What $132 Billion in IPO Ambitions Could Mean for Bitcoin?｜Matrixport Research

As a wave of crypto companies prepare to go public, billions in fresh capital could flood the market — or evaporate just as quickly. Valuations are soaring, yet some of the biggest names may already be priced for perfection. Meanwhile, even seasoned crypto hedge funds are struggling to beat Bitcoin itself. Under the surface, subtle signals suggest where smart money is headed — and what might blindside retail investors next.

Wall Street has a clear incentive to maintain Bitcoin prices elevated in 2025.

Many crypto companies are eyeing public listings, and a strong Bitcoin market translates to robust investor appetite and substantial advisory fees for bankers.

Twelve likely candidates for initial public offerings (IPOs) in the U.S. Two companies, notably Circle and Galaxy Digital, have already gone public. While we initially expected a valuation of around $7.9 billion for Circle, it has already surpassed that, now trading at approximately $23.5 billion.

Two other crypto exchanges, Bullish and Gemini, have reportedly filed for initial public offerings (IPOs) as well. We estimate their potential valuations at $13.5 billion and $10.5 billion, respectively. Kraken is also expected to enter the IPO pipeline, likely in Q4 2025 or Q1 2026, with a projected valuation of around $16.2 billion. That would be roughly in line with the revenue multiple at which Coinbase is currently trading, given that both Kraken and Circle have comparable revenue projections for 2024..

From a technical standpoint, the momentum around Circle’s IPO largely drove the recent surge. There’s a risk the rally could lose steam, especially as Circle appears significantly overvalued — currently trading at a price-to-earnings (P/E) ratio of 340x. This is well above Coinbase’s still elevated but more justifiable 42x, Galaxy Digital’s 40x, and even Robinhood’s 41x, despite the latter having only around 30% exposure to crypto.

While some of this liquidity may have otherwise flowed into Bitcoin ETFs or other direct crypto investments, these IPOs will broaden investor exposure to the crypto space, each potentially providing incremental support to Bitcoin’s price.

We witnessed that the strong demand for Circle shares contributed to a sharp rebound in Bitcoin, which even broke through the technical resistance level at $106,000. That said, as we enter the quieter summer months, this rally could give way to a broader period of sideways consolidation. However, Wall Street is certainly gearing up for more crypto-related initial public offerings (IPOs), and Bitcoin will undoubtedly benefit from the increased media and investor attention.

Disclaimer: The above content is for informational purposes and reference only. The content does not constitute investment advice. Digital asset transactions can be precarious and volatile. Investment decisions should be made after carefully considering individual circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.

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