Hotcoin Research | Crypto Stocks Surge: A Panoramic Insight into the Capital Frenzy Behind the Crypto IPO Boom

I. Introduction

Recently, crypto-related stocks have ignited an unprecedented wave in global capital markets. From Circle’s share price quadrupling within a week of its IPO, to Tron sparking market excitement through a reverse merger on the U.S. exchange, the crypto industry is entering mainstream capital markets with speed and force.

Any company related to blockchain with a clear compliance path seems to attract sky-high valuations in a short time, becoming a hot pursuit for investors. As more crypto firms announce or initiate IPO plans, 2025 is shaping up to be a historic “Crypto IPO Year,” likely to have a significant impact on both capital markets and the broader crypto ecosystem.

This report dives into the key drivers behind the recent surge of crypto stocks, provides an overview of major listed crypto companies, and profiles heavyweight firms currently preparing for IPOs. It also looks ahead at how the IPO wave could reshape the market landscape, offering valuable insights for investors and industry observers.

II. The Rise of Crypto Stocks

On June 5, stablecoin issuer Circle went public on the NYSE at $31 per share. Within a week, its closing price soared to around $115. By June 23, the price peaked at $292.77 — an 844% increase from the IPO. Though it slightly pulled back, the momentum remained strong.

Source: https://www.tradingview.com/symbols/NYSE-CRCL

SRM Entertainment (SRM), priced below $1.50 in early June, skyrocketed over 5x in a single day on June 16 following news that Tron founder Justin Sun would use SRM for a reverse merger and inject capital. Its market cap jumped from tens of millions to about $158 million. SRM announced a $100M investment and plans to implement a TRX token treasury strategy — effectively becoming Tron’s version of MicroStrategy.

Source: https://www.tradingview.com/symbols/NASDAQ-SRM

In addition to Circle and Tron-related stocks, several rising companies are adopting “crypto treasury” strategies to capture investor attention:

• MicroStrategy (MSTR): The largest publicly listed holder of Bitcoin, often seen as a proxy for BTC price movements.
• SharpLink Gaming (SBET): Announced a $463M purchase of 176,271 ETH as part of its crypto treasury strategy.
• DeFi Development (DFDV): Rebranded as a “Solana vault,” holding over 600K SOL and securing $5B in equity financing to increase its Solana holdings.
• Nano Labs: Announced a $500M convertible bond to fund a $1B BNB treasury plan aimed at acquiring 10% of BNB’s circulating supply.

This intense investor enthusiasm shows the red-hot momentum behind crypto-related stocks. The bull run has ignited not from within crypto markets, but from Wall Street. Traditional investors are rapidly funneling capital into “compliant crypto asset mirror companies,” rewarding firms with blockchain links, transparency, and real business models with valuation premiums.

III. Why Crypto Companies Are Rushing to Go Public

A mix of regulatory tailwinds, bull market dynamics, financing needs, and flexible listing structures has fueled a wave of crypto IPOs in 2025. Formerly operating outside the financial mainstream, crypto firms are now embracing Wall Street like never before.

1. Key Drivers Behind the IPO Boom

• Regulatory Clarity and Political Support: Trump, seen as a “pro-crypto” figure, resumed office and reshaped regulatory leadership. On June 17, the U.S. Senate passed the GENIUS Act (Stablecoin Innovation and Regulatory Clarity Act) by a 63–30 vote, laying out a unified framework for stablecoins. This gives crypto companies a clearer compliance roadmap.
• Macro Environment and Valuation Window: Bitcoin stabilizing above $100K marks a bull cycle, providing ideal timing for IPOs, allowing companies to secure better valuations and funding.
• Business Needs: Going public boosts brand credibility and regulatory status. Leading firms like exchanges and custodians seek IPOs to strengthen market positioning. For VC-backed unicorns, listing offers investor exits and institutional inflow. These realities have triggered a rush toward public listings.

2. Diverse IPO Paths

Crypto firms are using varied strategies to go public:

• Traditional IPOs: Circle’s NYSE listing and the IPOs of eToro and Galaxy Digital follow conventional routes, often met with strong first-day performance.
• Direct Listings: As seen with Coinbase in 2021, suited for well-funded, high-profile companies.
• SPAC Mergers: Bitdeer’s Nasdaq listing via a SPAC; Twenty One Capital (backed by Tether/Bitfinex) listed in April 2025 and became the third-largest public BTC holder in the U.S.
• Reverse Mergers: Tron’s takeover of SRM is a landmark case — Justin Sun injected $100M into SRM, renamed it “Tron Inc,” and sparked a 5x stock rally. Though complex, this path offers an alternative for crypto-native projects.
• Dual Listings: Some large firms like OKX are exploring IPOs in both the U.S. and Asia. Galaxy Digital was listed in Canada before directly joining the Nasdaq. This improves liquidity and hedges regulatory risks.

IV. Overview of Popular Crypto-Related Stocks

Crypto-related stocks are now present in major capital markets globally, especially in the U.S., with notable entries in Hong Kong and Singapore. Below is a categorized breakdown of key listed crypto companies and their market performance.

Crypto Financial Services & Investment

• MicroStrategy (NASDAQ: MSTR, now “Strategy”): Originally a business intelligence software firm, now known as a “Bitcoin reserve company” for holding over 592,345 BTC (2.82% of total BTC supply) as of June 26, 2025. Its valuation once surpassed $10B, and it joined the Nasdaq-100 in late 2024. Its stock is often seen as a BTC price proxy.

• Source: https://bitbo.io/treasuries/microstrategy/
• Circle Internet (NYSE: CRCL): Issuer of USDC. IPO’d on June 5, 2025, raising $1.1B. In 2024, Circle earned $1.7B — 99% from interest on USDC reserves, making it a stable, low-risk cash-flow generator favored by investors. Its IPO saw near-instant multiples and sparked the broader crypto IPO wave.
• Galaxy Digital (NASDAQ/TSX: GLXY): Founded by Mike Novogratz, Galaxy is a full-service crypto investment bank offering trading, asset management, and advisory services. Originally listed in Toronto (2018), Galaxy went public on Nasdaq in May 2025, symbolizing Wall Street’s crypto pivot.
• Amber Group (NASDAQ: AMBR): A top Asian crypto trading and lending platform founded in 2017, known for tech-driven quant strategies. Amber listed on Nasdaq in March 2025 after overcoming setbacks, representing Singapore’s push toward crypto globalism.
• Twenty One Capital (NASDAQ: XXI): Formed by Tether and Bitfinex, listed via SPAC in April 2025. With $3.6B in BTC reserves, it’s now the third-largest public BTC holder after MicroStrategy and Tesla. The firm functions like a Bitcoin ETF alternative.

Exchanges and Platforms

• Coinbase (NASDAQ: COIN): The leading U.S. crypto exchange with 120M+ users. It was directly listed in April 2021 and entered the S&P 500 in May 2025 — the first crypto firm in the index. With a $60B+ market cap, Coinbase reflects investor trust in compliant platforms.
• eToro (NASDAQ: ETOR): Israeli-founded social trading platform with over 30M users. After a failed SPAC attempt, it IPO’d on Nasdaq in May 2025. Shares surged 40% on day one. eToro’s hybrid crypto-traditional model appeals to global investors.
• Robinhood (NASDAQ: HOOD): Popular U.S. zero-commission broker offering crypto since 2018. Though not fully crypto-native, 20% of its revenue comes from digital assets. It symbolizes FinTech’s crossover into crypto.
• Block (NYSE: SQ): Formerly Square, this U.S. payments giant rebranded in 2021 to reflect its blockchain focus. Its Cash App supports BTC trading, and it invests in mining and hardware wallets. While primarily a payments company, its crypto involvement is significant.
• OSL (HKEX: 0863): A top institutional exchange in Asia. Operated by BC Group, OSL was founded in 2018 and holds one of Hong Kong’s first crypto licenses. It went public via reverse merger in 2019. With $5B+ in AUM and recent regulatory tailwinds, OSL benefits from Hong Kong’s pro-crypto stance.

Mining and Mining Hardware

• Marathon Digital (NASDAQ: MARA): One of the largest U.S. BTC miners, listed in 2012, now holding 49,179 BTC as of June 26, 2025. BTC’s recovery from 2023–2025 boosted its stock. Seen as a leveraged play on BTC price.
• Riot Platforms (NASDAQ: RIOT): Another major miner focused on North American operations. Since early 2024, shares have been up 20–30% amid sector recovery. Riot is a core asset for institutional BTC exposure.
• Bitdeer (NASDAQ: BTDR): Founded by ex-Bitmain chairman Jihan Wu, Bitdeer focuses on mining and hashrate leasing. Listed via SPAC in April 2023. Operates sites in the U.S. and Norway, with plans to expand into AI cloud services. It’s a key example of Chinese mining capital going global.
• Canaan (NASDAQ: CAN): A pioneer in BTC mining hardware, Canaan IPO’d in 2019 and is known for its Avalon machines. After peaking in the 2021 bull market, it faced a downturn but began recovering in 2023. As a hardware stock, it represents the upstream side of the crypto supply chain.

Other Ecosystem-Linked Companies

• Tron Inc (Pending): Tron is working on a backdoor listing via SRM. If completed, it would be the first public chain project to list on a U.S. exchange. While regulatory concerns remain (due to past SEC cases and ongoing TRX token trading), a successful listing could inspire similar moves.
• DeFi Development (NASDAQ: DFDV): Pivoted from real estate tech to a Solana treasury model. Stock surged 28x, showing how aligning with trending ecosystems and holding key tokens can fuel massive speculation.
• Other Listings in HK & SG: Beyond OSL, Hong Kong hosts companies like New Huo Technology (HKEX: 1611), focused on asset management. In Singapore, firms like Osmosis (a minor hardware distributor) are also exploring IPOs. While smaller than the U.S., Asia is growing its crypto stock scene, with Hong Kong aiming to become a regional hub.

Summary: The global crypto stock landscape now spans the entire industry chain — from miners and hardware to exchanges and DeFi. This reflects the mainstreaming of blockchain. Public markets give crypto firms a new platform to showcase value, while traditional investors gain access to the Web3 upside.

V. Crypto Companies Preparing for IPO

Numerous blockchain-related firms are actively preparing to enter public markets. Over the next 1–2 years, a wave of major crypto companies — including exchanges, miners, infrastructure providers, and Web3 platforms — is expected to go public.

Bitmain / Antalpha (Bitmain and its subsidiaries)
Bitmain, which failed to go public in Hong Kong in 2018, currently has no direct IPO plan. However, its mining finance subsidiary, Antalpha, filed a Form F-1 in April 2025 for a planned Nasdaq IPO. The company aims to issue about 3.85 million shares and raise approximately $50 million, mainly for BTC and digital gold asset management. Antalpha focuses on mining hardware supply chain finance and has signed an MOU with Bitmain as its primary financing partner, making this a potential “indirect listing” move by Bitmain.

BitGo (crypto custody provider)
BitGo, a long-established custody platform, is actively preparing for an IPO. According to Bloomberg and other media, the company is working with investment banks and targeting a late 2025 IPO on either the Nasdaq or the NYSE. Its assets under custody surpassed $100 billion in H1 2025. BitGo has also expanded into OTC trading, diversifying its revenue streams.

Kraken (U.S. crypto exchange)
Kraken has repeatedly confirmed IPO ambitions since late 2024. In early 2025, it secured $100 million in debt financing to prepare for a public listing. Reports suggest Kraken is targeting a Q1 2026 IPO. While the company says it prioritizes customer value and trust, if regulatory conditions remain favorable, it will likely proceed steadily with its listing plan.

Gemini (Winklevoss-founded U.S. exchange)
Gemini officially began its IPO journey on June 6, 2025, by filing a confidential S-1 with the SEC. Previously delayed by industry downturns and issues with its partner Genesis, Gemini has recently resolved investigations by the CFTC and SEC, removing key hurdles to going public.

OKX (offshore crypto exchange)
OKX is preparing for a U.S. IPO through its American subsidiary, aiming to list on Nasdaq. The company has reached settlements with the U.S. Department of Justice and the Treasury and resumed U.S. operations. It will still need SEC approval and must adjust to evolving regulatory frameworks in Asia. Reports suggest OKX may ride the wave of improving regulatory sentiment to launch its IPO.

Bithumb (leading Korean exchange)
Bithumb plans to restructure its business in H2 2025, focusing on core exchange operations ahead of a KOSDAQ listing. It has appointed Samsung Securities as the lead underwriter. The plan includes a domestic IPO first, targeting $1 billion in proceeds, followed by a potential U.S. listing.

Bitkub (Thailand’s largest crypto exchange)
Bitkub Capital Group is preparing to IPO on the Stock Exchange of Thailand (SET) in 2025. The CEO estimates the company’s valuation at 6 billion baht (~$165 million). Bitkub is expanding its team and working with financial advisors to accelerate the process, viewing the IPO as a key strategic step for growth.

FalconX (institutional crypto brokerage)
FalconX, which provides OTC and derivatives trading for institutions, is also preparing for an IPO, possibly on the NYSE as early as 2025. It aims to capitalize on the current market rebound and is working with investment banks to finalize its listing plans.

Ripple (operator of RippleNet)
Although Ripple has resolved most of its legal battles with the SEC, the company says it is not in a hurry to go public. CEO Brad Garlinghouse has stated that Ripple is well-capitalized and currently focused on acquisitions and expansion, rather than fundraising. While an IPO remains possible in the future, Ripple prefers to wait until the regulatory landscape becomes fully clear.

VI. Impact of the Crypto IPO Boom and Outlook for the Future

With a surge of crypto companies heading for IPOs, 2025 has become the defining “Year of Crypto IPOs.” This wave of listings is having profound effects on both the cryptocurrency and traditional financial markets, and could shape new trends going forward.

Impact of the Crypto IPO Boom

First, the wave of crypto listings reflects a stronger embrace of the industry by traditional capital markets. When stocks like Circle, Coinbase, and MicroStrategy enter benchmark indices like the S&P 500 or Nasdaq-100, it automatically brings crypto exposure to global passive funds and institutional portfolios. This deepens the connection between crypto markets and the broader financial ecosystem. On one hand, crypto assets are no longer limited to token formats — they are now embedded in mainstream equity portfolios. On the other hand, volatility and capital flows in traditional markets could affect crypto stocks, indirectly influencing sentiment in the token markets.

Second, the IPO boom may also indirectly impact crypto asset prices. Some of these listed firms hold large amounts of cryptocurrencies. As they raise funds or benefit from rising stock prices, they gain more firepower to purchase additional crypto assets. For example, Semler Scientific announced plans to raise funds to buy up to 100,000 BTC in the coming years. This effectively channels capital from the stock market into crypto. Similarly, companies pursuing “treasury strategies” may be more inclined to buy tokens as their stock prices rise, creating upward pressure on token prices. In addition, when crypto stocks perform well, they boost broader investor interest in the underlying assets.

Potential Risks and Challenges

It’s important to recognize that not every listed crypto company will be a Circle-style success story. Investor enthusiasm may be overheated, and divergence is likely: only companies with solid fundamentals and mature business models will retain high valuations. For instance, SharpLink Gaming (SBET) plunged after a massive price spike. This reminds us that once the hype fades, the market will return its focus to business fundamentals.

From a regulatory standpoint, even though the current U.S. policy stance is more positive, uncertainty remains a long-term risk. Future changes in administration or regulators could shift the tone. If, for example, the stablecoin bill faces setbacks in the House or regulatory tightening re-emerges, it could hurt investor confidence. That said, there’s reason for optimism: with major indices now including crypto stocks, millions of traditional investors are exposed to the crypto sector. This raises the “political weight” of the industry, making it harder for regulators to take a heavy-handed approach. In that sense, public listings could help the crypto sector secure more balanced and rational policy frameworks.

Outlook

Looking ahead, we can expect a deeper integration of crypto and traditional finance. Over the next 18 months, several major crypto firms are forecasted to join the IPO wave. U.S. exchange Kraken is reportedly targeting a 2026 listing. Custody giant BitGo may go public as early as late 2025. Other well-known unicorns — such as Consensys (Ethereum dev), Ledger (hardware wallets), Fireblocks (custody infrastructure), and Chainalysis (on-chain analytics) — each valued in the billions, are also strong IPO candidates.

Crypto firms with Asian and global roots are also preparing for listings. OKX has set up a U.S. headquarters and is considering an IPO. Tron is pushing a backdoor listing through SRM. If crypto markets remain strong, these IPO candidates could soon come to market, creating the largest wave of crypto public offerings in history.

At that point, crypto stocks will become a fixture in public markets, with rising market caps and influence.

Conclusion

The recent surge in crypto-related stocks across global capital markets marks a milestone victory for the crypto industry’s march into the mainstream. This mutual embrace between traditional stock markets and the blockchain space shows that crypto firms are no longer confined to niche circles — they are knocking on the doors of global capital markets.

From macro policy shifts and investor enthusiasm to soaring valuations and fundraising records, the crypto sector is gaining recognition from traditional investors at an accelerating pace. For investors, it’s crucial to identify both opportunities and risks: high-quality crypto stocks may offer exposure to rapid industry growth, but the sector’s high volatility still exists — it has simply shifted from token markets to the stock market.

Looking forward, the wave of crypto IPOs is likely to continue. As the industry matures and regulations evolve, the fusion of crypto and traditional finance will deepen, writing the next chapter in the Web3 era’s growth story.

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