Wall Street’s growing interest in late-stage cryptocurrency firms could disrupt the traditional boom-and-bust cycle of digital assets, according to new research.
Crypto financial services firm Matrixport said Friday that more than $200 billion worth of crypto companies are preparing initial public offerings (IPOs), which may raise between $30 billion and $45 billion in new capital.
Matrixport said investor focus is rotating away from early-stage bets toward scalable, IPO-ready companies positioned for public markets.
Continued selling by Bitcoin (BTC) miners and early adopters has “nearly neutralized ETF and treasury inflows, reducing volatility and dampening Bitcoin’s appeal to risk-seeking investors,” Matrixport said in a Friday X post. “Wall Street, however, has every incentive to extend the bull market, with up to $226 billion in crypto IPOs waiting in the pipeline that could raise $30 – $45 billion in new capital.”
Source: Matrixport
The report comes as multiple high-profile crypto firms are preparing IPO plans, including crypto exchange Kraken, which reportedly recently secured $500 million in funding at a $15 billion valuation, according to unidentified sources cited by Fortune on Sept. 25.
The news came less than a week after crypto custodian BitGo filed to list its common stock on the New York Stock Exchange under a US IPO filed on Sept. 19. The Palo Alto-based company reported about $90.3 billion in assets under custody and a user base of 4,600 entities and 1.1 million users.
BitGo files for US IPO. Source: James Seyffart
Related: US government shutdown may signal crypto market bottom: Analysts
ETFs signal “paper-backed altseason” for select altcoins
Matrixport’s report supports previous insights from industry watchers, who predicted that the 2025 crypto market cycle will not feature an altcoin season akin to previous years, but will only see select altcoins with institutional backing or outstanding exchange-traded fund (ETF) filings outperform the rest of the market.
Still, some analysts argue that onchain dynamics point to the beginnings of an altcoin season.
“While many investors remain…
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