The crypto IPO wave has one big problem: Bitcoin is still in charge
The story
After Circle and Bullish delivered blockbuster listings in 2025, crypto exchanges rushed toward public markets with a familiar promise: the industry is finally mature enough for Wall Street. However, the latest research from Kaiko shows that it's not as simple as that. The crypto exchange IPO wave was supposed to prove that the crypto industry [ ] The post The crypto IPO wave has one big problem:
From the source
Explore why savvy investors borrow against crypto instead of selling, with insights on liquidity, capital preservation, and portfolio strategy.
Explore CryptoSlate’s Institutional Playbook, a 3-part guide series on exchange due diligence, crypto-as-a-service, and token listing strategy for institutional teams.
The 2025 crypto IPO wave had everything going for it — regulatory tailwinds, institutional appetite, record revenues — except a way to decouple from Bitcoin.
Who and what
Key names and topics in this story: Bitcoin.
Where to follow next
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