TLDR
- Wall Street is focused on IPO-ready crypto firms, with $200B worth of companies preparing to go public.
- IPO-ready crypto firms may raise $30-$45 billion in new capital, disrupting traditional altcoin cycles.
- Altcoin season could be driven by ETF-backed assets, with institutional interest playing a key role.
- Several major crypto ETF filings, including for Solana and XRP, await SEC approval in October 2025.
Wall Street’s attention is turning away from traditional altcoins and focusing more on IPO-ready cryptocurrency firms. According to Matrixport, a crypto financial services firm, more than $200 billion worth of crypto companies are preparing for initial public offerings (IPOs). These IPOs could raise between $30 billion and $45 billion, marking a significant shift in how institutional investors approach the cryptocurrency market.
Matrixport’s report highlights that the focus is moving from early-stage investments to companies that are well-established and ready for public markets. This shift is particularly noticeable as Bitcoin’s volatility decreases, with continued selling by miners and early adopters neutralizing ETF and treasury inflows. The institutional interest in IPO-ready crypto firms may help to stabilize the market and extend the current bull cycle.
Rise of IPO-Ready Crypto Firms
The growing interest in IPO-ready firms reflects the maturation of the cryptocurrency sector. High-profile crypto companies such as Kraken, which recently raised $500 million in funding at a $15 billion valuation, are actively preparing to go public.
Similarly, BitGo, a crypto custodian, has filed for an IPO on the New York Stock Exchange (NYSE). BitGo holds about $90.3 billion in assets under custody and serves thousands of institutional clients, making it one of the largest crypto custodians.
These companies, which offer regulated crypto services, are becoming more attractive to institutional investors looking for exposure to the cryptocurrency market without the risks associated with direct token ownership. As more of these firms prepare to enter the public markets, they could play a pivotal role in bringing cryptocurrency to the mainstream financial ecosystem.
Impact of ETF Filings on Altcoins
While IPO-ready firms garner significant attention, analysts also expect that exchange-traded funds (ETFs) could be a major driver for the upcoming altcoin season. Matrixport’s report suggests that the 2025 crypto market cycle will be different from previous ones, with altcoins driven by institutional backing and ETF filings rather than retail speculation.
Several notable crypto ETFs, such as those for Solana, Litecoin, XRP, and Cardano, are awaiting approval from the U.S. Securities and Exchange Commission (SEC). If these ETFs are approved, it could pave the way for institutional investments in altcoins, pushing them into the spotlight. With the SEC’s decision expected in October 2025, market participants are eagerly awaiting news on which altcoins will be included in these ETFs.
The ETF filings reflect growing institutional interest in digital assets. Crypto ETFs provide a way for traditional investors to gain exposure to cryptocurrencies without dealing with the complexities of direct trading or custody. As ETFs gain popularity, they could play a crucial role in the market’s development, potentially sparking a new wave of institutional adoption of altcoins.
A Changing Market Dynamics
The trend toward IPO-ready crypto firms and ETF-backed altcoins signals a shift in market dynamics. In the past, the altcoin season was often marked by speculative trading, driven by retail investors.
However, with growing regulatory clarity and institutional interest, the focus is now on more established, scalable companies that are ready for public markets.
This could mark the beginning of a new phase for the cryptocurrency industry, one that is increasingly integrated into the traditional financial system.
