TL;DR
- Wall Street pivot: Matrixport highlights a $200 billion pipeline of crypto firms preparing IPOs, with expectations of raising $30–45 billion, signaling a decisive move away from speculative altcoins toward scalable, public‑market businesses.
- IPO candidates: Kraken secured $500 million at a $15 billion valuation, while BitGo filed to list on the NYSE with $90 billion in assets under custody, showing infrastructure providers are now central to Wall Street’s crypto strategy.
- Altcoin outlook: Analysts see only select tokens with ETF filings or institutional support outperforming, as the SEC reviews Solana, XRP, Dogecoin, and Cardano applications.
Late-stage, IPO-ready firms have become the next big thing on Wall Street, marking a shift from speculative altcoins, according to a new report from Matrixport. Analysts are confident that this shift could potentially reshape the next crypto market cycle, injecting billions of dollars in capital into companies gearing up to go public.
📊Today’s #Matrixport Daily Chart – October 3, 2025 ⬇️
The Hidden Alpha in Crypto’s IPO Pipeline#Matrixport #Bitcoin #Altcoins #IPO #CryptoMarkets #AlphaOpportunity #DigitalAssets #InstitutionalAdoption pic.twitter.com/P4NYfdx9Lt
— Matrixport Official (@Matrixport_EN) October 3, 2025
Capital flows target IPO-ready firms
Matrixport reported that more than $200 billion worth of crypto companies are preparing initial public offerings, with expectations of raising between $30 billion and $45 billion in new capital. The firm noted that investor focus is rotating away from early-stage bets and toward scalable businesses positioned for public markets. This trend reflects Wall Street’s incentive to extend the bull market by channeling liquidity into established firms rather than volatile tokens.
High-profile IPO candidates emerge
Major players in the crypto scene are getting ready to go public. Crypto exchange Kraken secured $500 million in funding at a $15 billion valuation, showing strong institutional interest. Recently, BitGo filed to list its common stock on the New York Stock Exchange, registering more than $90 billion in assets under custody and a user base of 4,600 entities and 1.1 million users. Infrastructure providers are attracting the attention of Wall Street and shaping its crypto strategy.
Altcoin season faces a selective outlook
Matrixport’s analysis suggests that the 2025 cycle may not deliver a broad altcoin season like in previous years. Instead, only select tokens with institutional backing or ETF filings are expected to outperform. While some analysts argue that Ethereum is quietly gaining ground as Bitcoin’s dominance declines, the broader altcoin market remains subdued. This selective performance underscores the divergence between institutional capital flows and retail-driven speculation.
ETF pipeline adds another catalyst
The SEC currently has under review multiple ETF filings for Solana, XRP, Dogecoin, and Cardano. However, due to the federal government shutdown, potential approvals may not happen any time soon. Analysts still believe approvals could spark a new altseason for these tokens. With Wall Street’s new focus, the crypto market may be less speculative and more focused on institutional structuring in the future.
