. These IPOs could raise between $30 billion and $45 billion in new capital, marking a significant shift from traditional altcoin investments to more established, regulated entities. High-profile companies like Kraken, which recently raised $500 million at a $15 billion valuation, and BitGo, which has filed for an IPO on the NYSE with $90.3 billion in assets under custody, are leading this trend.
The institutional focus is moving away from speculative altcoins toward infrastructure equity, aided by regulatory developments like the GENIUS Act. This shift is expected to stabilize the market and extend the current bull cycle, as Bitcoin's volatility decreases due to miner and early adopter selling neutralizing ETF inflows.
Simultaneously, the upcoming altcoin season may be driven by exchange-traded funds (ETFs), with several filings for Solana (SOL), XRP, Litecoin (LTC), and Cardano (ADA) awaiting SEC approval in October 2025. If approved, these ETFs could pave the way for institutional investments in altcoins, altering market dynamics from retail-driven speculation to backed institutional interest. Mike Belshe, CEO of BitGo, emphasized this maturation, stating, "Our filing for an NYSE listing is a major milestone for BitGo and reflects the growing maturity of the crypto space." Historical patterns, such as the Coinbase IPO, suggest that such moves bolster institutional confidence and could lead to more stable, long-term growth.
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