Wall Street eyes IPO‑ready crypto firms over altcoins
A new note from Matrixport argues that this cycle’s “alpha” is migrating from early‑stage tokens to crypto businesses that can tap public markets. They estimate that a large lineup of crypto companies preparing IPOs could raise tens of billions of dollars. That pitch lands as BitGo publicly filed for a U.S. listing and as ETF deadlines stack up through October.
Matrixport’s thesis is simple: capital is concentrating in scalable operators with real revenue, while many altcoins and hedge‑fund strategies have lagged Bitcoin. If Wall Street wants continued upside, the firm says, feeding a pipeline of IPOs is one way to extend the bull market. The report also claims steady selling from miners and early adopters has muted the impact of ETF and treasury inflows, keeping Bitcoin’s risk appeal contained.
There are visible markers of the shift. Bloomberg’s James Seyffart flagged BitGo’s S‑1, confirming the crypto custodian’s intention to list on the New York Stock Exchange. Fortune separately reported that exchange Kraken lined up new funding at a multibillion-dollar valuation as it readies an eventual float. These are late‑stage stories built for compliance and scale, the kind that fit traditional portfolios more readily than small‑cap tokens.
Others frame the same rotation through ETFs. CryptoQuant’s Ki Young Ju described the path to “altseason” as increasingly paper‑backed: first Bitcoin, then large caps with their own spot ETFs, and only selectively beyond that. In other words, the winners may be assets and companies that pass through regulated wrappers rather than a broad rally across the long tail.
The calendar cooperates. Senior ETF analysts Nate Geraci and Eric Balchunas point to a packed October for spot crypto funds, with decisions due across several large‑cap coins. Each approval would add tickers that brokerages can route and institutions can hold, which is precisely the exposure many allocators prefer. Recent changes to listing standards are intended to speed up future launches and could provide additional momentum. However, uncertainty remains due to the U.S. government shutdown that began on October 1, which may affect the timing of decisions.
Matrixport stitches the threads together: if Bitcoin’s supply overhang and muted volatility keep thrill‑seekers on the sidelines, public‑market plays in crypto infrastructure may become the cleaner trade. In that framing, banks, pensions and wealth platforms don’t have to chase illiquid tokens; they can buy operating companies, custodians, exchanges and ETF‑linked names as they come to market.
None of this rules out outperformance from select altcoins. Analysts at The Coin Bureau and elsewhere note moments when Bitcoin dominance slips and Ether or other majors start to lead, which some see as a sign of a rotation. But even those voices emphasize how selective the move has been so far.
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