The crypto IPO wave has one big problem: Bitcoin is still in charge
CryptoSlate
Recent crypto IPOs struggle because their revenues remain heavily dependent on Bitcoin price volatility rather than diversified financial infrastructure.Summary
While crypto exchanges have sought to enter public markets by positioning themselves as mature financial infrastructure, research from Kaiko indicates their success remains tethered to Bitcoin. Despite high-profile listings from companies like Circle and Bullish in 2025, firms like Gemini have faced severe downturns when Bitcoin momentum wanes. Unlike stablecoin issuers with diversified yield, crypto exchanges rely heavily on trading volumes that fluctuate with Bitcoin cycles. Consequently, public investors are increasingly demanding proof that these exchanges can maintain earnings during market downturns before assigning them premium valuations.
(Source：CryptoSlate)