Bitwise predicts 2025 as year for crypto IPO — Kraken, Circle to go public

Crypto exchange-traded fund (ETF) issuer Bitwise has predicted at least five “crypto unicorns” will go public in 2025 — including stablecoin issuer Circle and crypto exchange Kraken.

The so-called “crypto bank” Anchorage Digital, analytics firm Chainalysis and crypto exchange Figure were the other three firms expected to launch an Initial Public Offering next year — selling shares to the public for the first time — Bitwise’s investment chief Matt Hougan and research head Ryan Rasmussen wrote in a “10 Crypto Predictions for 2025” report on Dec. 10.

Growing investor demand, institutional adoption, a favorable macro environment and a warmer political environment were the main catalysts that led the pair to name 2025 as the “Year of the Crypto IPO.”

Five strongest candidates for an IPO listing in 2025. Source: Bitwise

Here are some of the other predictions that Bitwise’s Hougan and Rasmussen made for next year.

BTC, ETH and SOL to hit new highs, Bitcoin tops gold in 2029

Hougan and Rasmussen forecasted Bitcoin (BTC) to hit $200,000 or more by the end of 2025 and said it could surpass gold’s current $18 trillion market cap by 2029.

Bitcoin could even reach $500,000 or more next year if the United States follows through on Senator Cynthia Lummis’ pitch for a strategic Bitcoin reserve that buys 1 million or more Bitcoin over five years.

Bitcoin could even eclipse gold without a US Bitcoin reserve — though it would fast-track the process, the duo said.

Meanwhile, Bitwise expects Ether (ETH) to bounce back in 2025 and hit a high of $7,000, fueled by growing activity on Ethereum layer 2s more spot Ether ETF flows and “massive growth in stablecoins and tokenized projects.”

Hougan and Rasmussen expected “serious” projects would launch on Solana (SOL) and push its price to $750 — a 250% increase from its current price of $215.

Catalysts and headwinds that may impact Bitcoin, Ether and Solana’s price movements in 2025. Source: Bitwise

Coinbase to be most valuable brokerage, enter S&P 500, MicroStrategy joins Nasdaq-100

The pair predicted Coinbase shares would more than double to $700 and…

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